State of Alaska Department of Revenue Purchases 15,233 Shares of Minerals Technologies Inc. $MTX

Key Points

• The State of Alaska Department of Revenue has increased its stake in Minerals Technologies Inc. by 36.7%, purchasing an additional 15,233 shares in the second quarter, bringing its total ownership to approximately 56,703 shares valued at $3.12 million.
• Wall Street analysts have a positive outlook on Minerals Technologies, with a consensus "Buy" rating and an average price target lifted to $84.00.
• Minerals Technologies recently declared a quarterly dividend of $0.11 per share, with a modest annualized dividend yield of 0.7% despite a high payout ratio of 733.33%.

State of Alaska Department of Revenue boosted its stake in shares of Minerals Technologies Inc. (NYSE:MTX - Free Report) by 36.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 56,703 shares of the basic materials company's stock after purchasing an additional 15,233 shares during the quarter. State of Alaska Department of Revenue owned about 0.18% of Minerals Technologies worth $3,120,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MTX. Nuveen LLC bought a new position in Minerals Technologies during the first quarter worth $33,177,000. American Century Companies Inc. boosted its position in Minerals Technologies by 24.0% during 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 purchasing an additional 206,906 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Minerals Technologies during the first quarter worth $4,429,000. Jane Street Group LLC boosted its position in Minerals Technologies by 177.6% during the first quarter. Jane Street Group LLC now owns 68,156 shares of the basic materials company's stock worth $4,333,000 after purchasing an additional 43,604 shares during the period. Finally, Cubist Systematic Strategies LLC boosted its position in Minerals Technologies by 189.4% during the first quarter. Cubist Systematic Strategies LLC now owns 63,259 shares of the basic materials company's stock worth $4,021,000 after purchasing an additional 41,398 shares during the period. 97.29% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Minerals Technologies Stock Up 1.1%

MTX stock opened at $62.13 on Wednesday. Minerals Technologies Inc. has a 52 week low of $49.54 and a 52 week high of $86.49. 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 business has a 50-day simple moving average of $61.86 and a 200 day simple moving average of $59.24. The company has a market cap of $1.95 billion, a PE ratio of 1,035.67 and a beta of 1.22.

Minerals Technologies (NYSE:MTX - Get Free Report) last released its earnings results on Thursday, July 24th. The basic materials company reported $1.55 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.43 by $0.12. Minerals Technologies had a return on equity of 10.64% and a net margin of 0.10%.The firm had revenue of $528.90 million for the quarter, compared to analysts' expectations of $529.13 million. During the same quarter in the previous year, the business posted $1.65 earnings per share. The business's revenue for the quarter was down 2.3% on a year-over-year basis. Sell-side analysts anticipate that Minerals Technologies Inc. will post 6.62 EPS for the current fiscal year.

Minerals Technologies Announces Dividend

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

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