Truist Financial Raises Minerals Technologies (NYSE:MTX) Price Target to $89.00

Minerals Technologies (NYSE:MTX) had its target price hoisted by research analysts at Truist Financial from $84.00 to $89.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the basic materials company’s stock. Truist Financial’s target price would indicate a potential upside of 32.27% from the company’s current price.

Several other equities research analysts have also commented on MTX. Wall Street Zen lowered shares of Minerals Technologies from a “strong-buy” rating to a “buy” rating in a research report on Saturday, October 18th. Weiss Ratings restated a “sell (d+)” rating on shares of Minerals Technologies in a research note on Monday, December 22nd. Finally, Zacks Research upgraded Minerals Technologies from a “strong sell” rating to a “hold” rating in a report on Wednesday, January 14th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $89.00.

Minerals Technologies Trading Up 2.3%

MTX stock traded up $1.53 during trading on Monday, reaching $67.29. 2,650 shares of the stock traded hands, compared to its average volume of 183,838. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.08 and a quick ratio of 1.45. Minerals Technologies has a 52-week low of $49.54 and a 52-week high of $76.96. The business’s 50 day moving average price is $62.72 and its 200-day moving average price is $61.17. The firm has a market capitalization of $2.09 billion, a PE ratio of -131.93 and a beta of 1.27.

Minerals Technologies (NYSE:MTX) last released its quarterly earnings data on Thursday, January 29th. The basic materials company reported $1.27 earnings per share for the quarter, missing analysts’ consensus estimates of $1.28 by ($0.01). The company had revenue of $519.50 million for the quarter, compared to analyst estimates of $517.83 million. Minerals Technologies had a negative net margin of 0.89% and a positive return on equity of 10.22%. The firm’s revenue for the quarter was up .3% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.28 earnings per share. As a group, sell-side analysts forecast that Minerals Technologies will post 6.62 earnings per share for the current year.

Insider Transactions at Minerals Technologies

In related news, insider Brett Argirakis sold 6,501 shares of the company’s stock in a transaction on Friday, November 21st. The shares were sold at an average price of $58.68, for a total value of $381,478.68. Following the completion of the sale, the insider directly owned 27,602 shares in the company, valued at approximately $1,619,685.36. This represents a 19.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Dj Monagle III sold 23,093 shares of Minerals Technologies stock in a transaction 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 sale, the insider directly owned 84,349 shares of the company’s stock, valued at approximately $5,221,203.10. This trade 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 3.50% of the company’s stock.

Institutional Inflows and Outflows

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