Raymond James Financial Inc. Reduces Stock Position in Minerals Technologies Inc. $MTX

Key Points

• Raymond James Financial Inc. has decreased its holdings in Minerals Technologies Inc. by 45.4%, leaving them with approximately 0.24% of the company, valued at around $4.9 million.
• Minerals Technologies reported earnings of $1.55 per share, surpassing analysts' expectations and showing a 2.3% decline in revenue year-over-year.
• The company declared a quarterly dividend of $0.11 per share, resulting in an annualized yield of 0.7% and a dividend payout ratio of 733.33%.

Raymond James Financial Inc. cut its stake in shares of Minerals Technologies Inc. (NYSE:MTX - Free Report) by 45.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 77,342 shares of the basic materials company's stock after selling 64,327 shares during the quarter. Raymond James Financial Inc. owned 0.24% of Minerals Technologies worth $4,916,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. American Century Companies Inc. grew its position in Minerals Technologies by 24.0% in the first quarter. American Century Companies Inc. now owns 1,068,079 shares of the basic materials company's stock worth $67,898,000 after acquiring an additional 206,906 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in Minerals Technologies by 6.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 543,547 shares of the basic materials company's stock worth $33,879,000 after purchasing an additional 32,342 shares during the last quarter. Nuveen LLC purchased a new position in shares of Minerals Technologies in the 1st quarter worth about $33,177,000. Northern Trust Corp increased its position in shares of Minerals Technologies by 9.6% during the 4th quarter. Northern Trust Corp now owns 498,929 shares of the basic materials company's stock valued at $38,023,000 after purchasing an additional 43,546 shares during the last quarter. Finally, Bank of America Corp DE raised its holdings in shares of Minerals Technologies by 4.0% during 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 buying an additional 16,683 shares in the last quarter. Hedge funds and other institutional investors own 97.29% of the company's stock.

Analyst Ratings Changes

A number of research analysts have commented on MTX shares. Wall Street Zen upgraded shares of Minerals Technologies from a "buy" rating to a "strong-buy" rating in a research report on Friday, September 5th. Truist Financial increased their target price on shares of Minerals Technologies from $80.00 to $84.00 and gave the company a "buy" rating in a report on Monday, July 28th. One investment analyst has rated the stock with a Buy rating, According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $84.00.

Minerals Technologies Trading Up 0.3%

Shares of Minerals Technologies stock traded up $0.19 during trading on Wednesday, reaching $63.19. 19,964 shares of the stock were exchanged, compared to its average volume of 237,980. The company has a quick ratio of 1.35, a current ratio of 1.95 and a debt-to-equity ratio of 0.57. The firm has a market cap of $1.98 billion, a price-to-earnings ratio of 1,053.59 and a beta of 1.22. Minerals Technologies Inc. has a 1 year low of $49.54 and a 1 year high of $86.49. The stock's fifty day moving average is $60.57 and its 200 day moving average is $59.79.

Minerals Technologies (NYSE:MTX - Get Free Report) last posted its earnings results on Thursday, July 24th. The basic materials company reported $1.55 EPS for the quarter, topping the consensus estimate of $1.43 by $0.12. The firm had revenue of $528.90 million during the quarter, compared to analysts' expectations of $529.13 million. Minerals Technologies had a net margin of 0.10% and a return on equity of 10.64%. The company's quarterly revenue was down 2.3% compared to the same quarter last year. During the same period last year, the company posted $1.65 EPS. As a group, equities research analysts expect that Minerals Technologies Inc. will post 6.62 earnings per share for the current fiscal year.

Minerals Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 5th. Shareholders of record on Friday, August 15th were paid a dividend of $0.11 per share. The ex-dividend date was 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 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.