Fifth Third Bancorp Buys 14,989 Shares of Minerals Technologies Inc. $MTX

Fifth Third Bancorp grew its stake in Minerals Technologies Inc. (NYSE:MTX) by 10,630.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 15,130 shares of the basic materials company’s stock after acquiring an additional 14,989 shares during the quarter. Fifth Third Bancorp’s holdings in Minerals Technologies were worth $1,073,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. State Street Corp lifted its stake in shares of Minerals Technologies by 0.5% in the fourth quarter. State Street Corp now owns 1,221,398 shares of the basic materials company’s stock worth $74,444,000 after buying an additional 6,458 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Minerals Technologies by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 897,850 shares of the basic materials company’s stock valued at $54,732,000 after buying an additional 4,693 shares during the last quarter. Brandes Investment Partners LP increased its position in shares of Minerals Technologies by 22.9% during the fourth quarter. Brandes Investment Partners LP now owns 819,908 shares of the basic materials company’s stock valued at $49,973,000 after acquiring an additional 152,950 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Minerals Technologies by 2.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 597,297 shares of the basic materials company’s stock valued at $36,405,000 after acquiring an additional 15,467 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its holdings in Minerals Technologies by 26.5% in the 2nd quarter. Ameriprise Financial Inc. now owns 496,215 shares of the basic materials company’s stock worth $27,327,000 after acquiring an additional 103,853 shares during the last quarter. 97.29% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Minerals Technologies

In other Minerals Technologies news, VP Timothy Jordan sold 6,000 shares of the company’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $80.27, for a total value of $481,620.00. Following the completion of the sale, the vice president owned 1,279 shares in the company, valued at $102,665.33. This represents a 82.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 3.70% of the company’s stock.

Analyst Ratings Changes

Several analysts have commented on the company. Wall Street Zen upgraded Minerals Technologies from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 4th. Weiss Ratings upgraded Minerals Technologies from a “sell (d+)” rating to a “hold (c+)” rating in a research note on Wednesday, May 6th. Truist Financial upped their price target on Minerals Technologies from $89.00 to $90.00 and gave the company a “buy” rating in a report on Monday, May 4th. Finally, Seaport Research Partners reaffirmed a “buy” rating on shares of Minerals Technologies in a research report on Monday, May 4th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $90.00.

Minerals Technologies Stock Up 1.8%

MTX opened at $74.49 on Friday. The firm’s 50 day simple moving average is $75.77 and its two-hundred day simple moving average is $72.40. The company has a market capitalization of $2.31 billion, a PE ratio of 14.41 and a beta of 1.15. Minerals Technologies Inc. has a 1-year low of $53.94 and a 1-year high of $84.34. The company has a current ratio of 2.13, a quick ratio of 1.47 and a debt-to-equity ratio of 0.54.

Minerals Technologies (NYSE:MTX) last issued its quarterly earnings data on Thursday, April 30th. The basic materials company reported $1.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.26 by $0.12. The firm had revenue of $546.90 million during the quarter, compared to the consensus estimate of $516.39 million. Minerals Technologies had a net margin of 7.60% and a return on equity of 10.40%. The company’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.14 EPS. As a group, equities analysts forecast that Minerals Technologies Inc. will post 6.34 EPS for the current year.

Minerals Technologies Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 4th. Shareholders of record on Friday, August 14th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Friday, August 14th. Minerals Technologies’s payout ratio is currently 9.28%.

About Minerals Technologies

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.