Nuveen Asset Management LLC Decreases Stock Position in Minerals Technologies Inc. (NYSE:MTX)

Nuveen Asset Management LLC cut its stake in Minerals Technologies Inc. (NYSE:MTX - Free Report) by 18.5% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 528,766 shares of the basic materials company's stock after selling 119,761 shares during the period. Nuveen Asset Management LLC owned about 1.66% of Minerals Technologies worth $40,297,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MTX. FMR LLC grew its position in Minerals Technologies by 42.7% in the fourth quarter. FMR LLC now owns 1,761,925 shares of the basic materials company's stock worth $134,276,000 after acquiring an additional 527,206 shares in the last quarter. Norges Bank purchased a new position in shares of Minerals Technologies in the 4th quarter worth about $16,360,000. American Century Companies Inc. boosted its holdings in shares of Minerals Technologies by 31.1% in the 4th quarter. American Century Companies Inc. now owns 861,173 shares of the basic materials company's stock worth $65,630,000 after purchasing an additional 204,371 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in Minerals Technologies in the fourth quarter worth approximately $10,797,000. Finally, Foundry Partners LLC purchased a new stake in Minerals Technologies in the fourth quarter worth approximately $7,735,000. 97.29% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on MTX shares. Truist Financial cut their target price on Minerals Technologies from $92.00 to $80.00 and set a "buy" rating for the company in a research note on Monday, April 28th. Wall Street Zen lowered shares of Minerals Technologies from a "buy" rating to a "hold" rating in a research report on Wednesday, April 9th.

Insider Activity

In other Minerals Technologies news, Director Kristina M. Johnson bought 1,000 shares of the stock in a transaction dated Friday, May 2nd. The stock was purchased at an average cost of $53.79 per share, for a total transaction of $53,790.00. Following the completion of the acquisition, the director now owns 1,400 shares of the company's stock, valued at approximately $75,306. This trade represents a 250.00% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 3.30% of the stock is currently owned by company insiders.

Minerals Technologies Trading Down 0.8%

MTX stock traded down $0.49 during trading on Friday, hitting $58.28. 263,928 shares of the company traded hands, compared to its average volume of 187,465. The firm has a market capitalization of $1.85 billion, a PE ratio of 11.25 and a beta of 1.22. Minerals Technologies Inc. has a 1 year low of $49.54 and a 1 year high of $90.30. The company has a 50-day moving average of $58.02 and a 200-day moving average of $69.49. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.98 and a current ratio of 2.84.

Minerals Technologies (NYSE:MTX - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.14 earnings per share for the quarter, missing the consensus estimate of $1.16 by ($0.02). Minerals Technologies had a net margin of 7.89% and a return on equity of 11.49%. The firm had revenue of $491.80 million for the quarter, compared to analysts' expectations of $502.03 million. During the same period in the previous year, the company earned $1.49 EPS. The company's quarterly revenue was down 8.0% on a year-over-year basis. Analysts predict that Minerals Technologies Inc. will post 6.62 earnings per share for the current fiscal year.

Minerals Technologies Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Friday, May 30th will be given a $0.11 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $0.44 annualized dividend and a dividend yield of 0.75%. Minerals Technologies's dividend payout ratio is -57.14%.

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.