Minerals Technologies (NYSE:MTX) Shares Gap Down After Earnings Miss

Minerals Technologies Inc. (NYSE:MTX - Get Free Report) shares gapped down prior to trading on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $58.80, but opened at $54.60. Minerals Technologies shares last traded at $55.97, with a volume of 14,472 shares traded.

The basic materials company reported $1.14 earnings per share for the quarter, missing the consensus estimate of $1.16 by ($0.02). Minerals Technologies had a net margin of 7.89% and a return on equity of 11.49%. The firm had revenue of $491.80 million for the quarter, compared to the consensus estimate of $502.03 million. During the same period in the prior year, the business earned $1.49 EPS. The company's quarterly revenue was down 8.0% compared to the same quarter last year.

Analyst Upgrades and Downgrades

MTX has been the topic of a number of recent analyst reports. Truist Financial cut their price target on shares of Minerals Technologies from $92.00 to $80.00 and set a "buy" rating on the stock in a report on Monday. StockNews.com cut shares of Minerals Technologies from a "buy" rating to a "hold" rating in a report on Wednesday, April 9th.

Institutional Trading of Minerals Technologies

Institutional investors and hedge funds have recently modified their holdings of the stock. Smartleaf Asset Management LLC lifted its position in shares of Minerals Technologies by 181.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 506 shares of the basic materials company's stock worth $38,000 after buying an additional 326 shares in the last quarter. Quarry LP raised its position in Minerals Technologies by 536.5% during the fourth quarter. Quarry LP now owns 732 shares of the basic materials company's stock valued at $56,000 after purchasing an additional 617 shares in the last quarter. Blue Trust Inc. boosted its holdings in Minerals Technologies by 21.4% during the 4th quarter. Blue Trust Inc. now owns 1,009 shares of the basic materials company's stock valued at $78,000 after acquiring an additional 178 shares during the period. Venturi Wealth Management LLC purchased a new stake in shares of Minerals Technologies in the 4th quarter worth about $78,000. Finally, KBC Group NV grew its holdings in Minerals Technologies by 43.9% in the fourth quarter. KBC Group NV now owns 1,478 shares of the basic materials company's stock worth $113,000 after purchasing an additional 451 shares during the period. 97.29% of the stock is owned by hedge funds and other institutional investors.

Minerals Technologies Trading Down 0.8 %

The stock has a 50-day moving average of $62.28 and a two-hundred day moving average of $72.17. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.98 and a current ratio of 2.84. The company has a market cap of $1.61 billion, a P/E ratio of 9.77 and a beta of 1.25.

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.