Guggenheim Capital LLC Sells 7,038 Shares of Minerals Technologies Inc. (NYSE:MTX)

Posted by Defense World Staff on Mar 8th, 2023

Guggenheim Capital LLC trimmed its holdings in Minerals Technologies Inc. (NYSE:MTX – Get Rating) by 26.6% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 19,442 shares of the basic materials company’s stock after selling 7,038 shares during the quarter. Guggenheim Capital LLC owned about 0.06% of Minerals Technologies worth $961,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in MTX. Franklin Resources Inc. raised its holdings in shares of Minerals Technologies by 19.1% in the second quarter. Franklin Resources Inc. now owns 2,045,335 shares of the basic materials company’s stock valued at $125,460,000 after buying an additional 327,918 shares during the last quarter. Eaton Vance Management raised its holdings in shares of Minerals Technologies by 21.2% in the first quarter. Eaton Vance Management now owns 994,955 shares of the basic materials company’s stock valued at $65,816,000 after buying an additional 174,127 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Minerals Technologies by 324.6% in the second quarter. Millennium Management LLC now owns 189,173 shares of the basic materials company’s stock valued at $11,604,000 after buying an additional 144,616 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Minerals Technologies by 4.3% in the third quarter. Dimensional Fund Advisors LP now owns 2,160,787 shares of the basic materials company’s stock valued at $106,766,000 after buying an additional 89,067 shares during the last quarter. Finally, ExodusPoint Capital Management LP acquired a new stake in Minerals Technologies in the second quarter worth about $4,957,000. 96.57% of the stock is owned by institutional investors.

Minerals Technologies Price Performance

Shares of MTX stock opened at $60.57 on Wednesday. The stock has a 50-day moving average price of $63.79 and a 200 day moving average price of $59.30. The company has a quick ratio of 1.44, a current ratio of 2.13 and a debt-to-equity ratio of 0.58. The firm has a market cap of $1.97 billion, a price-to-earnings ratio of 16.28 and a beta of 1.30. Minerals Technologies Inc. has a 12 month low of $49.38 and a 12 month high of $73.57.

Minerals Technologies (NYSE:MTX – Get Rating) last posted its earnings results on Friday, February 3rd. The basic materials company reported $0.67 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.19 by ($0.52). The company had revenue of $507.60 million for the quarter, compared to analyst estimates of $516.83 million. Minerals Technologies had a return on equity of 10.13% and a net margin of 5.76%. Minerals Technologies’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.25 earnings per share. Research analysts expect that Minerals Technologies Inc. will post 5.23 EPS for the current year.

Minerals Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 9th. Stockholders of record on Thursday, February 16th will be given a dividend of $0.05 per share. The ex-dividend date is Wednesday, February 15th. This represents a $0.20 annualized dividend and a dividend yield of 0.33%. Minerals Technologies’s payout ratio is currently 5.38%.

Insider Transactions at Minerals Technologies

In other news, SVP Brett Argirakis sold 927 shares of the business’s stock in a transaction dated Tuesday, December 20th. The stock was sold at an average price of $60.03, for a total transaction of $55,647.81. Following the completion of the transaction, the senior vice president now directly owns 15,694 shares in the company, valued at approximately $942,110.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 3.40% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Sidoti lowered Minerals Technologies from a “buy” rating to a “neutral” rating and set a $70.00 price objective for the company. in a research report on Friday, February 3rd. Four analysts have rated the stock with a hold rating, Based on data from MarketBeat, Minerals Technologies currently has a consensus rating of “Hold” and a consensus target price of $70.00.

Minerals Technologies Profile

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Minerals Technologies, Inc is a resource and technology-based company. It develops, produces, and markets a range of mineral, mineral-based, and synthetic mineral products. It operates through the following four segments: Performance Materials, Specialty Minerals, Refractories and Energy Services. The Performance Materials segment supplies bentonite and bentonite-related products, chromite and leonardite.