Minerals Technologies Inc. Declares Quarterly Dividend of $0.11 (NYSE:MTX)

Minerals Technologies Inc. (NYSE:MTX - Get Free Report) declared a quarterly dividend on Wednesday, July 16th, RTT News reports. Investors of record on Friday, August 15th will be paid a dividend of 0.11 per share by the basic materials company on Friday, September 5th. This represents a $0.44 dividend on an annualized basis and a yield of 0.77%. The ex-dividend date of this dividend is Friday, August 15th.

Minerals Technologies has a dividend payout ratio of 6.9% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Minerals Technologies to earn $7.54 per share next year, which means the company should continue to be able to cover its $0.44 annual dividend with an expected future payout ratio of 5.8%.

Minerals Technologies Stock Down 0.9%

Shares of MTX stock traded down $0.50 during midday trading on Friday, reaching $57.01. 559,603 shares of the stock were exchanged, compared to its average volume of 199,502. Minerals Technologies has a 1 year low of $49.54 and a 1 year high of $90.30. The company's 50 day moving average is $57.38 and its two-hundred day moving average is $63.26. The company has a current ratio of 1.89, a quick ratio of 1.31 and a debt-to-equity ratio of 0.59. The firm has a market cap of $1.81 billion, a PE ratio of 9.83 and a beta of 1.20.

Minerals Technologies (NYSE:MTX - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.14 earnings per share for the quarter, missing analysts' consensus estimates of $1.16 by ($0.02). Minerals Technologies had a positive return on equity of 10.90% and a negative net margin of 1.14%. The business had revenue of $491.80 million during the quarter, compared to analysts' expectations of $502.03 million. During the same quarter last year, the company posted $1.49 EPS. Minerals Technologies's revenue for the quarter was down 8.0% compared to the same quarter last year. On average, equities research analysts predict that Minerals Technologies will post 6.62 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on MTX. Truist Financial cut their price target on Minerals Technologies from $92.00 to $80.00 and set a "buy" rating on the stock in a research note on Monday, April 28th. Wall Street Zen downgraded Minerals Technologies from a "buy" rating to a "hold" rating in a research note on Wednesday, April 9th.

Insider Activity at Minerals Technologies

In related news, CFO Erik Aldag purchased 1,000 shares of the business's stock in a transaction that occurred on Wednesday, April 30th. The shares were bought at an average price of $50.37 per share, for a total transaction of $50,370.00. Following the purchase, the chief financial officer directly owned 4,245 shares of the company's stock, valued at approximately $213,820.65. This represents a 30.82% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kristina M. Johnson acquired 1,000 shares of the stock in a transaction that occurred on Friday, May 2nd. The stock was acquired at an average cost of $53.79 per share, for a total transaction of $53,790.00. Following the completion of the transaction, the director directly owned 1,400 shares in the company, valued at $75,306. This represents a 250.00% increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 2,370 shares of company stock worth $124,255 in the last 90 days. 3.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Minerals Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Strs Ohio bought a new position in Minerals Technologies in the 1st quarter valued at approximately $70,000. Intech Investment Management LLC lifted its holdings in shares of Minerals Technologies by 30.5% during the 1st quarter. Intech Investment Management LLC now owns 18,504 shares of the basic materials company's stock valued at $1,176,000 after buying an additional 4,322 shares during the period. Royal Bank of Canada lifted its holdings in shares of Minerals Technologies by 28.4% during the 1st quarter. Royal Bank of Canada now owns 19,629 shares of the basic materials company's stock valued at $1,249,000 after buying an additional 4,337 shares during the period. Jane Street Group LLC lifted its holdings in shares of Minerals Technologies by 177.6% during the 1st quarter. Jane Street Group LLC now owns 68,156 shares of the basic materials company's stock valued at $4,333,000 after buying an additional 43,604 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Minerals Technologies by 9.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 110,044 shares of the basic materials company's stock worth $6,995,000 after purchasing an additional 9,363 shares during the period. 97.29% of the stock is owned by institutional investors.

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.