Bank of New York Mellon Corp Increases Holdings in Materion Corp (MTRN)
Bank of New York Mellon Corp raised its stake in shares of Materion Corp (NYSE:MTRN) by 4.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 322,991 shares of the basic materials company’s stock after buying an additional 12,600 shares during the period. Bank of New York Mellon Corp owned about 1.60% of Materion worth $17,490,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Rhumbline Advisers lifted its holdings in shares of Materion by 2.0% in the 2nd quarter. Rhumbline Advisers now owns 57,009 shares of the basic materials company’s stock valued at $3,087,000 after acquiring an additional 1,123 shares during the last quarter. Engineers Gate Manager LP bought a new position in shares of Materion in the 2nd quarter valued at about $538,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in shares of Materion in the 2nd quarter valued at about $231,000. KBC Group NV purchased a new stake in Materion in the 2nd quarter worth about $321,000. Finally, Perkins Capital Management Inc. purchased a new stake in Materion in the 2nd quarter worth about $693,000. Institutional investors and hedge funds own 90.66% of the company’s stock.
A number of analysts recently weighed in on the stock. Zacks Investment Research raised shares of Materion from a “hold” rating to a “buy” rating and set a $60.00 price objective on the stock in a research report on Wednesday, June 27th. ValuEngine lowered shares of Materion from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 21st. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $58.50.
Materion stock opened at $59.20 on Tuesday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.69 and a current ratio of 3.48. Materion Corp has a 1-year low of $37.97 and a 1-year high of $65.10. The stock has a market capitalization of $1.20 billion, a P/E ratio of 34.42 and a beta of 0.96.
Materion (NYSE:MTRN) last posted its quarterly earnings data on Thursday, July 26th. The basic materials company reported $0.54 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.51 by $0.03. Materion had a net margin of 1.88% and a return on equity of 8.30%. The company had revenue of $309.10 million for the quarter, compared to analyst estimates of $311.90 million. During the same period in the prior year, the company posted $0.42 EPS. The firm’s revenue for the quarter was up 4.5% on a year-over-year basis. sell-side analysts expect that Materion Corp will post 2.14 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 5th. Investors of record on Tuesday, August 21st were given a $0.105 dividend. This represents a $0.42 dividend on an annualized basis and a yield of 0.71%. The ex-dividend date of this dividend was Monday, August 20th. Materion’s dividend payout ratio (DPR) is currently 24.42%.
Materion Corporation manufactures and sells advanced engineered materials used in consumer electronics, industrial components, defense, medical, automotive electronics, telecommunications infrastructure, energy, commercial aerospace, science, services, and appliance markets worldwide. The company operates through Performance Alloys and Composites, Advanced Materials, and Precision Coatings segments.
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