4,890,106 Shares in Minerals Technologies Inc. $MTX Acquired by BlackRock Inc.

Key Points

• BlackRock acquired 4.89 million shares of Minerals Technologies in the second quarter, valued at approximately $361.7 million and representing a 15.71% stake. Institutional investors collectively own 97.29% of the company.
• Analyst sentiment is mixed, with one Buy, one Hold and one Sell rating; the consensus rating is Hold with a $90 price target. MTX shares opened at $71.95, within a 12-month range of $53.94 to $84.34.
• Minerals Technologies reported quarterly revenue of $548.4 million and earnings of $1.60 per share, both below analyst expectations, although revenue increased 3.7% year over year. The company also declared a quarterly dividend of $0.12 per share, yielding approximately 0.7% annually.

BlackRock Inc. purchased a new position in Minerals Technologies Inc. (NYSE:MTX - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 4,890,106 shares of the basic materials company's stock, valued at approximately $361,721,000. BlackRock Inc. owned 15.71% of Minerals Technologies at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in MTX. Deutsche Bank AG purchased a new position in shares of Minerals Technologies in the second quarter worth $2,484,000. Persistent Asset Partners Ltd purchased a new position in Minerals Technologies during the second quarter valued at $50,000. Global Retirement Partners LLC purchased a new position in Minerals Technologies during the second quarter valued at $30,000. Bank of New York Mellon Corp bought a new stake in Minerals Technologies in the 2nd quarter valued at $20,237,000. Finally, State of Wyoming purchased a new stake in Minerals Technologies in the 2nd quarter worth $711,000. 97.29% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have commented on the stock. Weiss Ratings downgraded shares of Minerals Technologies from a "hold (c+)" rating to a "sell (d+)" rating in a report on Monday, August 3rd. Seaport Research Partners reaffirmed a "buy" rating on shares of Minerals Technologies in a report on Monday, May 4th. Truist Financial boosted their target price on Minerals Technologies from $89.00 to $90.00 and gave the stock a "buy" rating in a research report on Monday, May 4th. Finally, Wall Street Zen cut Minerals Technologies from a "strong-buy" rating to a "hold" rating in a report on Saturday, August 8th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Minerals Technologies has an average rating of "Hold" and a consensus price target of $90.00.

Minerals Technologies Stock Up 0.0%

Shares of NYSE:MTX opened at $71.95 on Wednesday. The company has a market cap of $2.24 billion, a price-to-earnings ratio of -33.16 and a beta of 1.14. Minerals Technologies Inc. has a 12 month low of $53.94 and a 12 month high of $84.34. The company has a current ratio of 1.43, a quick ratio of 1.00 and a debt-to-equity ratio of 0.60. The company has a 50-day moving average price of $74.33 and a 200 day moving average price of $73.49.

Minerals Technologies (NYSE:MTX - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The basic materials company reported $1.60 earnings per share for the quarter, missing the consensus estimate of $1.64 by ($0.04). Minerals Technologies had a positive return on equity of 10.63% and a negative net margin of 3.13%.The company had revenue of $548.40 million for the quarter, compared to the consensus estimate of $558.77 million. During the same period in the previous year, the firm earned $1.55 earnings per share. The company's revenue was up 3.7% compared to the same quarter last year. As a group, equities research analysts predict that Minerals Technologies Inc. will post 6.03 earnings per share for the current year.

Minerals Technologies Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 4th. Investors of record on Friday, August 14th will be given a $0.12 dividend. The ex-dividend date is Friday, August 14th. This represents a $0.48 dividend on an annualized basis and a yield of 0.7%. Minerals Technologies's dividend payout ratio (DPR) is currently -22.12%.

About Minerals Technologies

Minerals Technologies Inc develops, produces and processes a broad range of mineral-based products and solutions that serve a variety of industrial applications. Its offerings include bentonite, perlite, precipitated calcium carbonate (PCC), mineral sands, foundry additives, performance minerals and specialty chemicals designed to enhance performance in markets such as paper, steel, construction, oil and gas, environmental remediation and consumer products.

The company operates through several business segments, including Specialty Minerals, Refractory Minerals, Performance Materials and Recycled Materials.

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