Minerals Technologies (NYSE:MTX) Issues Quarterly Earnings Results

Key Points

• Minerals Technologies reported quarterly earnings of $1.55 EPS, exceeding estimates by $0.06, with a net margin of 0.10% and a return on equity of 10.64%.
• The company announced a quarterly dividend increase to $0.12, representing a 0.8% dividend yield, to be paid on December 4th to stockholders on record as of October 30th.
• Analyst ratings show a diverse outlook on the stock, with one "buy" rating, one "sell" rating, and a recent target price adjustment from Truist Financial to $84.00.

Minerals Technologies (NYSE:MTX - Get Free Report) issued its quarterly earnings results on Thursday. The basic materials company reported $1.55 EPS for the quarter, topping the consensus estimate of $1.47 by $0.08, Zacks reports. The company had revenue of $532.40 million for the quarter, compared to the consensus estimate of $531.20 million. Minerals Technologies had a return on equity of 10.64% and a net margin of 0.10%.The company's revenue for the quarter was up 1.5% on a year-over-year basis. During the same period in the previous year, the business posted $1.51 EPS.

Minerals Technologies Price Performance

Minerals Technologies stock opened at $61.53 on Friday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.35 and a current ratio of 1.95. The firm has a market cap of $1.93 billion, a P/E ratio of 1,025.67 and a beta of 1.23. The business's fifty day moving average is $62.25 and its two-hundred day moving average is $58.91. Minerals Technologies has a 52 week low of $49.54 and a 52 week high of $86.49.

Minerals Technologies Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Thursday, October 30th will be paid a $0.12 dividend. This is an increase from Minerals Technologies's previous quarterly dividend of $0.11. This represents a $0.48 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend is Thursday, October 30th. Minerals Technologies's payout ratio is presently 733.33%.

Hedge Funds Weigh In On Minerals Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of MTX. Royal Bank of Canada boosted its stake in Minerals Technologies by 28.4% in the first quarter. Royal Bank of Canada now owns 19,629 shares of the basic materials company's stock worth $1,249,000 after purchasing an additional 4,337 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Minerals Technologies by 9.3% in the first 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 in the last quarter. Jane Street Group LLC boosted its stake in Minerals Technologies by 177.6% in 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 in the last quarter. Intech Investment Management LLC boosted its stake in Minerals Technologies by 30.5% in the first quarter. Intech Investment Management LLC now owns 18,504 shares of the basic materials company's stock worth $1,176,000 after purchasing an additional 4,322 shares in the last quarter. Finally, Strs Ohio acquired a new position in shares of Minerals Technologies during the first quarter valued at $70,000. Institutional investors and hedge funds own 97.29% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Weiss Ratings reissued a "sell (d+)" rating on shares of Minerals Technologies in a report on Wednesday, October 8th. Truist Financial lifted their price objective on Minerals Technologies from $80.00 to $84.00 and gave the stock a "buy" rating in a report on Monday, July 28th. Finally, Wall Street Zen lowered Minerals Technologies from a "strong-buy" rating to a "buy" rating in a report on Saturday, October 18th. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $84.00.

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.