Schwab Charles Investment Management Inc. Has $14.86 Million Stake in Minerals Technologies Inc (MTX)
Schwab Charles Investment Management Inc. increased its stake in shares of Minerals Technologies Inc (NYSE:MTX) by 6.3% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 210,273 shares of the basic materials company’s stock after acquiring an additional 12,525 shares during the period. Schwab Charles Investment Management Inc. owned 0.59% of Minerals Technologies worth $14,856,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Minerals Technologies by 9.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,471 shares of the basic materials company’s stock valued at $108,000 after purchasing an additional 125 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of Minerals Technologies by 17.6% in the 2nd quarter. Victory Capital Management Inc. now owns 2,054 shares of the basic materials company’s stock valued at $150,000 after acquiring an additional 307 shares during the last quarter. Riverhead Capital Management LLC lifted its stake in shares of Minerals Technologies by 69.0% in the 2nd quarter. Riverhead Capital Management LLC now owns 2,197 shares of the basic materials company’s stock valued at $161,000 after acquiring an additional 897 shares during the last quarter. Quantbot Technologies LP raised its position in Minerals Technologies by 93.0% during the 2nd quarter. Quantbot Technologies LP now owns 2,349 shares of the basic materials company’s stock worth $171,000 after purchasing an additional 1,132 shares during the last quarter. Finally, Teacher Retirement System of Texas raised its position in Minerals Technologies by 2.6% during the 2nd quarter. Teacher Retirement System of Texas now owns 2,802 shares of the basic materials company’s stock worth $205,000 after purchasing an additional 71 shares during the last quarter. 94.16% of the stock is currently owned by institutional investors and hedge funds.
In related news, insider Dj Monagle III sold 25,639 shares of Minerals Technologies stock in a transaction dated Tuesday, September 26th. The shares were sold at an average price of $70.03, for a total transaction of $1,795,499.17. Following the completion of the sale, the insider now owns 39,579 shares in the company, valued at approximately $2,771,717.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.20% of the company’s stock.
Minerals Technologies Inc (MTX) opened at $68.60 on Friday. The firm has a market cap of $2,410.00, a P/E ratio of 15.66 and a beta of 2.25. The company has a quick ratio of 1.98, a current ratio of 2.66 and a debt-to-equity ratio of 0.82. Minerals Technologies Inc has a one year low of $62.55 and a one year high of $83.85.
Minerals Technologies (NYSE:MTX) last released its quarterly earnings results on Thursday, November 2nd. The basic materials company reported $1.19 EPS for the quarter, beating analysts’ consensus estimates of $1.17 by $0.02. The firm had revenue of $424.40 million during the quarter, compared to analyst estimates of $404.80 million. Minerals Technologies had a net margin of 9.48% and a return on equity of 14.59%. The business’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same period in the previous year, the business earned $1.17 EPS. equities analysts predict that Minerals Technologies Inc will post 4.57 earnings per share for the current fiscal year.
Minerals Technologies announced that its board has approved a stock repurchase plan on Thursday, September 21st that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the basic materials company to buy up to 6.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
The business also recently announced a quarterly dividend, which was paid on Friday, December 8th. Investors of record on Monday, November 27th were paid a dividend of $0.05 per share. The ex-dividend date of this dividend was Friday, November 24th. This represents a $0.20 annualized dividend and a yield of 0.29%. Minerals Technologies’s payout ratio is 4.57%.
Several equities analysts have commented on the stock. Zacks Investment Research raised shares of Minerals Technologies from a “sell” rating to a “hold” rating in a research report on Wednesday, October 25th. KeyCorp reaffirmed a “hold” rating on shares of Minerals Technologies in a report on Monday, November 6th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $80.00.
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Minerals Technologies Profile
Minerals Technologies Inc is a resource- and technology-based company that develops, produces and markets a range of specialty mineral, mineral-based and synthetic mineral products and related systems and services around the world. It operates through four segments. The Specialty Minerals segment produces and sells the synthetic mineral product precipitated calcium carbonate (PCC), mines mineral ores, and processes and sells natural mineral products, primarily limestone and talc.
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