Minerals Technologies (NYSE:MTX) Sets New 1-Year High After Strong Earnings

Minerals Technologies Inc. (NYSE:MTX)’s stock price hit a new 52-week high during trading on Friday after the company announced better than expected quarterly earnings. The company traded as high as $78.04 and last traded at $76.87, with a volume of 21786 shares traded. The stock had previously closed at $71.18.

The basic materials company reported $1.49 earnings per share for the quarter, topping analysts’ consensus estimates of $1.27 by $0.22. The company had revenue of $534.50 million for the quarter, compared to analyst estimates of $545.55 million. Minerals Technologies had a return on equity of 10.94% and a net margin of 4.35%. The firm’s revenue for the quarter was down 2.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.14 earnings per share.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. TheStreet raised Minerals Technologies from a “c+” rating to a “b” rating in a research note on Friday, February 2nd. Seaport Res Ptn raised Minerals Technologies from a “neutral” rating to a “buy” rating in a research note on Monday, February 5th. Finally, StockNews.com raised Minerals Technologies from a “hold” rating to a “buy” rating in a research note on Thursday, February 8th. Four equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $68.50.

Insider Activity

In other news, SVP Jonathan J. Hastings sold 12,922 shares of the company’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $71.48, for a total value of $923,664.56. Following the transaction, the senior vice president now owns 53,862 shares of the company’s stock, valued at approximately $3,850,055.76. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, SVP Jonathan J. Hastings sold 12,922 shares of the company’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $71.48, for a total value of $923,664.56. Following the transaction, the senior vice president now owns 53,862 shares of the company’s stock, valued at approximately $3,850,055.76. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Dj Monagle III sold 1,180 shares of the company’s stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $74.12, for a total value of $87,461.60. Following the completion of the transaction, the insider now directly owns 81,031 shares in the company, valued at approximately $6,006,017.72. The disclosure for this sale can be found here. Corporate insiders own 3.50% of the company’s stock.

Hedge Funds Weigh In On Minerals Technologies

Hedge funds have recently bought and sold shares of the company. Parallel Advisors LLC lifted its stake in Minerals Technologies by 97.9% during the 4th quarter. Parallel Advisors LLC now owns 556 shares of the basic materials company’s stock worth $40,000 after acquiring an additional 275 shares in the last quarter. Skandinaviska Enskilda Banken AB publ acquired a new position in Minerals Technologies during the 3rd quarter worth about $44,000. Acadian Asset Management LLC acquired a new position in Minerals Technologies during the 3rd quarter worth about $58,000. International Assets Investment Management LLC lifted its stake in Minerals Technologies by 1,266.0% during the 4th quarter. International Assets Investment Management LLC now owns 1,284 shares of the basic materials company’s stock worth $92,000 after acquiring an additional 1,190 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new position in Minerals Technologies during the 4th quarter worth about $158,000. Institutional investors and hedge funds own 97.29% of the company’s stock.

Minerals Technologies Trading Up 3.5 %

The company has a 50 day moving average of $72.78 and a 200-day moving average of $66.60. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.69 and a current ratio of 2.40. The stock has a market cap of $2.38 billion, a price-to-earnings ratio of 25.50 and a beta of 1.33.

Minerals Technologies Company Profile

Minerals Technologies Inc develops, produces, and markets various mineral, mineral-based, and related systems and services. The company operates through two segments, Consumer & Specialties, and Engineered Solutions segments. The Consumer & Specialties segment offers household and personal care products, such as pet litter, personal care, fabric care, edible oil and other fluid purification, animal health, and agricultural products; and specialty additives products, including precipitated calcium carbonate and ground calcium carbonate products that are used in the paper, paperboard, and fiber based packaging industries, as well as automotive, construction, and table and food applications.