Bank of New York Mellon Corp Sells 13,150 Shares of Minerals Technologies Inc. (NYSE:MTX)

Bank of New York Mellon Corp reduced its position in Minerals Technologies Inc. (NYSE:MTX) by 4.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 275,538 shares of the basic materials company’s stock after selling 13,150 shares during the quarter. Bank of New York Mellon Corp owned about 0.87% of Minerals Technologies worth $17,516,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in MTX. Principal Financial Group Inc. boosted its position in Minerals Technologies by 2.6% during the 1st quarter. Principal Financial Group Inc. now owns 171,008 shares of the basic materials company’s stock worth $10,871,000 after buying an additional 4,361 shares during the period. Skylands Capital LLC increased its stake in shares of Minerals Technologies by 25.5% in the 1st quarter. Skylands Capital LLC now owns 118,455 shares of the basic materials company’s stock valued at $7,530,000 after acquiring an additional 24,055 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of Minerals Technologies by 6.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 543,547 shares of the basic materials company’s stock valued at $33,879,000 after acquiring an additional 32,342 shares in the last quarter. QRG Capital Management Inc. increased its stake in Minerals Technologies by 7.3% during the 1st quarter. QRG Capital Management Inc. now owns 6,955 shares of the basic materials company’s stock valued at $442,000 after purchasing an additional 474 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its stake in Minerals Technologies by 29.2% during the 1st quarter. Assenagon Asset Management S.A. now owns 20,261 shares of the basic materials company’s stock valued at $1,288,000 after purchasing an additional 4,584 shares in the last quarter. 97.29% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently weighed in on MTX. Truist Financial cut their price target on shares of Minerals Technologies from $92.00 to $80.00 and set a “buy” rating on the stock in a report on Monday, April 28th. Wall Street Zen downgraded shares of Minerals Technologies from a “buy” rating to a “hold” rating in a report on Wednesday, April 9th.

Minerals Technologies Stock Performance

Shares of MTX stock opened at $57.01 on Friday. The stock has a fifty day moving average of $57.38 and a 200 day moving average of $63.26. Minerals Technologies Inc. has a 52 week low of $49.54 and a 52 week high of $90.30. The firm has a market capitalization of $1.81 billion, a price-to-earnings ratio of -74.04 and a beta of 1.20. The company has a quick ratio of 1.31, a current ratio of 1.89 and a debt-to-equity ratio of 0.59.

Minerals Technologies (NYSE:MTX) last posted its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.16 by ($0.02). The company had revenue of $491.80 million during the quarter, compared to analysts’ expectations of $502.03 million. Minerals Technologies had a positive return on equity of 10.90% and a negative net margin of 1.14%. Minerals Technologies’s revenue for the quarter was down 8.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.49 EPS. 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 company also recently declared a quarterly dividend, which will be paid on Friday, September 5th. Shareholders of record on Friday, August 15th will be paid a dividend of $0.11 per share. The ex-dividend date is Friday, August 15th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 0.77%. Minerals Technologies’s dividend payout ratio is currently -57.14%.

Insider Transactions at Minerals Technologies

In other news, CFO Erik Aldag acquired 1,000 shares of the firm’s stock in a transaction dated Wednesday, April 30th. The shares were acquired at an average cost of $50.37 per share, with a total value of $50,370.00. Following the acquisition, the chief financial officer directly owned 4,245 shares of the company’s stock, valued at approximately $213,820.65. The trade was a 30.82% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Kristina M. Johnson acquired 1,000 shares of the firm’s stock in a transaction dated Friday, May 2nd. The shares were purchased at an average cost of $53.79 per share, for a total transaction of $53,790.00. Following the completion of the acquisition, the director directly owned 1,400 shares in the company, valued at approximately $75,306. This represents a 250.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 2,370 shares of company stock valued at $124,255. Corporate insiders own 3.30% of the company’s stock.

Minerals Technologies 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.