Wells Fargo & Company MN Acquires 2,796 Shares of Minerals Technologies Inc (MTX)
Wells Fargo & Company MN grew its holdings in Minerals Technologies Inc (NYSE:MTX) by 8.1% in the third quarter, Holdings Channel reports. The institutional investor owned 37,364 shares of the basic materials company’s stock after buying an additional 2,796 shares during the quarter. Wells Fargo & Company MN’s holdings in Minerals Technologies were worth $2,639,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. Tocqueville Asset Management L.P. raised its position in shares of Minerals Technologies by 11.2% in the third quarter. Tocqueville Asset Management L.P. now owns 213,646 shares of the basic materials company’s stock valued at $15,094,000 after buying an additional 21,500 shares during the last quarter. FMR LLC acquired a new stake in shares of Minerals Technologies in the second quarter valued at about $1,183,000. GSA Capital Partners LLP acquired a new stake in shares of Minerals Technologies in the second quarter valued at about $423,000. New Amsterdam Partners LLC NY acquired a new stake in shares of Minerals Technologies in the third quarter valued at about $2,496,000. Finally, Nordea Investment Management AB increased its position in Minerals Technologies by 28.7% during the third quarter. Nordea Investment Management AB now owns 32,957 shares of the basic materials company’s stock worth $2,328,000 after purchasing an additional 7,345 shares during the last quarter. Institutional investors and hedge funds own 94.63% of the company’s stock.
Several research firms recently issued reports on MTX. Zacks Investment Research upgraded shares of Minerals Technologies from a “sell” rating to a “hold” rating in a research report on Wednesday, October 25th. KeyCorp restated a “hold” rating on shares of Minerals Technologies in a research report on Monday, November 6th. Finally, ValuEngine upgraded shares of Minerals Technologies from a “hold” rating to a “buy” rating in a research report on Thursday, January 4th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. Minerals Technologies currently has a consensus rating of “Hold” and a consensus price target of $80.00.
Minerals Technologies (NYSE:MTX) last released its quarterly earnings data on Thursday, November 2nd. The basic materials company reported $1.19 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.17 by $0.02. Minerals Technologies had a net margin of 9.48% and a return on equity of 14.59%. The firm had revenue of $424.40 million during the quarter, compared to analysts’ expectations of $404.80 million. During the same period last year, the business earned $1.17 earnings per share. Minerals Technologies’s revenue was up 6.2% compared to the same quarter last year. analysts predict that Minerals Technologies Inc will post 4.57 EPS for the current year.
Minerals Technologies announced that its board has initiated a stock buyback program on Thursday, September 21st that permits the company to buyback $150.00 million in shares. This buyback authorization permits the basic materials company to purchase up to 6.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.
About Minerals Technologies
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 related systems and services around the world. It operates through four segments. The Specialty Minerals segment produces and sells the synthetic mineral product precipitated calcium carbonate (PCC), mines mineral ores, and processes and sells natural mineral products, primarily limestone and talc.
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