Minerals Technologies (NYSE:MTX) Stock Rating Lowered by Zacks Research

Minerals Technologies (NYSE:MTX) was downgraded by research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Wednesday, Zacks reports.

A number of other equities analysts also recently commented on the stock. Wall Street Zen downgraded shares of Minerals Technologies from a “strong-buy” rating to a “hold” rating in a report on Saturday, August 8th. Weiss Ratings lowered shares of Minerals Technologies from a “hold (c+)” rating to a “sell (d+)” rating in a research report on Monday, August 3rd. One research analyst has rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and an average target price of $90.00.

Minerals Technologies Trading Up 0.9%

MTX opened at $63.69 on Wednesday. The firm has a market cap of $1.98 billion, a price-to-earnings ratio of -29.35 and a beta of 1.12. The company has a current ratio of 1.43, a quick ratio of 1.00 and a debt-to-equity ratio of 0.60. Minerals Technologies has a 12 month low of $53.94 and a 12 month high of $84.34. The stock has a fifty day moving average price of $68.97 and a 200-day moving average price of $72.82.

Minerals Technologies (NYSE:MTX) last issued its quarterly earnings data on Thursday, July 30th. The basic materials company reported $1.60 earnings per share for the quarter, missing analysts’ consensus estimates of $1.64 by ($0.04). Minerals Technologies had a positive return on equity of 10.63% and a negative net margin of 3.13%. The company had revenue of $548.40 million for the quarter, compared to analysts’ expectations of $558.77 million. During the same quarter last year, the company earned $1.55 earnings per share. The company’s revenue for the quarter was up 3.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Minerals Technologies will post 5.92 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Minerals Technologies

Several hedge funds and other institutional investors have recently modified their holdings of MTX. QRG Capital Management Inc. raised its stake in shares of Minerals Technologies by 48.6% in the second quarter. QRG Capital Management Inc. now owns 4,488 shares of the basic materials company’s stock worth $332,000 after purchasing an additional 1,467 shares during the last quarter. Engineers Gate Manager LP boosted its position in Minerals Technologies by 97.2% in the second quarter. Engineers Gate Manager LP now owns 9,964 shares of the basic materials company’s stock valued at $737,000 after buying an additional 4,910 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new stake in Minerals Technologies in the second quarter valued at approximately $124,000. Corient Private Wealth LP acquired a new position in Minerals Technologies in the 2nd quarter worth approximately $303,000. Finally, Amundi increased its holdings in Minerals Technologies by 228.0% in the 2nd quarter. Amundi now owns 38,635 shares of the basic materials company’s stock worth $2,858,000 after buying an additional 26,855 shares during the period. 97.29% of the stock is owned by hedge funds and other institutional investors.

About Minerals Technologies

Minerals Technologies Inc (NYSE: MTX) is a global specialty minerals and materials company that develops, produces and markets engineered mineral products and related technologies. Its products are used by manufacturers in the paper, packaging, construction, food, pharmaceutical, agriculture, energy and other industrial markets.

The company’s Specialty Minerals businesses produce precipitated calcium carbonate, which is used as a paper filler and coating pigment, as well as mineral-based products for construction materials, automotive components, polymers, paints, coatings, food and other applications.