Invenomic Capital Management LP Takes $7.06 Million Position in Minerals Technologies Inc. $MTX

Invenomic Capital Management LP bought a new stake in Minerals Technologies Inc. (NYSE:MTX) during the 4th quarter, Holdings Channel reports. The fund bought 115,799 shares of the basic materials company’s stock, valued at approximately $7,058,000.

Several other hedge funds also recently modified their holdings of MTX. JPMorgan Chase & Co. increased its stake in shares of Minerals Technologies by 24.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 156,584 shares of the basic materials company’s stock valued at $9,727,000 after acquiring an additional 30,443 shares during the last quarter. CSM Advisors LLC increased its stake in shares of Minerals Technologies by 17.3% in the 3rd quarter. CSM Advisors LLC now owns 104,078 shares of the basic materials company’s stock valued at $6,464,000 after acquiring an additional 15,384 shares during the last quarter. American Century Companies Inc. boosted its stake in Minerals Technologies by 3.1% during the 3rd quarter. American Century Companies Inc. now owns 1,324,392 shares of the basic materials company’s stock worth $82,271,000 after acquiring an additional 39,860 shares during the last quarter. Brandes Investment Partners LP boosted its stake in Minerals Technologies by 22.9% during the 4th quarter. Brandes Investment Partners LP now owns 819,908 shares of the basic materials company’s stock worth $49,973,000 after acquiring an additional 152,950 shares during the last quarter. Finally, UBS Group AG boosted its stake in Minerals Technologies by 49.5% during the 4th quarter. UBS Group AG now owns 38,541 shares of the basic materials company’s stock worth $2,349,000 after acquiring an additional 12,761 shares during the last quarter. Institutional investors own 97.29% of the company’s stock.

Minerals Technologies Stock Down 1.3%

Minerals Technologies stock opened at $76.97 on Thursday. The company’s 50 day simple moving average is $75.51 and its 200 day simple moving average is $69.75. Minerals Technologies Inc. has a fifty-two week low of $53.10 and a fifty-two week high of $84.34. The firm has a market capitalization of $2.39 billion, a price-to-earnings ratio of 14.89 and a beta of 1.13. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.13 and a quick ratio of 1.47.

Minerals Technologies (NYSE:MTX) last announced its quarterly earnings results on Thursday, April 30th. The basic materials company reported $1.38 earnings per share for the quarter, beating analysts’ consensus estimates of $1.26 by $0.12. Minerals Technologies had a net margin of 7.60% and a return on equity of 10.40%. The firm had revenue of $546.90 million for the quarter, compared to analyst estimates of $516.39 million. During the same quarter in the previous year, the firm posted $1.14 earnings per share. The business’s revenue was up 11.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Minerals Technologies Inc. will post 6.33 EPS for the current year.

Minerals Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 18th. Shareholders of record on Tuesday, June 2nd will be paid a $0.12 dividend. The ex-dividend date of this dividend is Tuesday, June 2nd. This represents a $0.48 dividend on an annualized basis and a yield of 0.6%. Minerals Technologies’s payout ratio is presently 9.28%.

Insiders Place Their Bets

In other Minerals Technologies news, VP Timothy Jordan sold 6,000 shares of Minerals Technologies stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $80.27, for a total value of $481,620.00. Following the transaction, the vice president owned 1,279 shares of the company’s stock, valued at approximately $102,665.33. The trade was a 82.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 3.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on MTX shares. Seaport Research Partners reissued a “buy” rating on shares of Minerals Technologies in a research note on Monday, May 4th. Weiss Ratings raised shares of Minerals Technologies from a “sell (d+)” rating to a “hold (c+)” rating in a research note on Wednesday, May 6th. Wall Street Zen lowered shares of Minerals Technologies from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 13th. Finally, Truist Financial lifted their price objective on shares of Minerals Technologies from $89.00 to $90.00 and gave the stock a “buy” rating in a research note on Monday, May 4th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Minerals Technologies has a consensus rating of “Hold” and an average target price of $90.00.

Minerals Technologies Profile

Minerals Technologies Inc develops, produces and processes a broad range of mineral-based products and solutions that serve a variety of industrial applications. Its offerings include bentonite, perlite, precipitated calcium carbonate (PCC), mineral sands, foundry additives, performance minerals and specialty chemicals designed to enhance performance in markets such as paper, steel, construction, oil and gas, environmental remediation and consumer products.

The company operates through several business segments, including Specialty Minerals, Refractory Minerals, Performance Materials and Recycled Materials.