Minerals Technologies (NYSE:MTX) Upgraded to “Hold” at Zacks Research

Zacks Research upgraded shares of Minerals Technologies (NYSE:MTX) from a strong sell rating to a hold rating in a report released on Wednesday morning,Zacks.com reports.

MTX has been the topic of several other reports. Wall Street Zen lowered shares of Minerals Technologies from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 18th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Minerals Technologies in a report on Monday, December 22nd. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $84.00.

Minerals Technologies Price Performance

NYSE:MTX opened at $67.30 on Wednesday. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.98 and a quick ratio of 1.37. The company has a 50 day moving average price of $60.55 and a 200-day moving average price of $60.45. Minerals Technologies has a 1-year low of $49.54 and a 1-year high of $78.23. The firm has a market cap of $2.10 billion, a price-to-earnings ratio of -3,363.32 and a beta of 1.27.

Minerals Technologies (NYSE:MTX) last announced its quarterly earnings results on Thursday, October 23rd. The basic materials company reported $1.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.47 by $0.08. Minerals Technologies had a negative net margin of 0.08% and a positive return on equity of 10.69%. The firm had revenue of $532.40 million for the quarter, compared to the consensus estimate of $531.20 million. During the same period in the prior year, the firm posted $1.51 earnings per share. The firm’s quarterly revenue was up 1.5% compared to the same quarter last year. Equities research analysts forecast that Minerals Technologies will post 6.62 EPS for the current year.

Insider Transactions at Minerals Technologies

In other news, insider Brett Argirakis sold 6,501 shares of the firm’s stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $58.68, for a total value of $381,478.68. Following the transaction, the insider owned 27,602 shares in the company, valued at $1,619,685.36. This trade represents a 19.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Dj Monagle III sold 23,093 shares of Minerals Technologies stock in a transaction that occurred on Monday, December 29th. The stock was sold at an average price of $61.90, for a total value of $1,429,456.70. Following the completion of the sale, the insider directly owned 84,349 shares in the company, valued at $5,221,203.10. This represents a 21.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 3.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. American Century Companies Inc. raised its stake in Minerals Technologies by 3.1% during the third quarter. American Century Companies Inc. now owns 1,324,392 shares of the basic materials company’s stock worth $82,271,000 after purchasing an additional 39,860 shares during the period. Geode Capital Management LLC increased its holdings in shares of Minerals Technologies by 0.6% during the 2nd quarter. Geode Capital Management LLC now owns 911,831 shares of the basic materials company’s stock worth $50,220,000 after buying an additional 5,348 shares during the last quarter. Boston Trust Walden Corp raised its position in shares of Minerals Technologies by 9.2% during the 2nd quarter. Boston Trust Walden Corp now owns 659,583 shares of the basic materials company’s stock valued at $36,323,000 after buying an additional 55,345 shares during the period. Brandes Investment Partners LP raised its position in shares of Minerals Technologies by 436.3% during the 2nd quarter. Brandes Investment Partners LP now owns 538,073 shares of the basic materials company’s stock valued at $29,632,000 after buying an additional 437,734 shares during the period. Finally, First Trust Advisors LP lifted its holdings in Minerals Technologies by 0.7% in the second quarter. First Trust Advisors LP now owns 532,975 shares of the basic materials company’s stock valued at $29,351,000 after acquiring an additional 3,786 shares during the last quarter. 97.29% of the stock is owned by institutional investors and hedge funds.

About Minerals Technologies

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.