Minerals Technologies (NYSE:MTX) Shares Gap Up After Earnings Beat

Key Points

• Minerals Technologies Inc. shares experienced a significant increase, gapping up to $61.59 after reporting earnings of $1.55 per share, exceeding analysts' expectations of $1.43.
• The company's quarterly revenue was slightly below projections at $528.90 million, down 2.3% compared to the same quarter last year.
• Minerals Technologies announced a quarterly dividend of $0.11, with a dividend yield of 0.71%, scheduled to be paid on September 5th to stockholders of record.
• Several large institutional investors, including FMR LLC and American Century Companies Inc., have increased their holdings in Minerals Technologies, indicating growing confidence in the company.

Minerals Technologies Inc. (NYSE:MTX - Get Free Report) shares gapped up prior to trading on Friday following a stronger than expected earnings report. The stock had previously closed at $59.20, but opened at $61.59. Minerals Technologies shares last traded at $62.22, with a volume of 30,943 shares.

The basic materials company reported $1.55 earnings per share for the quarter, topping analysts' consensus estimates of $1.43 by $0.12. The company had revenue of $528.90 million during the quarter, compared to analysts' expectations of $529.13 million. Minerals Technologies had a positive return on equity of 10.90% and a negative net margin of 1.14%. Minerals Technologies's quarterly revenue was down 2.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.65 EPS.

Minerals Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 5th. Stockholders of record on Friday, August 15th will be paid a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 0.71%. The ex-dividend date is Friday, August 15th. Minerals Technologies's payout ratio is currently -57.14%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on MTX shares. Wall Street Zen lowered Minerals Technologies from a "buy" rating to a "hold" rating in a report on Wednesday, April 9th. Truist Financial cut their price objective on Minerals Technologies from $92.00 to $80.00 and set a "buy" rating for the company in a research report on Monday, April 28th.

Insider Activity

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

Institutional Investors Weigh In On Minerals Technologies

Several large investors have recently made changes to their positions in MTX. FMR LLC boosted its holdings in shares of Minerals Technologies by 42.7% in the fourth quarter. FMR LLC now owns 1,761,925 shares of the basic materials company's stock valued at $134,276,000 after acquiring an additional 527,206 shares in the last quarter. American Century Companies Inc. boosted its holdings in shares of Minerals Technologies by 24.0% in the first quarter. American Century Companies Inc. now owns 1,068,079 shares of the basic materials company's stock valued at $67,898,000 after acquiring an additional 206,906 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Minerals Technologies by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 873,123 shares of the basic materials company's stock valued at $66,554,000 after acquiring an additional 7,780 shares in the last quarter. Snyder Capital Management L P boosted its holdings in shares of Minerals Technologies by 8.5% in the fourth quarter. Snyder Capital Management L P now owns 630,381 shares of the basic materials company's stock valued at $48,041,000 after acquiring an additional 49,376 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its holdings in shares of Minerals Technologies by 6.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 543,547 shares of the basic materials company's stock valued at $33,879,000 after acquiring an additional 32,342 shares in the last quarter. Institutional investors and hedge funds own 97.29% of the company's stock.

Minerals Technologies Stock Up 4.1%

The firm's fifty day moving average price is $57.47 and its 200-day moving average price is $62.83. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.89 and a quick ratio of 1.31. The firm has a market capitalization of $1.96 billion, a P/E ratio of -80.80 and a beta of 1.20.

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.

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