IndexIQ Advisors LLC boosted its holdings in Minerals Technologies Inc. (NYSE:MTX) by 83.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,314 shares of the company’s stock after acquiring an additional 5,136 shares during the quarter. IndexIQ Advisors LLC’s holdings in Minerals Technologies were worth $799,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also bought and sold shares of MTX. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Minerals Technologies by 9.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,471 shares of the company’s stock valued at $108,000 after acquiring an additional 125 shares during the period. Victory Capital Management Inc. increased its position in Minerals Technologies by 17.6% in the 2nd quarter. Victory Capital Management Inc. now owns 2,054 shares of the company’s stock valued at $150,000 after acquiring an additional 307 shares during the period. Riverhead Capital Management LLC increased its position in Minerals Technologies by 69.0% in the 2nd quarter. Riverhead Capital Management LLC now owns 2,197 shares of the company’s stock valued at $161,000 after acquiring an additional 897 shares during the period. Quantbot Technologies LP increased its position in Minerals Technologies by 93.0% in the 2nd quarter. Quantbot Technologies LP now owns 2,349 shares of the company’s stock valued at $171,000 after acquiring an additional 1,132 shares during the period. Finally, First Mercantile Trust Co. increased its position in Minerals Technologies by 1.7% in the 2nd quarter. First Mercantile Trust Co. now owns 2,420 shares of the company’s stock valued at $177,000 after acquiring an additional 40 shares during the period. Hedge funds and other institutional investors own 94.36% of the company’s stock.
MTX has been the topic of several analyst reports. Zacks Investment Research upgraded Minerals Technologies from a “sell” rating to a “hold” rating in a research report on Friday, September 15th. ValuEngine cut Minerals Technologies from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Finally, KeyCorp reiterated a “hold” rating on shares of Minerals Technologies in a research report on Monday, November 6th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the stock. Minerals Technologies currently has an average rating of “Hold” and a consensus target price of C$80.00.
Minerals Technologies Inc. (MTX) opened at C$71.30 on Monday. Minerals Technologies Inc. has a 1 year low of C$62.55 and a 1 year high of C$83.85. The stock has a market capitalization of $2,521.66, a price-to-earnings ratio of 15.60 and a beta of 2.26. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.98 and a current ratio of 2.66.
Minerals Technologies (NYSE:MTX) last issued its quarterly earnings results on Thursday, November 2nd. The company reported C$1.19 earnings per share (EPS) for the quarter, beating the consensus estimate of C$1.17 by C$0.02. Minerals Technologies had a return on equity of 14.59% and a net margin of 9.48%. The company had revenue of C$424.40 million for the quarter, compared to analysts’ expectations of C$404.80 million. During the same period last year, the firm earned $1.17 EPS. The firm’s revenue for the quarter was up 6.2% on a year-over-year basis. sell-side analysts predict that Minerals Technologies Inc. will post 4.6 earnings per share for the current year.
Minerals Technologies declared that its Board of Directors has initiated a stock repurchase plan on Thursday, September 21st that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 6.1% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.
In other news, insider Dj Monagle III sold 25,639 shares of Minerals Technologies stock in a transaction on Tuesday, September 26th. The stock was sold at an average price of C$70.03, for a total transaction of C$1,795,499.17. Following the transaction, the insider now directly owns 39,579 shares in the company, valued at approximately C$2,771,717.37. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 2.20% of the stock is currently owned by company insiders.
Minerals Technologies Profile
Minerals Technologies Inc is a resource- and technology-based company that develops, produces and markets a range of specialty mineral, mineral-based and synthetic mineral products and related systems and services around the world. It operates through four segments. The Specialty Minerals segment produces and sells the synthetic mineral product precipitated calcium carbonate (PCC), mines mineral ores, and processes and sells natural mineral products, primarily limestone and talc.
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