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

JPMorgan Chase & Co. boosted its holdings in Minerals Technologies Inc. (NYSE:MTX) by 24.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 156,584 shares of the basic materials company’s stock after purchasing an additional 30,443 shares during the quarter. JPMorgan Chase & Co.’s holdings in Minerals Technologies were worth $9,727,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of MTX. Brandes Investment Partners LP raised its holdings in Minerals Technologies by 436.3% in the second 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. Broad Bay Capital Management LP purchased a new position in Minerals Technologies in the second quarter valued at about $16,926,000. Ameriprise Financial Inc. grew its position in shares of Minerals Technologies by 26.5% during the second quarter. Ameriprise Financial Inc. now owns 496,215 shares of the basic materials company’s stock worth $27,327,000 after buying an additional 103,853 shares in the last quarter. Bank of America Corp DE grew its holdings in Minerals Technologies by 22.2% during the 2nd quarter. Bank of America Corp DE now owns 483,970 shares of the basic materials company’s stock worth $26,652,000 after acquiring an additional 87,989 shares in the last quarter. Finally, Kennedy Capital Management LLC bought a new stake in Minerals Technologies in the third quarter valued at about $5,117,000. 97.29% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Minerals Technologies news, insider Dj Monagle III sold 23,093 shares of the company’s stock in a transaction dated 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 transaction, the insider directly owned 84,349 shares of the company’s stock, valued at $5,221,203.10. This represents a 21.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 3.30% of the stock is currently owned by insiders.

Minerals Technologies Stock Down 0.3%

Shares of NYSE:MTX opened at $70.50 on Friday. The company has a market cap of $2.19 billion, a PE ratio of -138.23 and a beta of 1.24. The firm has a 50 day simple moving average of $69.61 and a 200 day simple moving average of $63.71. 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 52 week low of $49.54 and a 52 week high of $75.29.

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

Minerals Technologies Dividend Announcement

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

Analyst Upgrades and Downgrades

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

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.