Martingale Asset Management L P Sells 6,317 Shares of 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 cut 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 institutional investor owned 33,786 shares of the basic materials company's stock after selling 6,317 shares during the period. Martingale Asset Management L P owned about 0.11% of Minerals Technologies worth $2,148,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently modified their holdings of MTX. Nuveen LLC bought a new stake in Minerals Technologies during the first quarter valued at about $33,177,000. American Century Companies Inc. raised its stake in Minerals Technologies by 24.0% during the 1st quarter. American Century Companies Inc. now owns 1,068,079 shares of the basic materials company's stock valued at $67,898,000 after purchasing an additional 206,906 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Minerals Technologies in the 1st quarter worth approximately $4,429,000. Snyder Capital Management L P grew its holdings in Minerals Technologies by 8.5% during the 4th quarter. Snyder Capital Management L P now owns 630,381 shares of the basic materials company's stock valued at $48,041,000 after buying an additional 49,376 shares in the last quarter. Finally, Northern Trust Corp raised its position in shares of Minerals Technologies by 9.6% during the fourth quarter. Northern Trust Corp now owns 498,929 shares of the basic materials company's stock valued at $38,023,000 after buying an additional 43,546 shares during the last quarter. Hedge funds and other institutional investors own 97.29% of the company's stock.

Minerals Technologies Trading Down 0.6%

NYSE MTX traded down $0.37 during trading on Thursday, hitting $64.66. The stock had a trading volume of 39,902 shares, compared to its average volume of 237,159. Minerals Technologies Inc. has a one year low of $49.54 and a one year high of $86.49. The stock has a 50 day simple moving average of $58.87 and a 200 day simple moving average of $60.34. The stock has a market capitalization of $2.03 billion, a price-to-earnings ratio of 1,077.18 and a beta of 1.22. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.35 and a current ratio of 1.95.

Minerals Technologies (NYSE:MTX - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.55 earnings per share 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 firm had revenue of $528.90 million for the quarter, compared to the consensus estimate of $529.13 million. During the same period in the prior year, the business posted $1.65 earnings per share. The company's revenue for the quarter was down 2.3% on a year-over-year basis. Sell-side analysts predict that Minerals Technologies Inc. will post 6.62 earnings per share for the current year.

Minerals Technologies Dividend Announcement

The firm also recently announced 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 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Friday, August 15th. Minerals Technologies's dividend payout ratio (DPR) is 733.33%.

Analysts Set New Price Targets

MTX has been the subject of several research analyst reports. Truist Financial raised their target price 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. Wall Street Zen raised Minerals Technologies from a "hold" rating to a "buy" rating in a report on Saturday, August 2nd. One research analyst has rated the stock with a Buy rating, According to data from MarketBeat, Minerals Technologies has an average rating of "Buy" and an average target price of $84.00.

Minerals Technologies Company Profile

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.