KeyCorp Reaffirms “Hold” Rating for Minerals Technologies Inc. (MTX)
Minerals Technologies Inc. (NYSE:MTX)‘s stock had its “hold” rating reissued by investment analysts at KeyCorp in a report issued on Monday.
A number of other equities analysts have also recently weighed in on MTX. Zacks Investment Research upgraded shares of Minerals Technologies from a “sell” rating to a “hold” rating in a research report on Tuesday, July 11th. ValuEngine cut shares of Minerals Technologies from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. One analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $80.00.
Minerals Technologies (NYSE:MTX) opened at $71.05 on Monday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.98 and a current ratio of 2.70. The company has a market cap of $2,493.36, a PE ratio of 15.55 and a beta of 2.26.
Minerals Technologies (NYSE:MTX) last posted its quarterly earnings data on Thursday, November 2nd. The basic materials company reported $1.19 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.17 by $0.02. The company had revenue of $424.40 million during the quarter, compared to analysts’ expectations of $404.80 million. Minerals Technologies had a net margin of 9.62% and a return on equity of 15.04%. The firm’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.17 earnings per share. research analysts expect that Minerals Technologies will post 4.6 EPS for the current year.
Minerals Technologies declared that its Board of Directors has authorized a stock buyback program on Thursday, September 21st that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the basic materials company to reacquire up to 6.1% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.
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In other news, insider Dj Monagle III sold 25,639 shares of the firm’s stock in a transaction that occurred on Tuesday, September 26th. The shares were sold at an average price of $70.03, for a total value of $1,795,499.17. Following the completion of the transaction, the insider now owns 39,579 shares of the company’s stock, valued at $2,771,717.37. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 2.20% of the company’s stock.
Large investors have recently modified their holdings of the stock. Legal & General Group Plc raised its holdings in Minerals Technologies by 24.3% in the first quarter. Legal & General Group Plc now owns 22,420 shares of the basic materials company’s stock valued at $1,714,000 after acquiring an additional 4,376 shares in the last quarter. State Street Corp raised its holdings in Minerals Technologies by 2.6% in the first quarter. State Street Corp now owns 1,116,334 shares of the basic materials company’s stock valued at $85,513,000 after acquiring an additional 28,176 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Minerals Technologies by 0.4% in the second quarter. Bank of New York Mellon Corp now owns 417,439 shares of the basic materials company’s stock valued at $30,557,000 after acquiring an additional 1,678 shares in the last quarter. Marshall Wace North America L.P. raised its holdings in Minerals Technologies by 64.8% during the second quarter. Marshall Wace North America L.P. now owns 77,104 shares of the basic materials company’s stock worth $5,629,000 after purchasing an additional 30,307 shares in the last quarter. Finally, GSA Capital Partners LLP acquired a new stake in Minerals Technologies during the second quarter worth approximately $423,000. 94.46% of the stock is currently owned by hedge funds and other institutional investors.
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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