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

Other hedge funds also recently made changes to their positions in the company. PharVision Advisers LLC bought a new position in shares of Minerals Technologies in the fourth quarter worth approximately $236,000. EP Wealth Advisors LLC lifted its stake 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 valued at $298,000 after buying an additional 421 shares in the last quarter. Mackenzie Financial Corp bought a new position in Minerals Technologies in the 4th quarter worth $298,000. Balyasny Asset Management L.P. increased its stake in Minerals Technologies by 4.6% in the 4th quarter. Balyasny Asset Management L.P. now owns 5,312 shares of the basic materials company's stock worth $405,000 after buying an additional 235 shares in the last quarter. Finally, QRG Capital Management Inc. increased its stake in Minerals Technologies by 7.3% in the 1st quarter. QRG Capital Management Inc. now owns 6,955 shares of the basic materials company's stock worth $442,000 after buying an additional 474 shares in the last quarter. 97.29% of the stock is currently owned by institutional investors.

Minerals Technologies Stock Up 0.2%

Shares of MTX stock traded up $0.10 on Wednesday, hitting $63.10. The stock had a trading volume of 324,358 shares, compared to its average volume of 216,721. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.95 and a quick ratio of 1.35. The business has a 50 day moving average of $60.65 and a 200 day moving average of $59.81. Minerals Technologies Inc. has a 12-month low of $49.54 and a 12-month high of $86.49. The stock has a market cap of $1.98 billion, a price-to-earnings ratio of 1,051.83 and a beta of 1.22.

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 for 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 quarter last year, the firm earned $1.65 EPS. As a group, analysts expect that Minerals Technologies Inc. will post 6.62 EPS for the current year.

Minerals Technologies Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 5th. Investors of record on Friday, August 15th were given a dividend of $0.11 per share. The ex-dividend date was Friday, August 15th. This represents a $0.44 annualized dividend and a yield of 0.7%. Minerals Technologies's dividend payout ratio is presently 733.33%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Wall Street Zen raised Minerals Technologies from a "buy" rating to a "strong-buy" rating in a research note on Friday, September 5th. Truist Financial upped their price target on Minerals Technologies from $80.00 to $84.00 and gave the stock a "buy" rating in a research note on Monday, July 28th. One research analyst has rated the stock with a Buy rating, According to data from MarketBeat, Minerals Technologies presently has an average rating of "Buy" and a consensus target price of $84.00.

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.