Minerals Technologies Inc. (NYSE:MTX) Sees Large Decrease in Short Interest

Minerals Technologies Inc. (NYSE:MTX) was the recipient of a significant decline in short interest in December. As of December 31st, there was short interest totaling 300,441 shares, a decline of 18.7% from the December 15th total of 369,684 shares. Approximately 1.0% of the company’s stock are short sold. Based on an average trading volume of 223,062 shares, the days-to-cover ratio is currently 1.3 days. Based on an average trading volume of 223,062 shares, the days-to-cover ratio is currently 1.3 days. Approximately 1.0% of the company’s stock are short sold.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on MTX. Weiss Ratings reiterated a “sell (d+)” rating on shares of Minerals Technologies in a report on Monday, December 22nd. Zacks Research raised Minerals Technologies from a “strong sell” rating to a “hold” rating in a research report on Wednesday, January 14th. Finally, Wall Street Zen downgraded shares of Minerals Technologies from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 18th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $84.00.

Minerals Technologies Stock Down 1.7%

Shares of MTX stock traded down $1.14 during trading hours on Tuesday, reaching $65.98. 62,208 shares of the company’s stock were exchanged, compared to its average volume of 120,492. Minerals Technologies has a 1 year low of $49.54 and a 1 year high of $78.23. The company has a current ratio of 1.98, a quick ratio of 1.37 and a debt-to-equity ratio of 0.56. The stock has a market cap of $2.05 billion, a PE ratio of -3,297.40 and a beta of 1.27. The stock’s fifty day moving average price is $60.99 and its two-hundred day moving average price is $60.62.

Minerals Technologies (NYSE:MTX) last released its earnings results on Thursday, October 23rd. The basic materials company reported $1.55 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 company had revenue of $532.40 million during the quarter, compared to analysts’ expectations of $531.20 million. During the same period last year, the business earned $1.51 EPS. Minerals Technologies’s revenue for the quarter was up 1.5% on a year-over-year basis. Research analysts predict that Minerals Technologies will post 6.62 EPS for the current year.

Insider Activity

In other Minerals Technologies news, insider Brett Argirakis sold 6,501 shares of the firm’s stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $58.68, for a total transaction of $381,478.68. Following the transaction, the insider owned 27,602 shares of the company’s stock, valued at approximately $1,619,685.36. This trade represents a 19.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Dj Monagle III sold 23,093 shares of the business’s stock in a transaction dated 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 completion of the sale, the insider owned 84,349 shares of the company’s stock, valued at approximately $5,221,203.10. This represents a 21.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 3.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Minerals Technologies

Hedge funds have recently made changes to their positions in the company. First Horizon Advisors Inc. grew its stake in Minerals Technologies by 161.1% during the 2nd quarter. First Horizon Advisors Inc. now owns 590 shares of the basic materials company’s stock valued at $32,000 after purchasing an additional 364 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of Minerals Technologies by 626.8% during the second 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 purchased a new stake in Minerals Technologies in the third quarter valued at approximately $35,000. Blue Trust Inc. boosted its position in Minerals Technologies by 44.6% in the second quarter. Blue Trust Inc. now owns 1,011 shares of the basic materials company’s stock valued at $56,000 after buying an additional 312 shares during the last quarter. Finally, Danske Bank A S acquired a new position in Minerals Technologies in the 3rd quarter worth approximately $56,000. 97.29% of the stock is owned by institutional investors and hedge funds.

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.