Minerals Technologies Inc. (MTX) Issues Quarterly Earnings Results, Beats Estimates By $0.02 EPS
Minerals Technologies Inc. (NYSE:MTX) released its quarterly earnings results on Thursday. The basic materials company reported $1.19 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.17 by $0.02, Bloomberg Earnings reports. The company had revenue of $424.40 million during the quarter, compared to analyst estimates of $404.80 million. Minerals Technologies had a return on equity of 15.04% and a net margin of 9.62%. The firm’s revenue was up 6.2% on a year-over-year basis. During the same quarter last year, the business posted $1.17 earnings per share.
Shares of Minerals Technologies (NYSE MTX) traded down $0.85 during trading hours on Friday, hitting $71.05. The company’s stock had a trading volume of 113,405 shares, compared to its average volume of 119,006. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.70 and a quick ratio of 1.98. The firm has a market cap of $2.52 billion, a PE ratio of 15.76 and a beta of 2.26.
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Several research analysts have issued reports on MTX shares. 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.
In related news, insider Dj Monagle III sold 25,639 shares of the business’s stock in a transaction on Tuesday, September 26th. The stock was sold at an average price of $70.03, for a total transaction of $1,795,499.17. Following the sale, the insider now directly owns 39,579 shares in the company, valued at approximately $2,771,717.37. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 2.20% of the company’s stock.
Minerals Technologies declared that its Board of Directors has initiated a stock buyback plan on Thursday, September 21st that allows the company to buyback $150.00 million in shares. This buyback authorization allows the basic materials company to reacquire up to 6.1% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
About Minerals Technologies
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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