115,799 Shares in Minerals Technologies Inc. $MTX Purchased by Invenomic Capital Management LP

Invenomic Capital Management LP bought a new position in shares of Minerals Technologies Inc. (NYSE:MTX) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm bought 115,799 shares of the basic materials company’s stock, valued at approximately $7,058,000. Invenomic Capital Management LP owned approximately 0.37% of Minerals Technologies as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the company. Gotham Asset Management LLC increased its position in shares of Minerals Technologies by 2.5% during the 4th quarter. Gotham Asset Management LLC now owns 11,841 shares of the basic materials company’s stock worth $722,000 after purchasing an additional 285 shares in the last quarter. Caption Management LLC increased its position in shares of Minerals Technologies by 102.7% during the 4th quarter. Caption Management LLC now owns 5,375 shares of the basic materials company’s stock worth $328,000 after purchasing an additional 205,375 shares in the last quarter. Bridgeway Capital Management LLC acquired a new stake in shares of Minerals Technologies during the 4th quarter worth about $1,096,000. Guggenheim Capital LLC acquired a new stake in shares of Minerals Technologies during the 4th quarter worth about $207,000. Finally, Cetera Investment Advisers increased its position in shares of Minerals Technologies by 3.8% during the 4th quarter. Cetera Investment Advisers now owns 8,668 shares of the basic materials company’s stock worth $528,000 after purchasing an additional 315 shares in the last quarter. Institutional investors and hedge funds own 97.29% of the company’s stock.

Wall Street Analyst Weigh In

MTX has been the topic of a number of research analyst reports. Truist Financial increased their price objective on shares of Minerals Technologies from $89.00 to $90.00 and gave the stock a “buy” rating in a report on Monday, May 4th. Weiss Ratings raised shares of Minerals Technologies from a “sell (d+)” rating to a “hold (c+)” rating in a report on Wednesday, May 6th. Seaport Research Partners reissued a “buy” rating on shares of Minerals Technologies in a report on Monday, May 4th. Finally, Wall Street Zen lowered shares of Minerals Technologies from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 13th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $90.00.

Minerals Technologies Stock Down 1.3%

Shares of NYSE:MTX opened at $76.97 on Thursday. Minerals Technologies Inc. has a 12 month low of $53.10 and a 12 month high of $84.34. The company’s 50-day moving average price is $75.51 and its two-hundred day moving average price is $69.75. The company has a quick ratio of 1.47, a current ratio of 2.13 and a debt-to-equity ratio of 0.54. The firm has a market cap of $2.39 billion, a P/E ratio of 14.89 and a beta of 1.13.

Minerals Technologies (NYSE:MTX) last issued its quarterly earnings data on Thursday, April 30th. The basic materials company reported $1.38 EPS for the quarter, topping analysts’ consensus estimates of $1.26 by $0.12. Minerals Technologies had a net margin of 7.60% and a return on equity of 10.40%. The firm had revenue of $546.90 million for the quarter, compared to analyst estimates of $516.39 million. During the same quarter in the prior year, the firm earned $1.14 EPS. The company’s revenue was up 11.2% on a year-over-year basis. As a group, research analysts forecast that Minerals Technologies Inc. will post 6.33 EPS for the current fiscal year.

Minerals Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 18th. Stockholders of record on Tuesday, June 2nd will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend is Tuesday, June 2nd. Minerals Technologies’s dividend payout ratio (DPR) is 9.28%.

Insider Activity

In other news, VP Timothy Jordan sold 6,000 shares of the firm’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $80.27, for a total value of $481,620.00. Following the transaction, the vice president owned 1,279 shares of the company’s stock, valued at approximately $102,665.33. This trade represents a 82.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 3.70% of the company’s stock.

Minerals Technologies Profile

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.