American Century Companies Inc. Boosts Stake in Minerals Technologies Inc. $MTX

Key Points

• American Century Companies Inc. increased its stake in Minerals Technologies Inc. by 24.0% during the first quarter, holding over 1 million shares valued at approximately $67.9 million.
• Minerals Technologies' stock is receiving positive attention, with analysts upgrading their ratings and increasing target prices, including a recent lift from Truist Financial from $80.00 to $84.00.
• The company announced a quarterly dividend of $0.11, translating to an annualized yield of 0.7%, with a high payout ratio of 733.33%.

American Century Companies Inc. lifted its position in shares of Minerals Technologies Inc. (NYSE:MTX - Free Report) by 24.0% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,068,079 shares of the basic materials company's stock after purchasing an additional 206,906 shares during the quarter. American Century Companies Inc. owned about 3.37% of Minerals Technologies worth $67,898,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Quarry LP boosted its position in shares of Minerals Technologies by 536.5% during the fourth quarter. Quarry LP now owns 732 shares of the basic materials company's stock valued at $56,000 after purchasing an additional 617 shares in the last quarter. PharVision Advisers LLC bought a new stake in shares of Minerals Technologies during the fourth quarter valued at approximately $236,000. Sterling Capital Management LLC boosted its position in shares of Minerals Technologies by 32.9% during the fourth quarter. Sterling Capital Management LLC now owns 3,589 shares of the basic materials company's stock valued at $274,000 after purchasing an additional 888 shares in the last quarter. Lido Advisors LLC boosted its position in shares of Minerals Technologies by 39.2% during the fourth quarter. Lido Advisors LLC now owns 3,660 shares of the basic materials company's stock valued at $279,000 after purchasing an additional 1,030 shares in the last quarter. Finally, EP Wealth Advisors LLC boosted its position in shares of Minerals Technologies by 12.1% during the fourth quarter. EP Wealth Advisors LLC now owns 3,907 shares of the basic materials company's stock valued at $298,000 after purchasing an additional 421 shares in the last quarter. 97.29% of the stock is currently owned by institutional investors.

Minerals Technologies Stock Up 4.4%

NYSE:MTX traded up $2.6880 during trading hours on Friday, reaching $63.8180. 208,775 shares of the company traded hands, compared to its average volume of 237,348. The business's 50-day moving average price is $58.26 and its two-hundred day moving average price is $60.36. The stock has a market capitalization of $2.00 billion, a P/E ratio of 1,063.81 and a beta of 1.22. Minerals Technologies Inc. has a 1 year low of $49.54 and a 1 year high of $86.49. The company has a current ratio of 1.95, a quick ratio of 1.35 and a debt-to-equity ratio of 0.57.

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

Minerals Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 5th. Stockholders of record on Friday, August 15th will be paid a $0.11 dividend. The ex-dividend date is Friday, August 15th. This represents a $0.44 annualized dividend and a dividend yield of 0.7%. Minerals Technologies's payout ratio is currently 733.33%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on MTX. Wall Street Zen upgraded Minerals Technologies from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd. Truist Financial lifted their price target on Minerals Technologies from $80.00 to $84.00 and gave the company a "buy" rating in a research report on Monday, July 28th. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $84.00.

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.