Millennium Management LLC Lowers Holdings in Materion Corp (MTRN)
Millennium Management LLC cut its position in Materion Corp (NYSE:MTRN) by 45.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 117,124 shares of the basic materials company’s stock after selling 95,727 shares during the quarter. Millennium Management LLC owned about 0.58% of Materion worth $6,342,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of MTRN. BlackRock Inc. grew its position in shares of Materion by 7.6% in the second quarter. BlackRock Inc. now owns 2,923,599 shares of the basic materials company’s stock valued at $158,313,000 after purchasing an additional 206,358 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC grew its position in shares of Materion by 2.3% in the first quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 705,545 shares of the basic materials company’s stock valued at $36,017,000 after purchasing an additional 15,530 shares in the last quarter. Acadian Asset Management LLC grew its position in shares of Materion by 15.8% in the second quarter. Acadian Asset Management LLC now owns 635,086 shares of the basic materials company’s stock valued at $34,392,000 after purchasing an additional 86,607 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Materion by 4.1% in the second quarter. Bank of New York Mellon Corp now owns 322,991 shares of the basic materials company’s stock valued at $17,490,000 after purchasing an additional 12,600 shares in the last quarter. Finally, Wells Fargo & Company MN grew its position in shares of Materion by 9.6% in the second quarter. Wells Fargo & Company MN now owns 230,252 shares of the basic materials company’s stock valued at $12,469,000 after purchasing an additional 20,183 shares in the last quarter. Hedge funds and other institutional investors own 89.49% of the company’s stock.
In related news, VP Gregory R. Chemnitz sold 2,000 shares of the business’s stock in a transaction dated Friday, August 3rd. The stock was sold at an average price of $63.31, for a total transaction of $126,620.00. Following the completion of the transaction, the vice president now directly owns 12,523 shares in the company, valued at $792,831.13. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, VP Joseph P. Kelley bought 2,923 shares of Materion stock in a transaction that occurred on Wednesday, August 8th. The shares were acquired at an average price of $63.74 per share, with a total value of $186,312.02. The disclosure for this purchase can be found here. 1.40% of the stock is currently owned by insiders.
Materion (NYSE:MTRN) last announced its quarterly earnings results on Thursday, July 26th. The basic materials company reported $0.54 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.51 by $0.03. The company had revenue of $309.10 million during the quarter, compared to analysts’ expectations of $311.90 million. Materion had a return on equity of 8.30% and a net margin of 1.88%. The firm’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.42 earnings per share. As a group, equities research analysts predict that Materion Corp will post 2.14 earnings per share for the current year.
MTRN has been the subject of several recent research reports. ValuEngine cut Materion from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 21st. Zacks Investment Research upgraded Materion from a “hold” rating to a “buy” rating and set a $60.00 price target for the company in a research report on Wednesday, June 27th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $58.50.
Materion Company Profile
Materion Corporation manufactures and sells advanced engineered materials used in consumer electronics, industrial components, defense, medical, automotive electronics, telecommunications infrastructure, energy, commercial aerospace, science, services, and appliance markets worldwide. The company operates through Performance Alloys and Composites, Advanced Materials, and Precision Coatings segments.
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