JPMorgan Chase & Co. Boosts Stock Holdings in Minerals Technologies Inc. $MTX

JPMorgan Chase & Co. raised its stake in Minerals Technologies Inc. (NYSE:MTX) by 24.1% during the third quarter, Holdings Channel reports. The firm owned 156,584 shares of the basic materials company’s stock after purchasing an additional 30,443 shares during the period. JPMorgan Chase & Co.’s holdings in Minerals Technologies were worth $9,727,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in MTX. First Horizon Advisors Inc. raised its position in shares of Minerals Technologies by 161.1% in the 2nd quarter. First Horizon Advisors Inc. now owns 590 shares of the basic materials company’s stock worth $32,000 after buying an additional 364 shares during the period. EverSource Wealth Advisors LLC raised its holdings in shares of Minerals Technologies by 626.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 596 shares of the basic materials company’s stock worth $33,000 after purchasing an additional 514 shares during the period. First Horizon Corp acquired a new position in shares of Minerals Technologies in the 3rd quarter valued at about $35,000. Strs Ohio purchased a new stake in shares of Minerals Technologies during the 1st quarter worth about $70,000. Finally, Smartleaf Asset Management LLC increased its position in Minerals Technologies by 136.2% during the 2nd quarter. Smartleaf Asset Management LLC now owns 1,278 shares of the basic materials company’s stock worth $71,000 after purchasing an additional 737 shares in the last quarter. 97.29% of the stock is currently owned by institutional investors and hedge funds.

Minerals Technologies Price Performance

MTX stock opened at $67.38 on Friday. The firm has a market cap of $2.09 billion, a P/E ratio of -132.12 and a beta of 1.24. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.45 and a current ratio of 2.08. Minerals Technologies Inc. has a 1 year low of $49.54 and a 1 year high of $75.29. The stock has a 50-day simple moving average of $68.34 and a 200-day simple moving average of $63.23.

Minerals Technologies (NYSE:MTX) last released its quarterly earnings results on Thursday, January 29th. The basic materials company reported $1.27 EPS for the quarter, missing the consensus estimate 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 positive return on equity of 10.22% and a negative net margin of 0.89%.The business’s revenue was up .3% on a year-over-year basis. During the same period last year, the firm posted $1.28 earnings per share. On average, equities analysts predict that Minerals Technologies Inc. will post 6.62 earnings per share for the current fiscal year.

Minerals Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 6th. Stockholders of record on Friday, February 13th were paid a $0.12 dividend. The ex-dividend date was Friday, February 13th. This represents a $0.48 annualized dividend and a dividend yield of 0.7%. Minerals Technologies’s dividend payout ratio is -94.12%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on MTX. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Minerals Technologies in a research report on Monday, December 22nd. Truist Financial increased their price objective on shares of Minerals Technologies from $84.00 to $89.00 and gave the stock a “buy” rating in a research report on Monday, February 2nd. Finally, Zacks Research raised shares of Minerals Technologies from a “strong sell” rating to a “hold” rating in a research note on Wednesday, January 14th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $89.00.

Insiders Place Their Bets

In related news, insider Dj Monagle III sold 23,093 shares of Minerals Technologies stock in a transaction on Monday, December 29th. The shares were sold at an average price of $61.90, for a total transaction of $1,429,456.70. Following the sale, the insider owned 84,349 shares of the company’s stock, valued at $5,221,203.10. The trade was a 21.49% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 3.30% of the company’s stock.

Minerals Technologies Company Profile

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.