Minerals Technologies (NYSE:MTX) Shares Cross Above Two Hundred Day Moving Average – Here’s Why

Minerals Technologies Inc. (NYSE:MTX)’s stock price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $71.94 and traded as high as $75.59. Minerals Technologies shares last traded at $75.2450, with a volume of 147,440 shares traded.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on MTX shares. Weiss Ratings upgraded Minerals Technologies from a “sell (d+)” rating to a “hold (c+)” rating in a research report on Wednesday, May 6th. Seaport Research Partners reaffirmed a “buy” rating on shares of Minerals Technologies in a report on Monday, May 4th. Truist Financial increased their price target on shares of Minerals Technologies from $89.00 to $90.00 and gave the stock a “buy” rating in a report on Monday, May 4th. Finally, Wall Street Zen upgraded shares of Minerals Technologies from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 4th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $90.00.

Minerals Technologies Price Performance

The business has a 50 day simple moving average of $76.50 and a two-hundred day simple moving average of $71.94. The firm has a market capitalization of $2.33 billion, a P/E ratio of 14.55 and a beta of 1.15. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.47 and a current ratio of 2.13.

Minerals Technologies (NYSE:MTX) last issued its quarterly earnings data on Thursday, April 30th. The basic materials company reported $1.38 EPS for the quarter, topping the consensus estimate of $1.26 by $0.12. Minerals Technologies had a return on equity of 10.40% and a net margin of 7.60%.The company had revenue of $546.90 million during the quarter, compared to analyst estimates of $516.39 million. During the same quarter in the previous year, the firm earned $1.14 earnings per share. Minerals Technologies’s revenue was up 11.2% on a year-over-year basis. On average, sell-side analysts expect that Minerals Technologies Inc. will post 6.33 EPS for the current fiscal year.

Minerals Technologies Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 18th. Investors of record on Tuesday, June 2nd were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend was Tuesday, June 2nd. Minerals Technologies’s dividend payout ratio is currently 9.28%.

Insider Transactions at Minerals Technologies

In other news, VP Timothy Jordan sold 6,000 shares of the company’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $80.27, for a total value of $481,620.00. Following the completion of the transaction, the vice president directly owned 1,279 shares in the company, valued at approximately $102,665.33. This represents a 82.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 3.70% of the stock is currently owned by company insiders.

Institutional Trading of Minerals Technologies

Hedge funds and other institutional investors have recently bought and sold shares of the company. Parallel Advisors LLC raised its stake in shares of Minerals Technologies by 36.0% during the first quarter. Parallel Advisors LLC now owns 552 shares of the basic materials company’s stock worth $39,000 after acquiring an additional 146 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Minerals Technologies by 626.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 596 shares of the basic materials company’s stock valued at $33,000 after purchasing an additional 514 shares during the last quarter. Versant Capital Management Inc raised its position in Minerals Technologies by 87.3% in the 2nd quarter. Versant Capital Management Inc now owns 798 shares of the basic materials company’s stock worth $59,000 after purchasing an additional 372 shares during the period. Torren Management LLC purchased a new position in Minerals Technologies in the 4th quarter worth $50,000. Finally, Danske Bank A S bought a new stake in Minerals Technologies in the third quarter worth $56,000. Hedge funds and other institutional investors own 97.29% of the company’s stock.

About Minerals Technologies

Minerals Technologies Inc develops, produces and processes a broad range of mineral-based products and solutions that serve a variety of industrial applications. Its offerings include bentonite, perlite, precipitated calcium carbonate (PCC), mineral sands, foundry additives, performance minerals and specialty chemicals designed to enhance performance in markets such as paper, steel, construction, oil and gas, environmental remediation and consumer products.

The company operates through several business segments, including Specialty Minerals, Refractory Minerals, Performance Materials and Recycled Materials.