Royce & Associates LP increased its position in Minerals Technologies Inc. (NYSE:MTX) by 2.5% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 1,127,286 shares of the basic materials company’s stock after acquiring an additional 27,656 shares during the quarter. Royce & Associates LP owned about 3.19% of Minerals Technologies worth $79,643,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Investment Counselors of Maryland LLC bought a new stake in Minerals Technologies in the 3rd quarter worth approximately $14,577,000. Macquarie Group Ltd. lifted its position in Minerals Technologies by 20.6% in the second quarter. Macquarie Group Ltd. now owns 1,082,223 shares of the basic materials company’s stock valued at $79,219,000 after purchasing an additional 184,867 shares during the last quarter. American Century Companies Inc. lifted its position in Minerals Technologies by 16.6% in the third quarter. American Century Companies Inc. now owns 609,589 shares of the basic materials company’s stock valued at $43,067,000 after purchasing an additional 86,577 shares during the last quarter. Vaughan Nelson Investment Management L.P. lifted its position in Minerals Technologies by 15.7% in the third quarter. Vaughan Nelson Investment Management L.P. now owns 555,925 shares of the basic materials company’s stock valued at $39,277,000 after purchasing an additional 75,250 shares during the last quarter. Finally, Prudential Financial Inc. lifted its position in Minerals Technologies by 87.5% in the third quarter. Prudential Financial Inc. now owns 119,724 shares of the basic materials company’s stock valued at $8,458,000 after purchasing an additional 55,878 shares during the last quarter. 94.95% of the stock is owned by institutional investors.
Minerals Technologies Inc. (NYSE MTX) traded down $1.80 during midday trading on Friday, hitting $66.40. The stock had a trading volume of 286,600 shares, compared to its average volume of 141,493. The stock has a market capitalization of $2,412.02, a PE ratio of 14.92 and a beta of 2.25. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.98 and a current ratio of 2.66. Minerals Technologies Inc. has a 52-week low of $62.55 and a 52-week high of $83.85.
Minerals Technologies (NYSE:MTX) last posted its earnings results on Thursday, November 2nd. The basic materials company reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $1.17 by $0.02. Minerals Technologies had a return on equity of 14.59% and a net margin of 9.48%. The company had revenue of $424.40 million for the quarter, compared to the consensus estimate of $404.80 million. During the same quarter in the prior year, the company earned $1.17 earnings per share. Minerals Technologies’s revenue was up 6.2% on a year-over-year basis. equities research analysts expect that Minerals Technologies Inc. will post 4.58 earnings per share for the current year.
Minerals Technologies announced that its board has initiated a stock repurchase program on Thursday, September 21st that allows the company to buyback $150.00 million in shares. This buyback authorization allows the basic materials company to reacquire up to 6.1% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Friday, December 8th. Stockholders of record on Monday, November 27th were paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 0.30%. The ex-dividend date of this dividend was Friday, November 24th. Minerals Technologies’s dividend payout ratio (DPR) is currently 4.56%.
In other news, insider Dj Monagle III sold 25,639 shares of the firm’s stock in a transaction dated Tuesday, September 26th. The stock was sold at an average price of $70.03, for a total value of $1,795,499.17. Following the transaction, the insider now owns 39,579 shares of the company’s stock, valued at $2,771,717.37. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.20% of the stock is owned by company insiders.
Several brokerages have weighed in on MTX. Zacks Investment Research upgraded Minerals Technologies from a “sell” rating to a “hold” rating in a research report on Friday, September 15th. KeyCorp restated a “hold” rating on shares of Minerals Technologies in a report on Monday, November 6th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the stock. Minerals Technologies currently has a consensus rating of “Hold” and a consensus price target of $80.00.
Minerals Technologies Profile
Minerals Technologies Inc is a resource- and technology-based company that develops, produces and markets a range of specialty mineral, mineral-based and synthetic mineral products and related systems and services around the world. It operates through four segments. The Specialty Minerals segment produces and sells the synthetic mineral product precipitated calcium carbonate (PCC), mines mineral ores, and processes and sells natural mineral products, primarily limestone and talc.
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