Minerals Technologies Inc. (NYSE:MTX) Sees Large Decrease in Short Interest

Minerals Technologies Inc. (NYSE:MTX) was the target of a large decrease in short interest in the month of December. As of December 31st, there was short interest totaling 300,441 shares, a decrease of 18.7% from the December 15th total of 369,684 shares. Based on an average daily trading volume, of 223,062 shares, the days-to-cover ratio is currently 1.3 days. Currently, 1.0% of the company’s stock are short sold. Currently, 1.0% of the company’s stock are short sold. Based on an average daily trading volume, of 223,062 shares, the days-to-cover ratio is currently 1.3 days.

Insider Activity at Minerals Technologies

In other Minerals Technologies news, insider Dj Monagle III sold 23,093 shares of the business’s stock in a transaction on Monday, December 29th. The shares were sold at an average price of $61.90, for a total transaction of $1,429,456.70. Following the completion of the sale, the insider owned 84,349 shares in the company, valued at approximately $5,221,203.10. The trade was a 21.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Brett Argirakis sold 6,501 shares of the company’s stock in a transaction on Friday, November 21st. The stock was sold at an average price of $58.68, for a total transaction of $381,478.68. Following the transaction, the insider owned 27,602 shares in the company, valued at approximately $1,619,685.36. The trade was a 19.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 3.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Minerals Technologies

Several institutional investors and hedge funds have recently bought and sold shares of MTX. Royal Bank of Canada raised its stake in shares of Minerals Technologies by 28.4% in the first quarter. Royal Bank of Canada now owns 19,629 shares of the basic materials company’s stock valued at $1,249,000 after buying an additional 4,337 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Minerals Technologies by 9.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 110,044 shares of the basic materials company’s stock worth $6,995,000 after acquiring an additional 9,363 shares during the period. Jane Street Group LLC increased its holdings in Minerals Technologies by 177.6% in the 1st quarter. Jane Street Group LLC now owns 68,156 shares of the basic materials company’s stock worth $4,333,000 after acquiring an additional 43,604 shares during the last quarter. Intech Investment Management LLC raised its stake in Minerals Technologies by 30.5% in the 1st quarter. Intech Investment Management LLC now owns 18,504 shares of the basic materials company’s stock valued at $1,176,000 after acquiring an additional 4,322 shares during the period. Finally, Strs Ohio purchased a new stake in Minerals Technologies during the first quarter valued at about $70,000. 97.29% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Minerals Technologies in a report on Monday, December 22nd. Wall Street Zen lowered shares of Minerals Technologies from a “strong-buy” rating to a “buy” rating in a research report on Saturday, October 18th. Finally, Zacks Research raised shares of Minerals Technologies from a “strong sell” rating to a “hold” rating in a research report on Wednesday, January 14th. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $84.00.

Minerals Technologies Stock Performance

Shares of NYSE:MTX traded down $0.47 during midday trading on Monday, reaching $67.17. The company had a trading volume of 130,484 shares, compared to its average volume of 151,387. The stock has a market cap of $2.09 billion, a P/E ratio of -3,356.92 and a beta of 1.27. The company’s 50 day moving average price is $60.78 and its 200 day moving average price is $60.56. The company has a current ratio of 1.98, a quick ratio of 1.37 and a debt-to-equity ratio of 0.56. Minerals Technologies has a 52-week low of $49.54 and a 52-week high of $78.23.

Minerals Technologies (NYSE:MTX) last posted its quarterly earnings data on Thursday, October 23rd. The basic materials company reported $1.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.47 by $0.08. The business had revenue of $532.40 million during the quarter, compared to the consensus estimate of $531.20 million. Minerals Technologies had a negative net margin of 0.08% and a positive return on equity of 10.69%. The firm’s quarterly revenue was up 1.5% compared to the same quarter last year. During the same quarter last year, the company posted $1.51 earnings per share. As a group, sell-side analysts anticipate that Minerals Technologies will post 6.62 EPS for the current fiscal year.

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.