Minerals Technologies Inc. (MTX) Reaches New 12-Month High at $71.00
Minerals Technologies Inc. (NYSE:MTX) shares reached a new 52-week high on Thursday . The stock traded as high as $71.00 and last traded at $70.68, with a volume of 28,387 shares trading hands. The stock had previously closed at $70.37.
Several research analysts recently weighed in on the company. Wedbush lowered Minerals Technologies from an “outperform” rating to a “neutral” rating and set a $62.00 price target on the stock. in a research report on Thursday, May 26th. Zacks Investment Research raised Minerals Technologies from a “hold” rating to a “buy” rating and set a $78.00 target price on the stock in a research report on Wednesday, August 10th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Minerals Technologies has a consensus rating of “Buy” and an average target price of $69.50.
The firm has a 50-day moving average of $64.39 and a 200 day moving average of $57.20. The stock has a market cap of $2.46 billion and a P/E ratio of 24.45.
Minerals Technologies (NYSE:MTX) last posted its quarterly earnings results on Thursday, August 4th. The company reported $1.20 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.16 by $0.04. The company earned $427 million during the quarter, compared to the consensus estimate of $437.20 million. The firm’s revenue for the quarter was down 7.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.18 earnings per share. On average, equities research analysts anticipate that Minerals Technologies Inc. will post $4.48 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 8th. Stockholders of record on Friday, August 26th will be given a $0.05 dividend. The ex-dividend date is Wednesday, August 24th. This represents a $0.20 annualized dividend and a dividend yield of 0.28%.
In other news, CFO Douglas T. Dietrich sold 11,080 shares of the firm’s stock in a transaction on Tuesday, August 9th. The stock was sold at an average price of $69.21, for a total value of $766,846.80. Following the transaction, the chief financial officer now directly owns 46,779 shares in the company, valued at approximately $3,237,574.59. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Michael Cipolla sold 8,267 shares of the firm’s stock in a transaction on Tuesday, August 9th. The stock was sold at an average price of $69.21, for a total value of $572,159.07. Following the completion of the transaction, the vice president now owns 27,181 shares in the company, valued at $1,881,197.01. The disclosure for this sale can be found here.
Other hedge funds and institutional investors recently bought and sold shares of the company. Morgan Stanley raised its position in Minerals Technologies by 123.3% in the fourth quarter. Morgan Stanley now owns 418,460 shares of the company’s stock valued at $19,191,000 after buying an additional 231,085 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Minerals Technologies by 5.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,252,968 shares of the company’s stock valued at $57,461,000 after buying an additional 62,845 shares in the last quarter. Calvert Investment Management Inc. bought a new position in Minerals Technologies during the fourth quarter valued at about $2,012,000. Trexquant Investment LP raised its position in 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 in the last quarter. Finally, California Public Employees Retirement System raised its position in Minerals Technologies by 2.0% in the fourth quarter. California Public Employees Retirement System now owns 104,516 shares of the company’s stock valued at $4,793,000 after buying an additional 2,000 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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