Minerals Technologies Inc. (MTX) Hits New 1-Year High at $72.00
Shares of Minerals Technologies Inc. (NYSE:MTX) reached a new 52-week high during mid-day trading on Friday . The company 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 issued reports on the company. Wedbush lowered Minerals Technologies from an “outperform” rating to a “neutral” rating and set a $62.00 target price for the company. in a report on Thursday, May 26th. Zacks Investment Research upgraded Minerals Technologies from a “hold” rating to a “buy” rating and set a $78.00 target price for the company in a 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 company’s stock. Minerals Technologies currently has an average rating of “Buy” and an average price target of $69.50.
The firm has a 50-day moving average price of $66.93 and a 200-day moving average price of $58.60. The company has a market cap of $2.46 billion and a price-to-earnings ratio of 24.47.
Minerals Technologies (NYSE:MTX) last issued its quarterly earnings results on Thursday, August 4th. The company reported $1.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.04. The company earned $427 million during the quarter, compared to analyst estimates of $437.20 million. During the same period in the prior year, the business earned $1.18 EPS. The business’s revenue for the quarter was down 7.9% on a year-over-year basis. On average, analysts predict that Minerals Technologies Inc. will post $4.48 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 8th. Investors of record on Friday, August 26th will be issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.28%. The ex-dividend date is Wednesday, August 24th.
In related news, CFO Douglas T. Dietrich sold 11,080 shares of the firm’s stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $69.21, for a total value of $766,846.80. Following the completion of the sale, the chief financial officer now owns 46,779 shares of the company’s stock, valued at $3,237,574.59. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Michael Cipolla sold 8,267 shares of the firm’s 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 $572,159.07. Following the completion of the sale, the vice president now directly 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.
An institutional investor recently raised its position in Minerals Technologies stock. Morgan Stanley raised its position in Minerals Technologies Inc. (NYSE:MTX) by 123.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 418,460 shares of the company’s stock after buying an additional 231,085 shares during the period. Morgan Stanley owned about 1.20% of Minerals Technologies worth $19,191,000 at the end of the most recent 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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