Minerals Technologies (NYSE:MTX) Reaches New 12-Month High Following Better-Than-Expected Earnings

Minerals Technologies Inc. (NYSE:MTX)’s share price reached a new 52-week high on Friday following a better than expected earnings announcement. The company traded as high as $78.04 and last traded at $76.87, with a volume of 21786 shares. The stock had previously closed at $71.18.

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

Wall Street Analysts Forecast Growth

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

Insider Activity at Minerals Technologies

In other news, SVP Jonathan J. Hastings sold 12,922 shares of Minerals Technologies stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $71.48, for a total transaction of $923,664.56. Following the completion of the sale, the senior vice president now directly owns 53,862 shares in the company, valued at $3,850,055.76. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Dj Monagle III sold 1,180 shares of Minerals Technologies stock in a transaction on Friday, March 22nd. The stock was 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 owns 81,031 shares of the company’s stock, valued at $6,006,017.72. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Jonathan J. Hastings sold 12,922 shares of the stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $71.48, for a total value 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. 3.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Minerals Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MTX. Commonwealth Equity Services LLC acquired a new position in shares of Minerals Technologies in the 3rd quarter valued at $235,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Minerals Technologies by 33.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,940 shares of the basic materials company’s stock valued at $380,000 after acquiring an additional 1,734 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in Minerals Technologies by 9.1% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 234,651 shares of the basic materials company’s stock valued at $12,849,000 after acquiring an additional 19,519 shares during the period. Inspire Investing LLC increased its stake in Minerals Technologies by 3.2% during the third quarter. Inspire Investing LLC now owns 6,395 shares of the basic materials company’s stock worth $350,000 after acquiring an additional 197 shares during the last quarter. Finally, Skylands Capital LLC increased its stake in Minerals Technologies by 65.7% during the third quarter. Skylands Capital LLC now owns 44,000 shares of the basic materials company’s stock worth $2,409,000 after acquiring an additional 17,450 shares during the last quarter. Hedge funds and other institutional investors own 97.29% of the company’s stock.

Minerals Technologies Trading Up 3.5 %

The company has a market capitalization of $2.38 billion, a PE ratio of 28.45 and a beta of 1.33. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.69 and a current ratio of 2.40. The business has a fifty day moving average price of $72.78 and a 200 day moving average price of $66.49.

Minerals Technologies Company Profile

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.