Minerals Technologies (NYSE:MTX) Hits New 52-Week High on Strong Earnings

Minerals Technologies Inc. (NYSE:MTX)’s share price reached a new 52-week high during trading on Friday following a stronger than expected earnings report. The stock traded as high as $78.04 and last traded at $76.87, with a volume of 21786 shares. The stock had previously closed at $71.18.

The basic materials company reported $1.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.27 by $0.22. Minerals Technologies had a net margin of 3.88% and a return on equity of 10.26%. The business had revenue of $534.50 million for the quarter, compared to analysts’ expectations of $545.55 million. During the same quarter in the previous year, the firm posted $1.14 EPS. The business’s revenue for the quarter was down 2.1% compared to the same quarter last year.

Analysts Set New Price Targets

Several research firms have recently weighed in on MTX. StockNews.com raised shares of Minerals Technologies from a “hold” rating to a “buy” rating in a report on Thursday, February 8th. TheStreet raised shares of Minerals Technologies from a “c+” rating to a “b” rating in a report on Friday, February 2nd. Finally, Seaport Res Ptn raised shares of Minerals Technologies from a “neutral” rating to a “buy” rating in a report on Monday, February 5th. Four equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $68.50.

Insider Activity at Minerals Technologies

In related news, insider Dj Monagle III sold 1,180 shares of the business’s stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $74.12, for a total value of $87,461.60. Following the completion of the sale, the insider now owns 81,031 shares in the company, valued at approximately $6,006,017.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, SVP Jonathan J. Hastings sold 12,922 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $71.48, for a total transaction of $923,664.56. Following the transaction, the senior vice president now directly owns 53,862 shares of the company’s stock, valued at $3,850,055.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Dj Monagle III sold 1,180 shares of the business’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $74.12, for a total value of $87,461.60. Following the transaction, the insider now directly owns 81,031 shares in the company, valued at $6,006,017.72. The disclosure for this sale can be found here. 3.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Minerals Technologies

Several hedge funds have recently made changes to their positions in the business. US Bancorp DE grew its stake in Minerals Technologies by 1.6% in the fourth quarter. US Bancorp DE now owns 12,457 shares of the basic materials company’s stock worth $888,000 after purchasing an additional 196 shares during the period. Inspire Investing LLC boosted its holdings in Minerals Technologies by 3.2% in the third quarter. Inspire Investing LLC now owns 6,395 shares of the basic materials company’s stock worth $350,000 after acquiring an additional 197 shares in the last quarter. Parallel Advisors LLC boosted its holdings in Minerals Technologies by 97.9% in the fourth quarter. Parallel Advisors LLC now owns 556 shares of the basic materials company’s stock worth $40,000 after acquiring an additional 275 shares in the last quarter. Rhumbline Advisers boosted its holdings in Minerals Technologies by 0.4% in the third quarter. Rhumbline Advisers now owns 106,485 shares of the basic materials company’s stock worth $5,831,000 after acquiring an additional 453 shares in the last quarter. Finally, Keybank National Association OH boosted its holdings in Minerals Technologies by 6.9% in the third quarter. Keybank National Association OH now owns 9,125 shares of the basic materials company’s stock worth $500,000 after acquiring an additional 585 shares in the last quarter. 97.29% of the stock is owned by hedge funds and other institutional investors.

Minerals Technologies Stock Up 7.7 %

The company has a quick ratio of 1.69, a current ratio of 2.40 and a debt-to-equity ratio of 0.54. The company has a fifty day simple moving average of $72.75 and a 200 day simple moving average of $66.33. The firm has a market capitalization of $2.48 billion, a P/E ratio of 29.60 and a beta of 1.33.

About Minerals Technologies

Minerals Technologies Inc develops, produces, and markets various mineral, mineral-based, and related systems and services. The company operates through two segments, Consumer & Specialties, and Engineered Solutions segments. The Consumer & Specialties segment offers household and personal care products, such as pet litter, personal care, fabric care, edible oil and other fluid purification, animal health, and agricultural products; and specialty additives products, including precipitated calcium carbonate and ground calcium carbonate products that are used in the paper, paperboard, and fiber based packaging industries, as well as automotive, construction, and table and food applications.