Allspring Global Investments Holdings LLC Has $24.88 Million Stock Position in Minerals Technologies Inc. $MTX

Key Points

• Allspring Global Investments reduced its stake in Minerals Technologies by 15% in the first quarter, leaving it with 348,318 shares valued at about $24.88 million. Institutional investors still hold a dominant 97.29% of the company.
• Minerals Technologies reported better-than-expected Q1 earnings of $1.38 per share on revenue of $546.9 million, topping analyst estimates and rising 11.2% year over year. Analysts currently see full-year EPS around 6.34.
• The company also paid a quarterly dividend of $0.12 per share and carries a modest 0.7% yield. Meanwhile, analysts are mixed overall, with a consensus Hold rating and a $90 price target.

Allspring Global Investments Holdings LLC lowered its position in Minerals Technologies Inc. (NYSE:MTX - Free Report) by 15.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 348,318 shares of the basic materials company's stock after selling 61,416 shares during the period. Allspring Global Investments Holdings LLC owned 1.12% of Minerals Technologies worth $24,880,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. SG Capital Management LLC grew its position in Minerals Technologies by 137.1% in the 4th quarter. SG Capital Management LLC now owns 148,385 shares of the basic materials company's stock valued at $9,044,000 after purchasing an additional 548,385 shares during the period. Caption Management LLC raised its holdings in Minerals Technologies by 102.7% during the fourth quarter. Caption Management LLC now owns 5,375 shares of the basic materials company's stock worth $328,000 after buying an additional 205,375 shares during the last quarter. Brandes Investment Partners LP lifted its stake in shares of Minerals Technologies by 22.9% in the fourth quarter. Brandes Investment Partners LP now owns 819,908 shares of the basic materials company's stock valued at $49,973,000 after buying an additional 152,950 shares in the last quarter. Invenomic Capital Management LP acquired a new position in shares of Minerals Technologies during the fourth quarter valued at about $7,058,000. Finally, Ameriprise Financial Inc. grew its holdings in shares of Minerals Technologies by 26.5% during the second quarter. Ameriprise Financial Inc. now owns 496,215 shares of the basic materials company's stock valued at $27,327,000 after buying an additional 103,853 shares during the last quarter. Institutional investors own 97.29% of the company's stock.

Insider Buying and Selling

In other Minerals Technologies news, VP Timothy Jordan sold 6,000 shares of the business's stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $80.27, for a total value of $481,620.00. Following the transaction, the vice president directly owned 1,279 shares in the company, valued at $102,665.33. The trade was a 82.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 3.70% of the company's stock.

Minerals Technologies Price Performance

Shares of NYSE MTX opened at $73.14 on Tuesday. The company has a market capitalization of $2.27 billion, a PE ratio of 14.15 and a beta of 1.15. The company has a quick ratio of 1.47, a current ratio of 2.13 and a debt-to-equity ratio of 0.54. The stock's 50 day moving average price is $76.27 and its 200-day moving average price is $72.11. Minerals Technologies Inc. has a twelve month low of $53.94 and a twelve month high of $84.34.

Minerals Technologies (NYSE:MTX - Get Free Report) last issued its quarterly earnings results on Thursday, April 30th. The basic materials company reported $1.38 EPS for the quarter, topping analysts' consensus estimates of $1.26 by $0.12. Minerals Technologies had a return on equity of 10.40% and a net margin of 7.60%.The business had revenue of $546.90 million for the quarter, compared to analyst estimates of $516.39 million. During the same period last year, the company posted $1.14 earnings per share. Minerals Technologies's quarterly revenue was up 11.2% compared to the same quarter last year. On average, equities analysts anticipate that Minerals Technologies Inc. will post 6.34 EPS for the current year.

Minerals Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 18th. Investors of record on Tuesday, June 2nd were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date was Tuesday, June 2nd. Minerals Technologies's dividend payout ratio (DPR) is 9.28%.

Wall Street Analyst Weigh In

A number of brokerages have commented on MTX. Weiss Ratings raised Minerals Technologies from a "sell (d+)" rating to a "hold (c+)" rating in a report on Wednesday, May 6th. Wall Street Zen upgraded Minerals Technologies from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 4th. Seaport Research Partners reaffirmed a "buy" rating on shares of Minerals Technologies in a research report on Monday, May 4th. Finally, Truist Financial increased their price target on Minerals Technologies from $89.00 to $90.00 and gave the company a "buy" rating in a research report on Monday, May 4th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $90.00.

Minerals Technologies Profile

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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