Minerals Technologies Inc. $MTX Shares Acquired by Public Sector Pension Investment Board

Key Points

• The Public Sector Pension Investment Board increased its holdings in Minerals Technologies Inc. by 46.9% in the first quarter, owning a total of 116,769 shares worth approximately $7.4 million.
• Wall Street analysts have recently upgraded Minerals Technologies, with Truist Financial raising its price target from $80.00 to $84.00, and Wall Street Zen moving its rating from "hold" to "buy".
• The company announced a quarterly dividend of $0.11, with a dividend yield of 0.7% and a high payout ratio of 733.33% as of the latest update.

Public Sector Pension Investment Board grew its stake in shares of Minerals Technologies Inc. (NYSE:MTX - Free Report) by 46.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 116,769 shares of the basic materials company's stock after acquiring an additional 37,276 shares during the period. Public Sector Pension Investment Board owned about 0.37% of Minerals Technologies worth $7,423,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Snyder Capital Management L P grew its holdings in Minerals Technologies by 8.5% in the 4th quarter. Snyder Capital Management L P now owns 630,381 shares of the basic materials company's stock valued at $48,041,000 after buying an additional 49,376 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in Minerals Technologies by 6.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 543,547 shares of the basic materials company's stock valued at $33,879,000 after purchasing an additional 32,342 shares during the period. Nuveen LLC acquired a new position in Minerals Technologies during the first quarter worth approximately $33,177,000. Northern Trust Corp raised its stake in Minerals Technologies by 9.6% during the fourth quarter. Northern Trust Corp now owns 498,929 shares of the basic materials company's stock worth $38,023,000 after purchasing an additional 43,546 shares during the period. Finally, Bank of America Corp DE boosted its holdings in shares of Minerals Technologies by 4.0% in the 4th quarter. Bank of America Corp DE now owns 434,789 shares of the basic materials company's stock valued at $33,135,000 after purchasing an additional 16,683 shares during the last quarter. 97.29% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Wall Street Zen upgraded Minerals Technologies from a "hold" rating to a "buy" rating in a report on Saturday, August 2nd. Truist Financial raised their price objective on Minerals Technologies from $80.00 to $84.00 and gave the stock a "buy" rating in a report on Monday, July 28th. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $84.00.

Minerals Technologies Stock Up 0.2%

Shares of NYSE MTX traded up $0.13 during trading on Tuesday, reaching $60.63. 41,935 shares of the stock were exchanged, compared to its average volume of 240,224. The company has a market capitalization of $1.90 billion, a price-to-earnings ratio of 1,010.34 and a beta of 1.22. The business's 50-day moving average price is $57.91 and its 200 day moving average price is $60.76. The company has a quick ratio of 1.35, a current ratio of 1.95 and a debt-to-equity ratio of 0.57. Minerals Technologies Inc. has a twelve month low of $49.54 and a twelve month high of $86.49.

Minerals Technologies (NYSE:MTX - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.12. The firm had revenue of $528.90 million for 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 quarterly revenue was down 2.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.65 EPS. As a group, equities analysts forecast that Minerals Technologies Inc. will post 6.62 EPS for the current fiscal year.

Minerals Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 5th. Investors of record on Friday, August 15th will be issued a $0.11 dividend. The ex-dividend date of this dividend 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 is currently 733.33%.

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.