Raymond James Financial Inc. Reduces Position in Minerals Technologies Inc. $MTX

Raymond James Financial Inc. cut its holdings in shares of Minerals Technologies Inc. (NYSE:MTX) by 45.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 77,342 shares of the basic materials company’s stock after selling 64,327 shares during the quarter. Raymond James Financial Inc. owned approximately 0.24% of Minerals Technologies worth $4,916,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in MTX. PharVision Advisers LLC purchased a new stake in Minerals Technologies during the fourth quarter valued at about $236,000. EP Wealth Advisors LLC lifted its holdings in shares of Minerals Technologies by 12.1% in the fourth quarter. EP Wealth Advisors LLC now owns 3,907 shares of the basic materials company’s stock worth $298,000 after buying an additional 421 shares in the last quarter. Mackenzie Financial Corp purchased a new stake in shares of Minerals Technologies in the fourth quarter worth about $298,000. Balyasny Asset Management L.P. lifted its holdings in shares of Minerals Technologies by 4.6% in the fourth quarter. Balyasny Asset Management L.P. now owns 5,312 shares of the basic materials company’s stock worth $405,000 after buying an additional 235 shares in the last quarter. Finally, QRG Capital Management Inc. lifted its holdings in shares of Minerals Technologies by 7.3% in the first quarter. QRG Capital Management Inc. now owns 6,955 shares of the basic materials company’s stock worth $442,000 after buying an additional 474 shares in the last quarter. 97.29% of the stock is owned by hedge funds and other institutional investors.

Minerals Technologies Trading Down 2.2%

Shares of MTX opened at $63.33 on Friday. The firm’s 50 day simple moving average is $60.12 and its 200 day simple moving average is $60.02. The company has a market capitalization of $1.99 billion, a P/E ratio of 1,055.66 and a beta of 1.22. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.95 and a quick ratio of 1.35. Minerals Technologies Inc. has a 1-year low of $49.54 and a 1-year high of $86.49.

Minerals Technologies (NYSE:MTX) last announced its earnings results on Thursday, July 24th. The basic materials company reported $1.55 earnings per share for the quarter, beating analysts’ consensus estimates of $1.43 by $0.12. The business had revenue of $528.90 million for the quarter, compared to the consensus estimate of $529.13 million. Minerals Technologies had a net margin of 0.10% and a return on equity of 10.64%. Minerals Technologies’s quarterly revenue was down 2.3% on a year-over-year basis. During the same period last year, the firm posted $1.65 earnings per share. Sell-side analysts forecast that Minerals Technologies Inc. will post 6.62 earnings per share for the current fiscal year.

Minerals Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 5th. Shareholders of record on Friday, August 15th will be given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date is Friday, August 15th. Minerals Technologies’s dividend payout ratio (DPR) is presently 733.33%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Wall Street Zen raised shares of Minerals Technologies from a “hold” rating to a “buy” rating in a report on Saturday, August 2nd. Truist Financial increased their price target on shares of Minerals Technologies from $80.00 to $84.00 and gave the stock a “buy” rating in a report on Monday, July 28th. One research analyst has rated the stock with a Buy rating, According to MarketBeat.com, Minerals Technologies currently has an average rating of “Buy” and an average target price of $84.00.

About Minerals Technologies

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.