Minerals Technologies Inc. (MTX) Shares Down 2.1%
Minerals Technologies Inc. (NYSE:MTX) shares dropped 2.1% on Friday . The stock traded as low as $68.82 and last traded at $69.10, with a volume of 60,046 shares traded. The stock had previously closed at $70.60.
MTX has been the subject of several research analyst reports. Wedbush lowered shares of Minerals Technologies from an “outperform” rating to a “neutral” rating and set a $62.00 target price for the company. in a research note on Thursday, May 12th. Zacks Investment Research raised shares of Minerals Technologies from a “hold” rating to a “buy” rating and set a $78.00 target price for the company in a research note on Wednesday. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $69.50.
The firm has a market cap of $2.40 billion and a price-to-earnings ratio of 23.89. The stock has a 50 day moving average of $62.94 and a 200 day moving average of $56.42.
Minerals Technologies (NYSE:MTX) last posted its quarterly earnings results on Thursday, August 4th. The company reported $1.20 EPS for the quarter, beating the consensus estimate of $1.16 by $0.04. The business earned $427 million during the quarter, compared to analysts’ expectations of $437.20 million. The firm’s quarterly revenue was down 7.9% compared to the same quarter last year. During the same quarter last year, the firm earned $1.18 EPS. Equities analysts expect that Minerals Technologies Inc. will post $4.48 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 8th. Shareholders of record on Friday, August 26th will be issued a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 0.29%. The ex-dividend date is Wednesday, August 24th.
In other news, VP Rick Honey sold 6,811 shares of the business’s stock in a transaction dated Monday, June 27th. The stock was sold at an average price of $52.95, for a total transaction of $360,642.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Michael Cipolla sold 8,267 shares of the business’s stock in a transaction dated Tuesday, August 9th. The stock was sold at an average price of $69.21, for a total value of $572,159.07. Following the sale, the vice president now owns 27,181 shares of the company’s stock, valued at approximately $1,881,197.01. The disclosure for this sale can be found here.
Other hedge funds have recently modified their holdings of the company. Calvert Investment Management Inc. purchased a new stake in shares of Minerals Technologies during the fourth quarter worth about $2,012,000. Marshall Wace LLP boosted its stake in shares of Minerals Technologies by 93.3% in the fourth quarter. Marshall Wace LLP now owns 177,526 shares of the company’s stock worth $8,141,000 after buying an additional 85,698 shares during the last quarter. Morgan Stanley boosted its position in Minerals Technologies by 123.3% in the fourth quarter. Morgan Stanley now owns 418,460 shares of the company’s stock worth $19,191,000 after buying an additional 231,085 shares in the last quarter. Liberty Mutual Group Asset Management Inc. boosted its position in 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 worth $1,027,000 after buying an additional 7,627 shares in the last quarter. Finally, New York State Common Retirement Fund boosted its position in 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 worth $1,541,000 after buying an additional 1,900 shares in 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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