Vanguard Group Inc. Sells 52,582 Shares of Minerals Technologies Inc. $MTX

Key Points

• Vanguard Group slightly reduced its stake in Minerals Technologies, selling 52,582 shares in the fourth quarter. Even after the trim, it remained the company’s largest institutional holder with 3.52 million shares valued at about $214.7 million.
• Minerals Technologies beat Wall Street expectations in its latest quarterly results, reporting EPS of $1.38 versus the $1.26 consensus and revenue of $546.9 million, up 11.2% year over year.
• Analyst sentiment is mixed but improving, with the stock carrying an average “Hold” rating and a consensus price target of $90. The shares recently traded near $79.48, close to their 52-week high of $80.99.

Vanguard Group Inc. trimmed its holdings in shares of Minerals Technologies Inc. (NYSE:MTX - Free Report) by 1.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,523,200 shares of the basic materials company's stock after selling 52,582 shares during the period. Vanguard Group Inc. owned 11.32% of Minerals Technologies worth $214,739,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. First Horizon Corp bought a new stake in shares of Minerals Technologies during the third quarter worth approximately $35,000. EverSource Wealth Advisors LLC raised its stake in shares of Minerals Technologies by 626.8% during the second quarter. EverSource Wealth Advisors LLC now owns 596 shares of the basic materials company's stock worth $33,000 after buying an additional 514 shares during the last quarter. Danske Bank A S bought a new stake in Minerals Technologies in the third quarter valued at about $56,000. Strs Ohio bought a new stake in Minerals Technologies in the first quarter valued at about $70,000. Finally, Smartleaf Asset Management LLC increased its holdings in Minerals Technologies by 136.2% in the second quarter. Smartleaf Asset Management LLC now owns 1,278 shares of the basic materials company's stock valued at $71,000 after purchasing an additional 737 shares during the last quarter. 97.29% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently commented on MTX. Zacks Research upgraded Minerals Technologies from a "strong sell" rating to a "hold" rating in a report on Wednesday, January 14th. Seaport Research Partners reiterated a "buy" rating on shares of Minerals Technologies in a report on Monday, May 4th. Wall Street Zen upgraded Minerals Technologies from a "buy" rating to a "strong-buy" rating in a report on Saturday, May 2nd. Truist Financial upped their price objective on Minerals Technologies from $89.00 to $90.00 and gave the company a "buy" rating in a report on Monday, May 4th. Finally, Weiss Ratings raised shares of Minerals Technologies from a "sell (d+)" rating to a "hold (c+)" rating in a research note on Wednesday. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $90.00.

Minerals Technologies Stock Up 2.1%

Shares of NYSE:MTX opened at $79.48 on Friday. Minerals Technologies Inc. has a 52 week low of $53.10 and a 52 week high of $80.99. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.47 and a current ratio of 2.13. The company has a market capitalization of $2.46 billion, a PE ratio of 15.37 and a beta of 1.12. The company has a 50 day moving average price of $70.74 and a two-hundred day moving average price of $65.72.

Minerals Technologies (NYSE:MTX - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The basic materials company reported $1.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.26 by $0.12. Minerals Technologies had a return on equity of 10.40% and a net margin of 7.60%.The company had revenue of $546.90 million during the quarter, compared to the consensus estimate of $516.39 million. During the same period in the prior year, the company earned $1.14 earnings per share. The company's revenue for the quarter was up 11.2% compared to the same quarter last year. Analysts forecast that Minerals Technologies Inc. will post 6.33 earnings per share for the current year.

Minerals Technologies Company Profile

Minerals Technologies Inc develops, produces and processes a broad range of mineral-based products and solutions that serve a variety of industrial applications. Its offerings include bentonite, perlite, precipitated calcium carbonate (PCC), mineral sands, foundry additives, performance minerals and specialty chemicals designed to enhance performance in markets such as paper, steel, construction, oil and gas, environmental remediation and consumer products.

The company operates through several business segments, including Specialty Minerals, Refractory Minerals, Performance Materials and Recycled Materials.

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