Broad Bay Capital Management LP Makes New Investment in Minerals Technologies Inc. $MTX

Broad Bay Capital Management LP purchased a new stake in shares of Minerals Technologies Inc. (NYSE:MTX) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 307,349 shares of the basic materials company’s stock, valued at approximately $16,926,000. Minerals Technologies accounts for about 2.0% of Broad Bay Capital Management LP’s investment portfolio, making the stock its 17th biggest position.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. First Horizon Advisors Inc. boosted its stake in Minerals Technologies by 161.1% during the second quarter. First Horizon Advisors Inc. now owns 590 shares of the basic materials company’s stock valued at $32,000 after buying an additional 364 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in Minerals Technologies by 626.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 596 shares of the basic materials company’s stock valued at $33,000 after acquiring an additional 514 shares during the last quarter. Blue Trust Inc. lifted its holdings in Minerals Technologies by 44.6% in the 2nd quarter. Blue Trust Inc. now owns 1,011 shares of the basic materials company’s stock valued at $56,000 after acquiring an additional 312 shares during the last quarter. Strs Ohio bought a new position in shares of Minerals Technologies during the 1st quarter valued at about $70,000. Finally, Quarry LP grew its stake in shares of Minerals Technologies by 105.3% in the 1st quarter. Quarry LP now owns 1,503 shares of the basic materials company’s stock worth $96,000 after purchasing an additional 771 shares during the last quarter. Institutional investors own 97.29% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on MTX. Weiss Ratings reissued a “sell (d)” rating on shares of Minerals Technologies in a research note on Monday. Wall Street Zen cut Minerals Technologies from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 18th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Minerals Technologies presently has an average rating of “Hold” and an average target price of $84.00.

Insider Activity

In other news, insider Brett Argirakis sold 6,501 shares of the firm’s stock in a transaction on Friday, November 21st. The stock was sold at an average price of $58.68, for a total value of $381,478.68. Following the completion of the sale, the insider owned 27,602 shares of the company’s stock, valued at $1,619,685.36. This trade represents a 19.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 3.50% of the stock is owned by insiders.

Minerals Technologies Stock Performance

Shares of MTX opened at $58.60 on Wednesday. The company has a 50-day moving average of $58.53 and a two-hundred day moving average of $59.30. The stock has a market cap of $1.82 billion, a price-to-earnings ratio of -2,928.69 and a beta of 1.27. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.98 and a quick ratio of 1.37. Minerals Technologies Inc. has a one year low of $49.54 and a one year high of $81.04.

Minerals Technologies (NYSE:MTX) last released its quarterly earnings results on Wednesday, March 15th. The basic materials company reported $1.50 earnings per share (EPS) for the quarter. The business had revenue of $557.00 million for the quarter. Minerals Technologies had a negative net margin of 0.08% and a positive return on equity of 10.69%. On average, equities research analysts expect that Minerals Technologies Inc. will post 6.62 earnings per share for the current year.

Minerals Technologies Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, December 4th. Shareholders of record on Thursday, October 30th were paid a dividend of $0.12 per share. This is an increase from Minerals Technologies’s previous quarterly dividend of $0.11. The ex-dividend date of this dividend was Thursday, October 30th. This represents a $0.48 annualized dividend and a yield of 0.8%. Minerals Technologies’s dividend payout ratio (DPR) is presently -2,400.00%.

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.