Martingale Asset Management L P Has $2.15 Million Holdings in Minerals Technologies Inc. $MTX

Key Points

• Martingale Asset Management L P reduced its stake in Minerals Technologies Inc. by 15.8%, holding 33,786 shares valued at approximately $2.15 million after selling 6,317 shares in Q1.
• Wall Street analysts have a positive outlook for the stock, with Truist Financial raising its target price from $80 to $84 and a consensus "buy" rating.
• Minerals Technologies recently announced a quarterly dividend of $0.11, to be paid on September 5th, representing an annualized yield of 0.7%.

Martingale Asset Management L P lowered its position in Minerals Technologies Inc. (NYSE:MTX - Free Report) by 15.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 33,786 shares of the basic materials company's stock after selling 6,317 shares during the quarter. Martingale Asset Management L P owned approximately 0.11% of Minerals Technologies worth $2,148,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of MTX. Quarry LP increased its holdings in shares of Minerals Technologies by 536.5% in the fourth quarter. Quarry LP now owns 732 shares of the basic materials company's stock valued at $56,000 after purchasing an additional 617 shares during the last quarter. Quantbot Technologies LP acquired a new position in shares of Minerals Technologies in the first quarter valued at $124,000. PharVision Advisers LLC acquired a new position in shares of Minerals Technologies in the fourth quarter valued at $236,000. Lido Advisors LLC increased its holdings in shares of Minerals Technologies by 39.2% in the fourth quarter. Lido Advisors LLC now owns 3,660 shares of the basic materials company's stock valued at $279,000 after purchasing an additional 1,030 shares during the last quarter. Finally, EP Wealth Advisors LLC increased its holdings in shares of Minerals Technologies by 12.1% in the fourth quarter. EP Wealth Advisors LLC now owns 3,907 shares of the basic materials company's stock valued at $298,000 after purchasing an additional 421 shares during the last quarter. 97.29% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently issued reports on MTX shares. Wall Street Zen upgraded Minerals Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd. Truist Financial upped their price target on shares of Minerals Technologies from $80.00 to $84.00 and gave the company a "buy" rating in a research note on Monday, July 28th. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $84.00.

Minerals Technologies Price Performance

MTX stock traded up $1.25 during midday trading on Wednesday, reaching $64.99. The company had a trading volume of 176,058 shares, compared to its average volume of 237,761. The company has a market capitalization of $2.04 billion, a price-to-earnings ratio of 1,083.26 and a beta of 1.22. The stock has a 50 day moving average price of $58.65 and a 200-day moving average price of $60.31. Minerals Technologies Inc. has a 1-year low of $49.54 and a 1-year high of $86.49. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.95 and a quick ratio of 1.35.

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

Minerals Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 5th. Investors of record on Friday, August 15th will be paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend is Friday, August 15th. Minerals Technologies's payout ratio is 733.33%.

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.