Invesco Ltd. Decreases Stake in Minerals Technologies Inc. $MTX

Key Points

• Invesco Ltd. has reduced its stake in Minerals Technologies Inc. by 6.7% during the first quarter, now holding 239,100 shares, valued at approximately $15.2 million.
• Minerals Technologies reported earnings per share of $1.55 for the last quarter, exceeding estimates, but its revenue has decreased by 2.3% year-over-year.
• The company has announced a quarterly dividend of $0.11, with a payout ratio of 733.33%, indicating high returns relative to earnings.

Invesco Ltd. cut its position in shares of Minerals Technologies Inc. (NYSE:MTX - Free Report) by 6.7% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 239,100 shares of the basic materials company's stock after selling 17,111 shares during the quarter. Invesco Ltd. owned about 0.75% of Minerals Technologies worth $15,200,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in MTX. Wells Fargo & Company MN boosted its position in shares of Minerals Technologies by 27.9% during the fourth quarter. Wells Fargo & Company MN now owns 21,642 shares of the basic materials company's stock valued at $1,649,000 after purchasing an additional 4,719 shares in the last quarter. Envestnet Asset Management Inc. boosted its position in shares of Minerals Technologies by 5.7% during the fourth quarter. Envestnet Asset Management Inc. now owns 18,125 shares of the basic materials company's stock valued at $1,381,000 after purchasing an additional 973 shares in the last quarter. First Trust Advisors LP boosted its position in shares of Minerals Technologies by 59.7% during the fourth quarter. First Trust Advisors LP now owns 30,567 shares of the basic materials company's stock valued at $2,330,000 after purchasing an additional 11,432 shares in the last quarter. MetLife Investment Management LLC boosted its position in shares of Minerals Technologies by 5.4% during the fourth quarter. MetLife Investment Management LLC now owns 19,432 shares of the basic materials company's stock valued at $1,481,000 after purchasing an additional 993 shares in the last quarter. Finally, Tower Research Capital LLC TRC boosted its position in shares of Minerals Technologies by 236.0% during the fourth quarter. Tower Research Capital LLC TRC now owns 8,071 shares of the basic materials company's stock valued at $615,000 after purchasing an additional 5,669 shares in the last quarter. 97.29% of the stock is currently owned by institutional investors.

Minerals Technologies Stock Up 0.0%

Minerals Technologies stock traded up $0.02 during mid-day trading on Thursday, hitting $65.04. The company had a trading volume of 193,499 shares, compared to its average volume of 205,758. The company has a current ratio of 1.95, a quick ratio of 1.35 and a debt-to-equity ratio of 0.57. The stock's 50 day moving average price is $59.10 and its two-hundred day moving average price is $60.29. Minerals Technologies Inc. has a 12 month low of $49.54 and a 12 month high of $86.49. The company has a market capitalization of $2.04 billion, a PE ratio of 1,084.15 and a beta of 1.22.

Minerals Technologies (NYSE:MTX - Get Free Report) last released its earnings results on Thursday, July 24th. The basic materials company reported $1.55 EPS for the quarter, topping the consensus estimate of $1.43 by $0.12. Minerals Technologies had a return on equity of 10.64% and a net margin of 0.10%.The business had revenue of $528.90 million for the quarter, compared to the consensus estimate of $529.13 million. During the same period in the previous year, the company posted $1.65 earnings per share. The company's revenue for the quarter was down 2.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Minerals Technologies Inc. will post 6.62 earnings per share 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. 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%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on MTX shares. 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. Wall Street Zen raised Minerals Technologies from a "hold" rating to a "buy" rating in a report on Saturday, August 2nd. One investment analyst has rated the stock with a Buy rating, According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average 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.