Principal Financial Group Inc. Increases Stock Position in Minerals Technologies Inc. (NYSE:MTX)

Principal Financial Group Inc. raised its position in shares of Minerals Technologies Inc. (NYSE:MTX - Free Report) by 2.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 171,008 shares of the basic materials company's stock after buying an additional 4,361 shares during the quarter. Principal Financial Group Inc. owned about 0.54% of Minerals Technologies worth $10,871,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Blair William & Co. IL lifted its position in Minerals Technologies by 3.2% during the fourth quarter. Blair William & Co. IL now owns 5,657 shares of the basic materials company's stock valued at $431,000 after buying an additional 177 shares during the period. Balyasny Asset Management L.P. lifted its position in Minerals Technologies by 4.6% during the fourth quarter. Balyasny Asset Management L.P. now owns 5,312 shares of the basic materials company's stock valued at $405,000 after buying an additional 235 shares during the period. Hillsdale Investment Management Inc. lifted its position in Minerals Technologies by 0.6% during the fourth quarter. Hillsdale Investment Management Inc. now owns 51,980 shares of the basic materials company's stock valued at $3,961,000 after buying an additional 300 shares during the period. Bank of Montreal Can lifted its position in Minerals Technologies by 4.5% during the fourth quarter. Bank of Montreal Can now owns 7,309 shares of the basic materials company's stock valued at $557,000 after buying an additional 312 shares during the period. Finally, O Shaughnessy Asset Management LLC lifted its position in Minerals Technologies by 5.1% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 8,021 shares of the basic materials company's stock valued at $611,000 after buying an additional 389 shares during the period. Hedge funds and other institutional investors own 97.29% of the company's stock.

Insider Activity

In other Minerals Technologies news, Director Kristina M. Johnson acquired 1,000 shares of Minerals Technologies stock in a transaction that occurred on Friday, May 2nd. The stock was bought at an average cost of $53.79 per share, for a total transaction of $53,790.00. Following the acquisition, the director owned 1,400 shares of the company's stock, valued at $75,306. This represents a 250.00% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Erik Aldag acquired 1,000 shares of Minerals Technologies stock in a transaction that occurred on Wednesday, April 30th. The stock was acquired at an average price of $50.37 per share, with a total value of $50,370.00. Following the completion of the acquisition, the chief financial officer directly owned 4,245 shares in the company, valued at $213,820.65. This represents a 30.82% increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 2,370 shares of company stock valued at $124,255 over the last quarter. 3.50% of the stock is owned by corporate insiders.

Analyst Ratings Changes

MTX has been the subject of several recent research reports. Wall Street Zen lowered Minerals Technologies from a "buy" rating to a "hold" rating in a research report on Wednesday, April 9th. Truist Financial lowered their price target on Minerals Technologies from $92.00 to $80.00 and set a "buy" rating for the company in a research report on Monday, April 28th.

Minerals Technologies Price Performance

MTX opened at $59.20 on Monday. The stock has a 50-day moving average price of $57.01 and a 200-day moving average price of $63.73. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.89 and a quick ratio of 1.31. The firm has a market cap of $1.88 billion, a PE ratio of -76.88 and a beta of 1.20. Minerals Technologies Inc. has a 1 year low of $49.54 and a 1 year high of $90.30.

Minerals Technologies (NYSE:MTX - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.16 by ($0.02). The company had revenue of $491.80 million during the quarter, compared to analysts' expectations of $502.03 million. Minerals Technologies had a positive return on equity of 10.90% and a negative net margin of 1.14%. Minerals Technologies's revenue for the quarter was down 8.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.49 EPS. Sell-side analysts predict that Minerals Technologies Inc. will post 6.62 earnings per share for the current fiscal year.

Minerals Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Friday, May 30th were issued a $0.11 dividend. The ex-dividend date was Friday, May 30th. This represents a $0.44 annualized dividend and a yield of 0.74%. Minerals Technologies's payout ratio is -57.14%.

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.

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