Jennison Associates LLC Acquires Shares of 10,411 Minerals Technologies Inc. (NYSE:MTX)

Jennison Associates LLC purchased a new position in shares of Minerals Technologies Inc. (NYSE:MTX - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 10,411 shares of the basic materials company's stock, valued at approximately $662,000.

Several other institutional investors have also modified their holdings of MTX. Quarry LP raised its holdings in Minerals Technologies by 536.5% in the 4th quarter. Quarry LP now owns 732 shares of the basic materials company's stock valued at $56,000 after buying an additional 617 shares during the period. Cibc World Markets Corp purchased a new stake in Minerals Technologies in the 4th quarter valued at about $226,000. PharVision Advisers LLC purchased a new stake in Minerals Technologies in the 4th quarter valued at about $236,000. Sterling Capital Management LLC raised its holdings in Minerals Technologies by 32.9% in the 4th quarter. Sterling Capital Management LLC now owns 3,589 shares of the basic materials company's stock valued at $274,000 after buying an additional 888 shares during the period. Finally, Lido Advisors LLC raised its holdings in Minerals Technologies by 39.2% in the 4th quarter. Lido Advisors LLC now owns 3,660 shares of the basic materials company's stock valued at $279,000 after buying an additional 1,030 shares during the period. Hedge funds and other institutional investors own 97.29% of the company's stock.

Minerals Technologies Trading Down 1.9%

NYSE MTX traded down $1.12 during trading on Thursday, hitting $59.00. The stock had a trading volume of 96,156 shares, compared to its average volume of 235,619. The company has a market capitalization of $1.87 billion, a PE ratio of -76.82 and a beta of 1.20. The company has a quick ratio of 1.31, a current ratio of 1.89 and a debt-to-equity ratio of 0.59. The firm has a 50 day moving average price of $57.47 and a 200 day moving average price of $62.93. Minerals Technologies Inc. has a twelve month low of $49.54 and a twelve month high of $89.60.

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

Minerals Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 5th. Stockholders of record on Friday, August 15th will be given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 0.75%. The ex-dividend date is Friday, August 15th. Minerals Technologies's dividend payout ratio is presently -57.14%.

Insider Transactions at Minerals Technologies

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

Wall Street Analyst Weigh In

Several brokerages recently issued reports on MTX. Wall Street Zen lowered shares of Minerals Technologies from a "buy" rating to a "hold" rating in a report on Wednesday, April 9th. Truist Financial dropped their target price on Minerals Technologies from $92.00 to $80.00 and set a "buy" rating for the company in a research report on Monday, April 28th.

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.