Bank of New York Mellon Corp Takes $20.24 Million Position in Minerals Technologies Inc. $MTX

Key Points

• Bank of New York Mellon acquired 273,586 shares of Minerals Technologies, valued at approximately $20.24 million, giving it a 0.88% stake. Institutional investors collectively own 97.29% of MTX.
• Analyst sentiment is mixed, with one Buy, one Hold and one Sell rating; the consensus rating is Hold with an average price target of $90, compared with the stock’s $72.06 opening price.
• Minerals Technologies missed quarterly expectations, reporting $1.60 in EPS versus $1.64 expected and revenue of $548.4 million versus $558.77 million forecast. The company declared a quarterly dividend of $0.12, equivalent to a 0.7% annual yield.

Bank of New York Mellon Corp purchased a new stake in Minerals Technologies Inc. (NYSE:MTX - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 273,586 shares of the basic materials company's stock, valued at approximately $20,237,000. Bank of New York Mellon Corp owned about 0.88% of Minerals Technologies as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. State Street Corp grew its position in shares of Minerals Technologies by 0.5% during the 4th quarter. State Street Corp now owns 1,221,398 shares of the basic materials company's stock worth $74,444,000 after buying an additional 6,458 shares during the period. Geode Capital Management LLC grew its holdings in Minerals Technologies by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 897,850 shares of the basic materials company's stock worth $54,732,000 after acquiring an additional 4,693 shares during the period. Brandes Investment Partners LP grew its holdings in Minerals Technologies by 22.9% during the 4th quarter. Brandes Investment Partners LP now owns 819,908 shares of the basic materials company's stock worth $49,973,000 after acquiring an additional 152,950 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Minerals Technologies by 2.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 597,297 shares of the basic materials company's stock valued at $36,405,000 after acquiring an additional 15,467 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its position in shares of Minerals Technologies by 26.5% during the 2nd quarter. Ameriprise Financial Inc. now owns 496,215 shares of the basic materials company's stock valued at $27,327,000 after acquiring an additional 103,853 shares during the last quarter. 97.29% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

MTX has been the topic of several recent research reports. Seaport Research Partners restated a "buy" rating on shares of Minerals Technologies in a research report on Monday, May 4th. Truist Financial upped their price objective on Minerals Technologies from $89.00 to $90.00 and gave the company a "buy" rating in a report on Monday, May 4th. Weiss Ratings lowered Minerals Technologies from a "hold (c+)" rating to a "sell (d+)" rating in a research note on Monday, August 3rd. 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 issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $90.00.

Minerals Technologies Stock Down 0.0%

Shares of MTX stock opened at $72.06 on Monday. The firm has a fifty day moving average of $73.97 and a 200-day moving average of $73.49. The company has a quick ratio of 1.00, a current ratio of 1.43 and a debt-to-equity ratio of 0.60. Minerals Technologies Inc. has a 12-month low of $53.94 and a 12-month high of $84.34. The company has a market capitalization of $2.24 billion, a price-to-earnings ratio of -33.21 and a beta of 1.14.

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

Minerals Technologies Dividend Announcement

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

Minerals Technologies Company 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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