Minerals Technologies (NYSE:MTX) Price Target Raised to $84.00 at Truist Financial

Key Points

• Truist Financial has raised its target price for Minerals Technologies (NYSE:MTX) stock from $80.00 to $84.00, indicating a potential 35.32% upside from the previous close, while maintaining a "buy" rating.
• Despite the optimistic forecast from Truist, Wall Street Zen downgraded Minerals Technologies from a "buy" to a "hold" rating on April 9th.
• Insider buying activity has been noted, with Director Kristina M. Johnson and CFO Erik Aldag increasing their ownership significantly, demonstrating confidence in the company's future.

Minerals Technologies (NYSE:MTX - Get Free Report) had its price objective upped by research analysts at Truist Financial from $80.00 to $84.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the basic materials company's stock. Truist Financial's target price suggests a potential upside of 44.63% from the stock's current price.

Separately, Wall Street Zen cut Minerals Technologies from a "buy" rating to a "hold" rating in a research report on Wednesday, April 9th.

Minerals Technologies Stock Down 0.7%

NYSE MTX traded down $0.39 during trading on Monday, reaching $58.08. The company's stock had a trading volume of 252,690 shares, compared to its average volume of 243,046. The business has a 50-day moving average price of $57.66 and a 200-day moving average price of $62.50. Minerals Technologies has a 1-year low of $49.54 and a 1-year high of $86.49. The company has a current ratio of 1.95, a quick ratio of 1.35 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $1.82 billion, a PE ratio of 968.16 and a beta of 1.20.

Minerals Technologies (NYSE:MTX - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.55 EPS for the quarter, topping analysts' consensus estimates of $1.43 by $0.12. Minerals Technologies had a return on equity of 10.64% and a net margin of 0.10%. The company had revenue of $528.90 million during the quarter, compared to analyst estimates of $529.13 million. During the same period in the previous year, the company earned $1.65 earnings per share. The company's quarterly revenue was down 2.3% compared to the same quarter last year. On average, research analysts forecast that Minerals Technologies will post 6.62 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Kristina M. Johnson bought 1,000 shares of the business's stock in a transaction on Friday, May 2nd. The shares were purchased at an average price of $53.79 per share, with a total value of $53,790.00. Following the completion of the purchase, the director owned 1,400 shares of the company's stock, valued at $75,306. This represents a 250.00% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. 3.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. FMR LLC raised its holdings in Minerals Technologies by 42.7% in the fourth quarter. FMR LLC now owns 1,761,925 shares of the basic materials company's stock worth $134,276,000 after purchasing an additional 527,206 shares during the period. Nuveen LLC acquired a new position in shares of Minerals Technologies in the 1st quarter valued at $33,177,000. Norges Bank acquired a new position in shares of Minerals Technologies in the 4th quarter valued at $16,360,000. American Century Companies Inc. grew its holdings in shares of Minerals Technologies by 24.0% in the 1st quarter. American Century Companies Inc. now owns 1,068,079 shares of the basic materials company's stock valued at $67,898,000 after buying an additional 206,906 shares during the period. Finally, Foundry Partners LLC acquired a new position in shares of Minerals Technologies in the 4th quarter valued at $7,735,000. Institutional investors 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.