SG Americas Securities LLC lowered its holdings in shares of Minerals Technologies Inc. (NYSE:MTX) by 19.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,543 shares of the basic materials company’s stock after selling 2,476 shares during the period. SG Americas Securities LLC’s holdings in Minerals Technologies were worth $745,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also made changes to their positions in the company. Bank of New York Mellon Corp grew its holdings in shares of Minerals Technologies by 0.4% during the second quarter. Bank of New York Mellon Corp now owns 417,439 shares of the basic materials company’s stock worth $30,557,000 after buying an additional 1,678 shares in the last quarter. Tocqueville Asset Management L.P. grew its holdings in Minerals Technologies by 11.2% in the third quarter. Tocqueville Asset Management L.P. now owns 213,646 shares of the basic materials company’s stock valued at $15,094,000 after purchasing an additional 21,500 shares during the period. FMR LLC purchased a new stake in Minerals Technologies in the second quarter valued at approximately $1,183,000. GSA Capital Partners LLP purchased a new stake in Minerals Technologies in the second quarter valued at approximately $423,000. Finally, Marshall Wace North America L.P. grew its holdings in Minerals Technologies by 64.8% in the second quarter. Marshall Wace North America L.P. now owns 77,104 shares of the basic materials company’s stock valued at $5,629,000 after purchasing an additional 30,307 shares during the period. Institutional investors own 94.95% of the company’s stock.
A number of research firms recently issued reports on MTX. Zacks Investment Research upgraded shares of Minerals Technologies from a “sell” rating to a “hold” rating in a report on Wednesday, October 25th. KeyCorp reaffirmed 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 issued a hold rating and one has issued a buy rating to the company. Minerals Technologies presently has a consensus rating of “Hold” and a consensus target price of $80.00.
Minerals Technologies Inc. (NYSE MTX) traded up $0.65 on Friday, reaching $67.05. 619,335 shares of the company traded hands, compared to its average volume of 157,181. The firm has a market capitalization of $2,348.36, a PE ratio of 14.53 and a beta of 2.25. The company has a quick ratio of 1.98, a current ratio of 2.66 and a debt-to-equity ratio of 0.82. Minerals Technologies Inc. has a 1 year low of $62.55 and a 1 year high of $83.85.
Minerals Technologies (NYSE:MTX) last released its earnings results on Thursday, November 2nd. The basic materials company reported $1.19 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.02. Minerals Technologies had a net margin of 9.48% and a return on equity of 14.59%. The firm had revenue of $424.40 million during the quarter, compared to analyst estimates of $404.80 million. During the same quarter in the previous year, the firm earned $1.17 earnings per share. The firm’s revenue for the quarter was up 6.2% compared to the same quarter last year. sell-side analysts predict that Minerals Technologies Inc. will post 4.58 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, December 8th. Stockholders of record on Monday, November 27th were given a dividend of $0.05 per share. The ex-dividend date was Friday, November 24th. This represents a $0.20 annualized dividend and a dividend yield of 0.30%. Minerals Technologies’s dividend payout ratio is currently 4.56%.
Minerals Technologies declared that its Board of Directors has initiated a share buyback plan on Thursday, September 21st that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the basic materials company to reacquire up to 6.1% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.
In other news, insider Dj Monagle III sold 25,639 shares of the company’s stock in a transaction dated Tuesday, September 26th. The shares were sold at an average price of $70.03, for a total transaction of $1,795,499.17. Following the completion of the transaction, the insider now owns 39,579 shares in the company, valued at $2,771,717.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.20% of the stock is currently owned by corporate insiders.
About Minerals Technologies
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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