Minerals Technologies (NYSE:MTX) Price Target Raised to $89.00 at Truist Financial

Minerals Technologies (NYSE:MTX) had its price objective boosted by research analysts at Truist Financial from $84.00 to $89.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the basic materials company’s stock. Truist Financial’s target price would indicate a potential upside of 32.27% from the company’s previous close.

Several other research firms have also recently issued reports on MTX. Wall Street Zen cut shares of Minerals Technologies from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 18th. Zacks Research upgraded shares of Minerals Technologies from a “strong sell” rating to a “hold” rating in a research report on Wednesday, January 14th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Minerals Technologies in a research report on Monday, December 22nd. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Minerals Technologies currently has a consensus rating of “Hold” and an average target price of $89.00.

Minerals Technologies Price Performance

Shares of NYSE:MTX traded up $1.53 on Monday, hitting $67.29. The company’s stock had a trading volume of 2,650 shares, compared to its average volume of 183,838. Minerals Technologies has a 1 year low of $49.54 and a 1 year high of $76.96. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.08 and a quick ratio of 1.45. The company has a 50-day simple moving average of $62.72 and a 200 day simple moving average of $61.17. The company has a market capitalization of $2.09 billion, a PE ratio of -131.93 and a beta of 1.27.

Minerals Technologies (NYSE:MTX) last posted its quarterly earnings results on Thursday, January 29th. The basic materials company reported $1.27 earnings per share for the quarter, missing the consensus estimate of $1.28 by ($0.01). The business had revenue of $519.50 million during the quarter, compared to the consensus estimate of $517.83 million. Minerals Technologies had a positive return on equity of 10.22% and a negative net margin of 0.89%.The company’s revenue for the quarter was up .3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.28 earnings per share. Sell-side analysts forecast that Minerals Technologies will post 6.62 EPS for the current fiscal year.

Insider Buying and Selling at Minerals Technologies

In other news, insider Dj Monagle III sold 23,093 shares of the stock in a transaction that occurred on Monday, December 29th. The stock was sold at an average price of $61.90, for a total value of $1,429,456.70. Following the completion of the sale, the insider directly owned 84,349 shares of the company’s stock, valued at approximately $5,221,203.10. This represents a 21.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Brett Argirakis sold 6,501 shares of the 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 sale, the insider owned 27,602 shares of the company’s stock, valued at approximately $1,619,685.36. This represents a 19.06% decrease in their position. The disclosure for this sale is available in the SEC filing. 3.50% of the stock is owned by insiders.

Institutional Trading of Minerals Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Horizon Investments LLC grew its position in Minerals Technologies by 14.1% in the 4th quarter. Horizon Investments LLC now owns 10,175 shares of the basic materials company’s stock worth $620,000 after purchasing an additional 1,260 shares in the last quarter. Torren Management LLC bought a new stake in shares of Minerals Technologies during the 4th quarter valued at $50,000. UBS Group AG lifted its holdings in shares of Minerals Technologies by 49.5% during the fourth quarter. UBS Group AG now owns 38,541 shares of the basic materials company’s stock valued at $2,349,000 after purchasing an additional 12,761 shares in the last quarter. Sanctuary Advisors LLC raised its stake in shares of Minerals Technologies by 8.4% in the fourth quarter. Sanctuary Advisors LLC now owns 5,067 shares of the basic materials company’s stock worth $309,000 after buying an additional 394 shares during the period. Finally, First Horizon Corp boosted its position in shares of Minerals Technologies by 120.9% during the 4th quarter. First Horizon Corp now owns 1,228 shares of the basic materials company’s stock valued at $75,000 after acquiring an additional 672 shares during the last quarter. 97.29% of the stock is currently owned by institutional investors.

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.