Empowered Funds LLC Sells 15,110 Shares of Minerals Technologies Inc. $MTX

Key Points

• Empowered Funds LLC cut its Minerals Technologies stake by 84% in the first quarter, selling 15,110 shares and retaining 2,872 shares valued at approximately $204,000. Institutional investors collectively own 97.29% of MTX.
• Minerals Technologies reported quarterly revenue of $548.4 million, up 3.7% year over year, but missed estimates on both revenue and earnings, posting $1.60 EPS versus the $1.64 consensus.
• The company declared a quarterly dividend of $0.12 per share, equivalent to $0.48 annually and a 0.7% yield. Analyst sentiment is mixed, with an overall “Hold” rating and an average price target of $90.

Empowered Funds LLC lessened its stake in shares of Minerals Technologies Inc. (NYSE:MTX - Free Report) by 84.0% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,872 shares of the basic materials company's stock after selling 15,110 shares during the period. Empowered Funds LLC's holdings in Minerals Technologies were worth $204,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Parallel Advisors LLC grew its position in shares of Minerals Technologies by 36.0% during the 1st quarter. Parallel Advisors LLC now owns 552 shares of the basic materials company's stock valued at $39,000 after acquiring an additional 146 shares during the period. ProShare Advisors LLC increased its stake in shares of Minerals Technologies by 3.2% during the 4th quarter. ProShare Advisors LLC now owns 6,139 shares of the basic materials company's stock worth $374,000 after purchasing an additional 192 shares during the last quarter. Rockefeller Capital Management L.P. raised its holdings in shares of Minerals Technologies by 7.1% in the 4th quarter. Rockefeller Capital Management L.P. now owns 2,878 shares of the basic materials company's stock worth $175,000 after purchasing an additional 192 shares during the period. Hsbc Holdings PLC lifted its stake in Minerals Technologies by 4.5% in the fourth quarter. Hsbc Holdings PLC now owns 4,514 shares of the basic materials company's stock valued at $276,000 after purchasing an additional 193 shares during the last quarter. Finally, Jain Global LLC lifted its stake in Minerals Technologies by 6.4% in the fourth quarter. Jain Global LLC now owns 4,143 shares of the basic materials company's stock valued at $253,000 after purchasing an additional 248 shares during the last quarter. Institutional investors own 97.29% of the company's stock.

Minerals Technologies Stock Performance

Shares of MTX opened at $70.41 on Friday. The stock's 50-day simple moving average is $74.71 and its 200 day simple moving average is $73.44. The stock has a market capitalization of $2.19 billion, a price-to-earnings ratio of -32.45 and a beta of 1.14. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.00 and a current ratio of 1.43. Minerals Technologies Inc. has a 52-week low of $53.94 and a 52-week high of $84.34.

Minerals Technologies (NYSE:MTX - Get Free Report) last issued its earnings results 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). Minerals Technologies had a positive return on equity of 10.63% and a negative net margin of 3.13%.The company had revenue of $548.40 million during the quarter, compared to the consensus estimate of $558.77 million. During the same quarter in the prior year, the business earned $1.55 EPS. The firm's revenue for the quarter was up 3.7% compared to the same quarter last year. Research analysts forecast that Minerals Technologies Inc. will post 6.03 EPS for the current fiscal year.

Minerals Technologies Dividend Announcement

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

Analysts Set New Price Targets

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