New Age Alpha Advisors LLC Sells 40,121 Shares of Minerals Technologies Inc. (NYSE:MTX)

Key Points

• New Age Alpha Advisors LLC has significantly reduced its holdings in Minerals Technologies Inc. by 89.7%, now owning only 4,596 shares worth approximately $292,000.
• Wall Street analysts have upgraded Minerals Technologies from a "hold" to a "buy" rating, reflecting positive sentiment, with price targets rising from $80.00 to $84.00.
• The company announced a quarterly dividend of $0.11 per share, with a dividend yield of 0.8%, scheduled for payment on September 5th.

New Age Alpha Advisors LLC trimmed its position in Minerals Technologies Inc. (NYSE:MTX - Free Report) by 89.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,596 shares of the basic materials company's stock after selling 40,121 shares during the quarter. New Age Alpha Advisors LLC's holdings in Minerals Technologies were worth $292,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. LPL Financial LLC increased its position in Minerals Technologies by 21.5% during the 4th quarter. LPL Financial LLC now owns 7,742 shares of the basic materials company's stock valued at $590,000 after purchasing an additional 1,368 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Minerals Technologies by 78.7% in the 4th quarter. JPMorgan Chase & Co. now owns 207,033 shares of the basic materials company's stock worth $15,778,000 after acquiring an additional 91,146 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Minerals Technologies by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 873,123 shares of the basic materials company's stock worth $66,554,000 after acquiring an additional 7,780 shares in the last quarter. Wells Fargo & Company MN increased its stake in shares of Minerals Technologies by 27.9% in the 4th quarter. Wells Fargo & Company MN now owns 21,642 shares of the basic materials company's stock worth $1,649,000 after acquiring an additional 4,719 shares in the last quarter. Finally, Envestnet Asset Management Inc. increased its stake in shares of Minerals Technologies by 5.7% in the 4th quarter. Envestnet Asset Management Inc. now owns 18,125 shares of the basic materials company's stock worth $1,381,000 after acquiring an additional 973 shares in the last quarter. 97.29% of the stock is owned by hedge funds and other institutional investors.

Minerals Technologies Stock Performance

Shares of MTX traded down $1.68 on Thursday, reaching $61.47. The company's stock had a trading volume of 67,611 shares, compared to its average volume of 240,215. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.95 and a quick ratio of 1.35. The stock has a market capitalization of $1.93 billion, a P/E ratio of 1,024.17 and a beta of 1.22. The stock's 50 day simple moving average is $57.75 and its two-hundred day simple moving average is $61.31. Minerals Technologies Inc. has a 12-month low of $49.54 and a 12-month high of $86.49.

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, 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 business had revenue of $528.90 million for the quarter, compared to the consensus estimate of $529.13 million. During the same quarter in the previous year, the firm earned $1.65 earnings per share. The company's revenue for the quarter was down 2.3% on a year-over-year basis. Research analysts forecast that Minerals Technologies Inc. will post 6.62 earnings per share for the current fiscal year.

Minerals Technologies Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on MTX. Wall Street Zen upgraded shares of Minerals Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd. 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 research report on Monday, July 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.