Minerals Technologies (NYSE:MTX) Hits New 1-Year High Following Better-Than-Expected Earnings

Minerals Technologies Inc. (NYSE:MTX) shares hit a new 52-week high during trading on Friday following a stronger than expected earnings report. The company traded as high as $78.04 and last traded at $76.87, with a volume of 21786 shares changing hands. The stock had previously closed at $71.18.

The basic materials company reported $1.49 EPS for the quarter, beating analysts’ consensus estimates of $1.27 by $0.22. Minerals Technologies had a net margin of 3.88% and a return on equity of 10.26%. The company had revenue of $534.50 million during the quarter, compared to analysts’ expectations of $545.55 million. Minerals Technologies’s revenue for the quarter was down 2.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.14 earnings per share.

Analyst Ratings Changes

Several equities analysts have recently issued reports on MTX shares. StockNews.com upgraded shares of Minerals Technologies from a “hold” rating to a “buy” rating in a report on Thursday, February 8th. Seaport Res Ptn raised Minerals Technologies from a “neutral” rating to a “buy” rating in a research report on Monday, February 5th. Finally, TheStreet raised Minerals Technologies from a “c+” rating to a “b” rating in a research report on Friday, February 2nd. Four equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $68.50.

Insider Activity

In other Minerals Technologies news, SVP Jonathan J. Hastings sold 12,922 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $71.48, for a total value of $923,664.56. Following the sale, the senior vice president now owns 53,862 shares in the company, valued at approximately $3,850,055.76. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, insider Dj Monagle III sold 1,180 shares of the stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $74.12, for a total value of $87,461.60. Following the completion of the sale, the insider now directly owns 81,031 shares in the company, valued at $6,006,017.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Jonathan J. Hastings sold 12,922 shares of the business’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $71.48, for a total transaction of $923,664.56. Following the transaction, the senior vice president now owns 53,862 shares in the company, valued at $3,850,055.76. The disclosure for this sale can be found here. Insiders own 3.50% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP increased its holdings in shares of Minerals Technologies by 2.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,267,569 shares of the basic materials company’s stock valued at $161,702,000 after purchasing an additional 49,192 shares during the last quarter. Victory Capital Management Inc. grew its holdings in Minerals Technologies by 6.4% in the 3rd quarter. Victory Capital Management Inc. now owns 1,737,753 shares of the basic materials company’s stock valued at $95,159,000 after buying an additional 104,982 shares in the last quarter. American Century Companies Inc. increased its stake in shares of Minerals Technologies by 1.4% in the 3rd quarter. American Century Companies Inc. now owns 1,241,758 shares of the basic materials company’s stock worth $67,999,000 after acquiring an additional 17,742 shares during the last quarter. Boston Trust Walden Corp raised its holdings in shares of Minerals Technologies by 0.5% during the 4th quarter. Boston Trust Walden Corp now owns 644,055 shares of the basic materials company’s stock worth $45,928,000 after acquiring an additional 3,135 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of Minerals Technologies by 10.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 514,036 shares of the basic materials company’s stock worth $38,697,000 after acquiring an additional 48,378 shares during the period. 97.29% of the stock is owned by hedge funds and other institutional investors.

Minerals Technologies Stock Performance

The stock has a market cap of $2.38 billion, a price-to-earnings ratio of 28.45 and a beta of 1.33. The firm’s 50-day moving average price is $72.78 and its two-hundred day moving average price is $66.49. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.69 and a current ratio of 2.40.

About Minerals Technologies

Minerals Technologies Inc develops, produces, and markets various mineral, mineral-based, and related systems and services. The company operates through two segments, Consumer & Specialties, and Engineered Solutions segments. The Consumer & Specialties segment offers household and personal care products, such as pet litter, personal care, fabric care, edible oil and other fluid purification, animal health, and agricultural products; and specialty additives products, including precipitated calcium carbonate and ground calcium carbonate products that are used in the paper, paperboard, and fiber based packaging industries, as well as automotive, construction, and table and food applications.