Minerals Technologies Inc. (MTX) Stake Boosted by Tocqueville Asset Management L.P.
Tocqueville Asset Management L.P. raised its holdings in shares of Minerals Technologies Inc. (NYSE:MTX) by 11.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 213,646 shares of the basic materials company’s stock after purchasing an additional 21,500 shares during the period. Tocqueville Asset Management L.P. owned 0.61% of Minerals Technologies worth $15,094,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of the company. BlackRock Inc. increased its position in shares of Minerals Technologies by 19,626.2% during the first quarter. BlackRock Inc. now owns 3,587,805 shares of the basic materials company’s stock worth $274,825,000 after purchasing an additional 3,569,617 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Minerals Technologies by 0.9% in the 2nd quarter. Vanguard Group Inc. now owns 2,940,033 shares of the basic materials company’s stock valued at $215,211,000 after acquiring an additional 27,293 shares during the period. Goldman Sachs Group Inc. increased its position in shares of Minerals Technologies by 1.7% in the 2nd quarter. Goldman Sachs Group Inc. now owns 1,220,796 shares of the basic materials company’s stock valued at $89,362,000 after acquiring an additional 20,734 shares during the period. State Street Corp increased its position in shares of Minerals Technologies by 3.2% in the 2nd quarter. State Street Corp now owns 1,151,508 shares of the basic materials company’s stock valued at $84,292,000 after acquiring an additional 35,174 shares during the period. Finally, Macquarie Group Ltd. increased its position in shares of Minerals Technologies by 20.6% in the 2nd quarter. Macquarie Group Ltd. now owns 1,082,223 shares of the basic materials company’s stock valued at $79,219,000 after acquiring an additional 184,867 shares during the period. 94.46% of the stock is currently owned by institutional investors and hedge funds.
In other Minerals Technologies news, insider Dj Monagle III sold 25,639 shares of Minerals Technologies stock in a transaction 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 transaction, the insider now directly owns 39,579 shares in the company, valued at $2,771,717.37. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 2.20% of the company’s stock.
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Several equities analysts recently issued reports on the company. ValuEngine downgraded Minerals Technologies from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Zacks Investment Research raised Minerals Technologies from a “sell” rating to a “hold” rating in a research report on Tuesday, July 11th.
Minerals Technologies (NYSE:MTX) last posted its quarterly earnings data on Thursday, November 2nd. The basic materials company reported $1.19 EPS for the quarter, beating analysts’ consensus estimates of $1.17 by $0.02. The company had revenue of $424.40 million for the quarter, compared to analyst estimates of $404.80 million. Minerals Technologies had a net margin of 9.62% and a return on equity of 15.04%. Minerals Technologies’s quarterly revenue was up 6.2% on a year-over-year basis. During the same period in the previous year, the business posted $1.17 earnings per share.
Minerals Technologies declared that its board has approved a share repurchase plan on Thursday, September 21st that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the basic materials company to repurchase up to 6.1% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its stock is undervalued.
Minerals Technologies Company 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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