Minerals Technologies Inc. (MTX) Sets New 12-Month High at $70.75
Minerals Technologies Inc. (NYSE:MTX)’s share price reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $70.75 and last traded at $70.62, with a volume of 54,072 shares trading hands. The stock had previously closed at $69.77.
Several research firms recently issued reports on MTX. Zacks Investment Research raised Minerals Technologies from a “hold” rating to a “buy” rating and set a $78.00 price objective on the stock in a research report on Wednesday. Wedbush cut Minerals Technologies from an “outperform” rating to a “neutral” rating and set a $62.00 price objective on the stock. in a research report on Thursday, May 12th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Minerals Technologies has a consensus rating of “Buy” and an average price target of $69.50.
The company has a market capitalization of $2.40 billion and a price-to-earnings ratio of 23.89. The firm’s 50 day moving average price is $62.94 and its 200 day moving average price is $56.42.
Minerals Technologies (NYSE:MTX) last issued its earnings results on Thursday, August 4th. The company reported $1.20 EPS for the quarter, topping the Zacks’ consensus estimate of $1.16 by $0.04. The company had revenue of $427 million for the quarter, compared to analysts’ expectations of $437.20 million. The business’s revenue was down 7.9% compared to the same quarter last year. During the same period last year, the business posted $1.18 earnings per share. Equities research analysts predict that Minerals Technologies Inc. will post $4.48 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 8th. Investors of record on Friday, August 26th will be issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 0.29%. The ex-dividend date of this dividend is Wednesday, August 24th.
In related news, VP Rick Honey sold 6,811 shares of Minerals Technologies stock in a transaction that occurred on Monday, June 27th. The shares were sold at an average price of $52.95, for a total transaction of $360,642.45. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Douglas T. Dietrich sold 11,080 shares of Minerals Technologies stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $69.21, for a total transaction of $766,846.80. Following the transaction, the chief financial officer now directly owns 46,779 shares in the company, valued at $3,237,574.59. The disclosure for this sale can be found here.
Other institutional investors have modified their holdings of the company. Liberty Mutual Group Asset Management Inc. raised its position in shares of Minerals Technologies by 51.7% in the fourth quarter. Liberty Mutual Group Asset Management Inc. now owns 22,389 shares of the company’s stock valued at $1,027,000 after buying an additional 7,627 shares during the last quarter. Mutual of America Capital Management LLC raised its position in shares of Minerals Technologies by 1.1% in the fourth quarter. Mutual of America Capital Management LLC now owns 23,415 shares of the company’s stock valued at $1,074,000 after buying an additional 254 shares during the last quarter. New York State Common Retirement Fund raised its position in shares of Minerals Technologies by 6.0% in the fourth quarter. New York State Common Retirement Fund now owns 33,600 shares of the company’s stock valued at $1,541,000 after buying an additional 1,900 shares during the last quarter. Calvert Investment Management Inc. acquired a new position in shares of Minerals Technologies during the fourth quarter valued at about $2,012,000. Finally, Trexquant Investment LP raised its position in shares of Minerals Technologies by 119.4% in the fourth quarter. Trexquant Investment LP now owns 71,100 shares of the company’s stock valued at $3,261,000 after buying an additional 38,700 shares during the last quarter.
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 supporting systems and services. It operates in five segments: Specialty Minerals, Refractories, Performance Materials, Construction Technologies and Energy Services.
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