Rhumbline Advisers Sells 4,609 Shares of Minerals Technologies Inc. $MTX

Key Points

• Rhumbline Advisers reduced its stake in Minerals Technologies Inc. by 4.6%, selling 4,609 shares and now owning around $6 million worth of the company.
• The company reported an earnings per share (EPS) of $1.55 for the last quarter, exceeding analyst expectations, but revenue saw a 2.3% decline year-over-year.
• Minerals Technologies announced a quarterly dividend of $0.11 with a dividend yield of 0.7%, though its dividend payout ratio is notably high at 733.33%.

Rhumbline Advisers cut its stake in shares of Minerals Technologies Inc. (NYSE:MTX - Free Report) by 4.6% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 94,916 shares of the basic materials company's stock after selling 4,609 shares during the period. Rhumbline Advisers owned about 0.30% of Minerals Technologies worth $6,034,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. Balyasny Asset Management L.P. increased its holdings in shares of 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 worth $405,000 after buying an additional 235 shares in the last quarter. State of Wyoming increased its holdings in Minerals Technologies by 11.5% in the first quarter. State of Wyoming now owns 2,684 shares of the basic materials company's stock valued at $171,000 after purchasing an additional 277 shares during the period. Hsbc Holdings PLC increased its holdings in Minerals Technologies by 9.2% in the first quarter. Hsbc Holdings PLC now owns 5,116 shares of the basic materials company's stock valued at $325,000 after purchasing an additional 431 shares during the period. EP Wealth Advisors LLC increased its holdings in Minerals Technologies by 12.0% in the first quarter. EP Wealth Advisors LLC now owns 4,377 shares of the basic materials company's stock valued at $278,000 after purchasing an additional 470 shares during the period. Finally, QRG Capital Management Inc. increased its holdings in Minerals Technologies by 7.3% in the first quarter. QRG Capital Management Inc. now owns 6,955 shares of the basic materials company's stock valued at $442,000 after purchasing an additional 474 shares during the period. 97.29% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on MTX shares. Wall Street Zen downgraded Minerals Technologies from a "strong-buy" rating to a "buy" rating in a report on Saturday, September 13th. Truist Financial increased their price objective on Minerals Technologies from $80.00 to $84.00 and gave the company a "buy" rating in a report on Monday, July 28th. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $84.00.

Minerals Technologies Stock Up 2.2%

Shares of MTX stock traded up $1.38 on Thursday, reaching $64.89. 47,082 shares of the company were exchanged, compared to its average volume of 237,384. The company has a market cap of $2.04 billion, a price-to-earnings ratio of 1,081.60 and a beta of 1.22. The company has a 50-day moving average of $61.16 and a 200-day moving average of $59.61. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.95 and a quick ratio of 1.35. Minerals Technologies Inc. has a one year low of $49.54 and a one year high of $86.49.

Minerals Technologies (NYSE:MTX - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The basic materials company reported $1.55 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.43 by $0.12. The company 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 business's revenue was down 2.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.65 EPS. Analysts anticipate that Minerals Technologies Inc. will post 6.62 earnings per share for the current year.

Minerals Technologies Dividend Announcement

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

Minerals Technologies Company 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.