Zacks: Analysts Set $77.00 Price Target for Minerals Technologies Inc. (MTX)
Minerals Technologies Inc. (NYSE:MTX) has earned an average broker rating score of 2.00 (Buy) from the four brokers that provide coverage for the company, Zacks Investment Research reports. Two investment analysts have rated the stock with a hold recommendation and two have given a strong buy recommendation to the company.
Brokerages have set a twelve-month consensus price target of $77.00 for the company and are expecting that the company will post $1.17 earnings per share for the current quarter, according to Zacks. Zacks has also assigned Minerals Technologies an industry rank of 66 out of 265 based on the ratings given to its competitors.
A number of brokerages have issued reports on MTX. Zacks Investment Research lowered Minerals Technologies from a “hold” rating to a “sell” rating in a research report on Thursday, August 10th. ValuEngine lowered Minerals Technologies from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th.
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In other Minerals Technologies news, insider Dj Monagle III sold 25,639 shares of the business’s stock in a transaction that occurred on Tuesday, September 26th. The stock was sold at an average price of $70.03, for a total value of $1,795,499.17. Following the sale, the insider now owns 39,579 shares of the company’s stock, valued at $2,771,717.37. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.20% of the stock is owned by insiders.
Large investors have recently bought and sold shares of the business. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Minerals Technologies by 9.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,471 shares of the basic materials company’s stock worth $108,000 after acquiring an additional 125 shares in the last quarter. Victory Capital Management Inc. grew its stake in shares of Minerals Technologies by 41.5% in the first quarter. Victory Capital Management Inc. now owns 1,747 shares of the basic materials company’s stock worth $134,000 after acquiring an additional 512 shares in the last quarter. Riverhead Capital Management LLC grew its stake in shares of Minerals Technologies by 69.0% in the second quarter. Riverhead Capital Management LLC now owns 2,197 shares of the basic materials company’s stock worth $161,000 after acquiring an additional 897 shares in the last quarter. Quantbot Technologies LP grew its stake in shares of Minerals Technologies by 93.0% in the second quarter. Quantbot Technologies LP now owns 2,349 shares of the basic materials company’s stock worth $171,000 after acquiring an additional 1,132 shares in the last quarter. Finally, First Mercantile Trust Co. grew its stake in shares of Minerals Technologies by 1.7% in the second quarter. First Mercantile Trust Co. now owns 2,420 shares of the basic materials company’s stock worth $177,000 after acquiring an additional 40 shares in the last quarter. Institutional investors and hedge funds own 94.46% of the company’s stock.
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 the Thomson Reuters’ consensus estimate of $1.17 by $0.02. The firm had revenue of $424.40 million for the quarter, compared to analyst estimates of $404.80 million. Minerals Technologies had a net margin of 9.62% and a return on equity of 15.04%. The business’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.17 EPS.
Minerals Technologies announced that its Board of Directors has initiated a share repurchase plan on Thursday, September 21st that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the basic materials company to buy up to 6.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
Minerals Technologies Company 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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