Bank of New York Mellon Corp Trims Stock Holdings in Minerals Technologies Inc. (NYSE:MTX)

Bank of New York Mellon Corp trimmed its position in shares of Minerals Technologies Inc. (NYSE:MTX - Free Report) by 4.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 275,538 shares of the basic materials company's stock after selling 13,150 shares during the quarter. Bank of New York Mellon Corp owned 0.87% of Minerals Technologies worth $17,516,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Raymond James Financial Inc. acquired a new stake in shares of Minerals Technologies during the fourth quarter worth $10,797,000. HighTower Advisors LLC raised its holdings in shares of Minerals Technologies by 602.4% during the fourth quarter. HighTower Advisors LLC now owns 27,877 shares of the basic materials company's stock worth $2,125,000 after acquiring an additional 23,908 shares during the period. Swiss National Bank raised its holdings in shares of Minerals Technologies by 0.6% during the fourth quarter. Swiss National Bank now owns 63,300 shares of the basic materials company's stock worth $4,824,000 after acquiring an additional 400 shares during the period. Cibc World Markets Corp acquired a new stake in shares of Minerals Technologies during the fourth quarter worth $226,000. Finally, Teacher Retirement System of Texas raised its holdings in shares of Minerals Technologies by 42.3% during the fourth quarter. Teacher Retirement System of Texas now owns 47,929 shares of the basic materials company's stock worth $3,653,000 after acquiring an additional 14,253 shares during the period. 97.29% of the stock is owned by institutional investors.

Insider Activity at Minerals Technologies

In related news, Director Kristina M. Johnson bought 1,000 shares of the business's stock in a transaction that occurred on Friday, May 2nd. The shares were acquired at an average cost of $53.79 per share, with a total value of $53,790.00. Following the completion of the purchase, the director directly owned 1,400 shares in the company, valued at $75,306. The trade was a 250.00% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Erik Aldag bought 1,000 shares of the business's stock in a transaction that occurred on Wednesday, April 30th. The shares were bought at an average cost of $50.37 per share, for a total transaction of $50,370.00. Following the completion of the purchase, the chief financial officer owned 4,245 shares of the company's stock, valued at $213,820.65. This represents a 30.82% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 2,370 shares of company stock valued at $124,255. Corporate insiders own 3.30% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on MTX shares. Wall Street Zen lowered shares of Minerals Technologies from a "buy" rating to a "hold" rating in a research note on Wednesday, April 9th. Truist Financial lowered their price target on shares of Minerals Technologies from $92.00 to $80.00 and set a "buy" rating on the stock in a research note on Monday, April 28th.

Minerals Technologies Price Performance

Shares of MTX stock traded down $0.50 during trading on Friday, hitting $57.01. The company had a trading volume of 559,603 shares, compared to its average volume of 199,502. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.31 and a current ratio of 1.89. The firm has a market capitalization of $1.81 billion, a P/E ratio of -74.04 and a beta of 1.20. The stock's 50-day moving average price is $57.38 and its 200 day moving average price is $63.26. Minerals Technologies Inc. has a one year low of $49.54 and a one year high of $90.30.

Minerals Technologies (NYSE:MTX - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.14 earnings per share for the quarter, missing analysts' consensus estimates of $1.16 by ($0.02). The firm had revenue of $491.80 million for the quarter, compared to the consensus estimate of $502.03 million. Minerals Technologies had a positive return on equity of 10.90% and a negative net margin of 1.14%. The business's revenue was down 8.0% on a year-over-year basis. During the same period last year, the company posted $1.49 EPS. Equities analysts expect that Minerals Technologies Inc. will post 6.62 EPS for the current fiscal year.

Minerals Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 5th. Shareholders of record on Friday, August 15th will be given a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 0.77%. The ex-dividend date of this dividend is Friday, August 15th. Minerals Technologies's dividend payout ratio (DPR) is currently -57.14%.

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.