Minerals Technologies Inc. (MTX) Reaches New 12-Month High at $72.00
Minerals Technologies Inc. (NYSE:MTX) shares hit a new 52-week high on Friday . The stock traded as high as $72.00 and last traded at $70.82, with a volume of 62,186 shares changing hands. The stock had previously closed at $70.88.
A number of analysts have recently commented on the company. Zacks Investment Research upgraded Minerals Technologies from a “hold” rating to a “buy” rating and set a $78.00 price objective for the company in a research report on Wednesday, August 10th. Wedbush cut Minerals Technologies from an “outperform” rating to a “neutral” rating and set a $62.00 price objective for the company. in a research report on Thursday, May 26th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $69.50.
The stock has a 50 day moving average price of $66.54 and a 200 day moving average price of $58.39. The stock has a market cap of $2.46 billion and a PE ratio of 24.39.
Minerals Technologies (NYSE:MTX) last announced its earnings results on Thursday, August 4th. The company reported $1.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.04. The firm earned $427 million during the quarter, compared to analyst estimates of $437.20 million. During the same period last year, the company earned $1.18 earnings per share. The firm’s revenue for the quarter was down 7.9% compared to the same quarter last year. On average, equities research analysts predict that Minerals Technologies Inc. will post $4.48 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 8th. Shareholders of record on Friday, August 26th will be given a dividend of $0.05 per share. The ex-dividend date is Wednesday, August 24th. This represents a $0.20 dividend on an annualized basis and a yield of 0.28%.
In other Minerals Technologies news, CFO Douglas T. Dietrich sold 11,080 shares of the stock in a transaction that occurred on Tuesday, August 9th. The stock was sold at an average price of $69.21, for a total transaction of $766,846.80. Following the completion of the sale, the chief financial officer now directly owns 46,779 shares of the company’s stock, valued at approximately $3,237,574.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Michael Cipolla sold 8,267 shares of the stock in a transaction that occurred 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 sale, the vice president now directly owns 27,181 shares of the company’s stock, valued at $1,881,197.01. The disclosure for this sale can be found here.
A number of hedge funds recently bought and sold shares of MTX. Morgan Stanley boosted its stake 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 during the last quarter. Mutual of America Capital Management LLC boosted its stake in 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 worth $1,074,000 after buying an additional 254 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake 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 worth $57,461,000 after buying an additional 62,845 shares during the last quarter.
Minerals Technologies Inc is a resource-and technology-based company that develops, produces and markets worldwide a range of specialty mineral, mineral-based and synthetic mineral products and related systems and services. It has five segments. The Specialty Minerals, Performance Materials, and Construction Technologies segments produce and sell products and technologies based primarily upon the mineral products calcium carbonate, bentonite, talc, chromite and leonardite.
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