Minerals Technologies Inc. (NYSE:MTX) Sees Large Decline in Short Interest

Minerals Technologies Inc. (NYSE:MTX - Get Free Report) was the recipient of a large drop in short interest during the month of March. As of March 31st, there was short interest totalling 259,600 shares, a drop of 28.0% from the March 15th total of 360,700 shares. Approximately 0.8% of the shares of the company are sold short. Based on an average daily trading volume, of 153,300 shares, the short-interest ratio is currently 1.7 days.

Analyst Ratings Changes

Several equities research analysts have commented on MTX shares. TheStreet upgraded shares of Minerals Technologies from a "c+" rating to a "b" rating in a research report on Friday, February 2nd. StockNews.com raised Minerals Technologies from a "hold" rating to a "buy" rating in a research note on Thursday, February 8th. Finally, Seaport Res Ptn raised Minerals Technologies from a "neutral" rating to a "buy" rating in a research note on Monday, February 5th. Four equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $68.50.

Minerals Technologies Price Performance

Shares of NYSE:MTX traded down $1.24 during midday trading on Friday, hitting $71.18. 112,043 shares of the stock were exchanged, compared to its average volume of 153,736. The stock has a market cap of $2.30 billion, a P/E ratio of 27.49 and a beta of 1.33. The company has a current ratio of 2.40, a quick ratio of 1.69 and a debt-to-equity ratio of 0.54. Minerals Technologies has a twelve month low of $48.61 and a twelve month high of $76.80. The company has a 50 day moving average price of $72.49 and a 200-day moving average price of $65.05.

Minerals Technologies (NYSE:MTX - Get Free Report) last released its quarterly earnings results on Friday, February 2nd. The basic materials company reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.03. Minerals Technologies had a return on equity of 10.26% and a net margin of 3.88%. The business had revenue of $524.50 million during the quarter, compared to the consensus estimate of $506.67 million. During the same quarter in the previous year, the company posted $0.67 EPS. The business's revenue was up 3.3% on a year-over-year basis. On average, research analysts forecast that Minerals Technologies will post 5.9 earnings per share for the current year.

Minerals Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Thursday, February 15th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.56%. The ex-dividend date was Wednesday, February 14th. Minerals Technologies's payout ratio is 15.44%.

Insider Activity at Minerals Technologies

In related news, SVP Jonathan J. Hastings sold 12,922 shares of Minerals Technologies stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $71.48, for a total value of $923,664.56. Following the transaction, the senior vice president now directly owns 53,862 shares in the company, valued at approximately $3,850,055.76. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Minerals Technologies news, SVP Jonathan J. Hastings sold 12,922 shares of the business's stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $71.48, for a total transaction of $923,664.56. Following the sale, the senior vice president now directly owns 53,862 shares in the company, valued at approximately $3,850,055.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Dj Monagle III sold 1,180 shares of the business's stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $74.12, for a total transaction of $87,461.60. Following the sale, the insider now owns 81,031 shares in the company, valued at $6,006,017.72. The disclosure for this sale can be found here. 3.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in MTX. Dark Forest Capital Management LP acquired a new position in Minerals Technologies in the 1st quarter valued at about $29,000. Parallel Advisors LLC raised its stake in Minerals Technologies by 97.9% in the 4th quarter. Parallel Advisors LLC now owns 556 shares of the basic materials company's stock valued at $40,000 after purchasing an additional 275 shares during the last quarter. Skandinaviska Enskilda Banken AB publ acquired a new position in Minerals Technologies in the 3rd quarter valued at about $44,000. Quarry LP acquired a new position in Minerals Technologies in the 2nd quarter valued at about $49,000. Finally, Acadian Asset Management LLC acquired a new position in Minerals Technologies in the 3rd quarter valued at about $58,000. Institutional investors and hedge funds own 97.29% of the company's stock.

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.