Minerals Technologies Inc. $MTX Shares Purchased by Cubist Systematic Strategies LLC

Key Points

• Cubist Systematic Strategies LLC increased its stake in Minerals Technologies Inc. by 189.4% in Q1, acquiring 41,398 additional shares, bringing its total to 63,259 shares worth $4,021,000.
• Royal Bank of Canada and Graham Capital Management L.P. also boosted their stakes in the company by 28.4% and 35.2% respectively during the same period, indicating strong institutional interest.
• Minerals Technologies recently reported earnings of $1.55 EPS, beating estimates, but experienced a 2.3% decline in year-over-year revenue.

Cubist Systematic Strategies LLC grew its position in Minerals Technologies Inc. (NYSE:MTX - Free Report) by 189.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 63,259 shares of the basic materials company's stock after purchasing an additional 41,398 shares during the quarter. Cubist Systematic Strategies LLC owned about 0.20% of Minerals Technologies worth $4,021,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of MTX. Nuveen LLC purchased a new position in Minerals Technologies in the first quarter worth $33,177,000. American Century Companies Inc. lifted its position in Minerals Technologies by 24.0% during the first 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 purchased a new position in Minerals Technologies in the first quarter valued at $4,429,000. Northern Trust Corp increased its holdings in Minerals Technologies by 9.6% in 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 in the last quarter. Finally, Jefferies Financial Group Inc. acquired a new position in shares of Minerals Technologies during the 4th quarter worth about $3,078,000. 97.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Truist Financial increased their price objective on shares of Minerals Technologies from $80.00 to $84.00 and gave the company a "buy" rating in a report on Monday, July 28th. Wall Street Zen raised shares of Minerals Technologies from a "buy" rating to a "strong-buy" rating in a research report on Friday, September 5th. One research analyst has rated the stock with a Buy rating, According to MarketBeat.com, Minerals Technologies has a consensus rating of "Buy" and an average target price of $84.00.

Minerals Technologies Stock Performance

Shares of NYSE:MTX traded down $0.18 during midday trading on Wednesday, hitting $62.83. The stock had a trading volume of 37,934 shares, compared to its average volume of 238,150. The company has a market capitalization of $1.97 billion, a PE ratio of 1,046.99 and a beta of 1.22. Minerals Technologies Inc. has a 1 year low of $49.54 and a 1 year high of $86.49. The stock has a 50 day moving average price of $60.57 and a two-hundred day moving average price of $59.79. The company has a current ratio of 1.95, a quick ratio of 1.35 and a debt-to-equity ratio of 0.57.

Minerals Technologies (NYSE:MTX - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.12. Minerals Technologies had a net margin of 0.10% and a return on equity of 10.64%. The company had revenue of $528.90 million for the quarter, compared to the consensus estimate of $529.13 million. During the same quarter in the prior year, the firm earned $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, equities analysts predict that Minerals Technologies Inc. will post 6.62 earnings per share for the current fiscal year.

Minerals Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 5th. Stockholders of record on Friday, August 15th were paid a $0.11 dividend. The ex-dividend date was Friday, August 15th. This represents a $0.44 annualized dividend and a dividend yield of 0.7%. Minerals Technologies's dividend payout ratio is 733.33%.

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.