Connor Clark & Lunn Investment Management Ltd. Makes New Investment in Minerals Technologies Inc. $MTX

Key Points

• Connor Clark & Lunn Investment Management initiated a 23,000-share position in Minerals Technologies valued at approximately $1.7 million, while institutional investors collectively own 97.29% of the company.
• Minerals Technologies reported quarterly EPS of $1.60, below the $1.64 consensus estimate, while revenue rose 3.7% year over year to $548.4 million, also missing expectations.
• MTX shares opened at $72.06, and analysts maintain a consensus “Hold” rating with a $90 price target. The company also declared a quarterly dividend of $0.12 per share, yielding approximately 0.7% annually.

Connor Clark & Lunn Investment Management Ltd. acquired a new position in Minerals Technologies Inc. (NYSE:MTX - Free Report) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 23,000 shares of the basic materials company's stock, valued at approximately $1,701,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.07% of Minerals Technologies at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the business. Royal Bank of Canada boosted its stake in Minerals Technologies by 28.4% during the first quarter. Royal Bank of Canada now owns 19,629 shares of the basic materials company's stock valued at $1,249,000 after buying an additional 4,337 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Minerals Technologies by 9.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 110,044 shares of the basic materials company's stock worth $6,995,000 after acquiring an additional 9,363 shares during the period. Jane Street Group LLC raised its position in Minerals Technologies by 177.6% in the first quarter. Jane Street Group LLC now owns 68,156 shares of the basic materials company's stock worth $4,333,000 after acquiring an additional 43,604 shares in the last quarter. Intech Investment Management LLC raised its position in Minerals Technologies by 30.5% in the first quarter. Intech Investment Management LLC now owns 18,504 shares of the basic materials company's stock worth $1,176,000 after acquiring an additional 4,322 shares in the last quarter. Finally, Strs Ohio acquired a new stake in Minerals Technologies in the 1st quarter valued at about $70,000. 97.29% of the stock is currently owned by institutional investors and hedge funds.

Minerals Technologies Trading Down 0.3%

Shares of MTX stock opened at $72.06 on Friday. The firm has a market capitalization of $2.24 billion, a P/E ratio of -33.21 and a beta of 1.14. Minerals Technologies Inc. has a 1 year low of $53.94 and a 1 year high of $84.34. The firm's fifty day simple moving average is $73.97 and its 200 day simple moving average is $73.48. The company has a current ratio of 1.43, a quick ratio of 1.00 and a debt-to-equity ratio of 0.60.

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

Minerals Technologies Dividend Announcement

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

Analyst Ratings Changes

A number of analysts have recently issued reports on MTX shares. Truist Financial increased their target price on Minerals Technologies from $89.00 to $90.00 and gave the company a "buy" rating in a report on Monday, May 4th. Wall Street Zen lowered Minerals Technologies from a "strong-buy" rating to a "hold" rating in a research report on Saturday, August 8th. Seaport Research Partners reissued a "buy" rating on shares of Minerals Technologies in a research note on Monday, May 4th. Finally, Weiss Ratings cut Minerals Technologies from a "hold (c+)" rating to a "sell (d+)" rating in a research note on Monday, August 3rd. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $90.00.

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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