Algert Global LLC Decreases Position in Minerals Technologies Inc. $MTX

Key Points

• Algert Global LLC reduced its stake in Minerals Technologies Inc. by 48.2%, holding approximately $1.74 million worth of shares as of its latest SEC filing.
• Minerals Technologies recently reported earnings of $1.55 EPS for the quarter, exceeding estimates, although its revenue declined by 2.3% year-over-year.
• The company announced a quarterly dividend of $0.11 per share, reflecting a yield of 0.7%, with an ex-dividend date set for August 15th.

Algert Global LLC decreased its position in shares of Minerals Technologies Inc. (NYSE:MTX - Free Report) by 48.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 27,347 shares of the basic materials company's stock after selling 25,420 shares during the period. Algert Global LLC owned approximately 0.09% of Minerals Technologies worth $1,738,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. QRG Capital Management Inc. lifted its stake in Minerals Technologies by 7.3% in the first quarter. QRG Capital Management Inc. now owns 6,955 shares of the basic materials company's stock worth $442,000 after purchasing an additional 474 shares during the last quarter. GAMMA Investing LLC grew its holdings in Minerals Technologies by 15,381.2% in the first quarter. GAMMA Investing LLC now owns 13,159 shares of the basic materials company's stock worth $837,000 after purchasing an additional 13,074 shares during the last quarter. SG Americas Securities LLC grew its holdings in Minerals Technologies by 341.8% in the first quarter. SG Americas Securities LLC now owns 8,394 shares of the basic materials company's stock worth $534,000 after purchasing an additional 6,494 shares during the last quarter. Principal Financial Group Inc. grew its holdings in Minerals Technologies by 2.6% in the first quarter. Principal Financial Group Inc. now owns 171,008 shares of the basic materials company's stock worth $10,871,000 after purchasing an additional 4,361 shares during the last quarter. Finally, Isthmus Partners LLC purchased a new stake in shares of Minerals Technologies during the first quarter valued at $1,279,000. Hedge funds and other institutional investors own 97.29% of the company's stock.

Minerals Technologies Trading Up 2.0%

Shares of NYSE MTX traded up $1.25 during midday trading on Wednesday, reaching $64.99. 181,054 shares of the stock were exchanged, compared to its average volume of 210,266. The company has a 50 day simple moving average of $58.87 and a 200 day simple moving average of $60.34. The stock has a market capitalization of $2.04 billion, a P/E ratio of 1,083.26 and a beta of 1.22. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.35 and a current ratio of 1.95. Minerals Technologies Inc. has a twelve month low of $49.54 and a twelve month high of $86.49.

Minerals Technologies (NYSE:MTX - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.55 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.43 by $0.12. The business had revenue of $528.90 million during the quarter, compared to the consensus estimate of $529.13 million. Minerals Technologies had a net margin of 0.10% and a return on equity of 10.64%. The business's revenue was down 2.3% compared to the same quarter last year. During the same quarter last year, the firm earned $1.65 EPS. As a group, equities analysts expect that Minerals Technologies Inc. will post 6.62 earnings per share for the current year.

Minerals Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 5th. Investors of record on Friday, August 15th will be given a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 0.7%. Minerals Technologies's dividend payout ratio (DPR) is presently 733.33%.

Wall Street Analysts Forecast Growth

MTX has been the topic of several recent research reports. Wall Street Zen raised shares of Minerals Technologies from a "hold" rating to a "buy" rating in a report on Saturday, August 2nd. Truist Financial upped their price target on shares of Minerals Technologies from $80.00 to $84.00 and gave the stock a "buy" rating in a research report on Monday, July 28th. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, Minerals Technologies presently has an average rating of "Buy" and an average target price of $84.00.

Minerals Technologies Company Profile

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.