Northern Trust Corp Trims Stake in Minerals Technologies Inc. $MTX

Key Points

• Northern Trust Corp reduced its stake in Minerals Technologies Inc. by 3.5% in the first quarter, owning approximately 1.52% of the company worth $30.6 million after selling 17,344 shares.
• Several institutional investors have increased their stakes significantly, with GAMMA Investing LLC raising its position by 15,381.2% in the same period.
• Minerals Technologies declared a quarterly dividend of $0.11 per share, with an annualized yield of 0.7%, set to be paid on September 5th.

Northern Trust Corp lowered its stake in shares of Minerals Technologies Inc. (NYSE:MTX - Free Report) by 3.5% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 481,585 shares of the basic materials company's stock after selling 17,344 shares during the period. Northern Trust Corp owned about 1.52% of Minerals Technologies worth $30,614,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. PharVision Advisers LLC acquired a new stake in shares of Minerals Technologies during the 4th quarter valued at about $236,000. Lido Advisors LLC boosted its stake 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 worth $279,000 after acquiring an additional 1,030 shares during the last quarter. EP Wealth Advisors LLC boosted its holdings in shares of Minerals Technologies by 12.1% during the 4th quarter. EP Wealth Advisors LLC now owns 3,907 shares of the basic materials company's stock worth $298,000 after purchasing an additional 421 shares during the last quarter. Mackenzie Financial Corp acquired a new position in shares of Minerals Technologies during the 4th quarter worth approximately $298,000. Finally, Balyasny Asset Management L.P. boosted its holdings in shares of Minerals Technologies by 4.6% during the 4th quarter. Balyasny Asset Management L.P. now owns 5,312 shares of the basic materials company's stock worth $405,000 after purchasing an additional 235 shares during the last quarter. 97.29% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on MTX. Truist Financial upped their target price on shares of Minerals Technologies from $80.00 to $84.00 and gave the stock 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 research report on Saturday, August 2nd. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $84.00.

Minerals Technologies Stock Performance

Shares of NYSE MTX traded down $1.04 during midday trading on Thursday, reaching $63.72. 165,319 shares of the company were exchanged, compared to its average volume of 237,730. 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 Inc. has a 1 year low of $49.54 and a 1 year high of $86.49. The stock has a fifty day simple moving average of $59.96 and a 200 day simple moving average of $60.07. The stock has a market cap of $2.00 billion, a P/E ratio of 1,062.34 and a beta of 1.22.

Minerals Technologies (NYSE:MTX - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $528.90 million during the quarter, compared to the consensus estimate of $529.13 million. Minerals Technologies had a net margin of 0.10% and a return on equity of 10.64%. The firm's revenue was down 2.3% compared to the same quarter last year. During the same quarter last year, the firm earned $1.65 earnings per share. On average, research analysts forecast that Minerals Technologies Inc. will post 6.62 earnings per share for the current fiscal year.

Minerals Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 5th. Investors of record on Friday, August 15th will be given a $0.11 dividend. 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 dividend payout ratio (DPR) is presently 733.33%.

Minerals Technologies 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.