Fifth Third Bancorp Increases Position in Minerals Technologies Inc. $MTX

Fifth Third Bancorp increased its position in shares of Minerals Technologies Inc. (NYSE:MTX) by 10,630.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,130 shares of the basic materials company’s stock after purchasing an additional 14,989 shares during the period. Fifth Third Bancorp’s holdings in Minerals Technologies were worth $1,073,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Isthmus Partners LLC increased its stake in Minerals Technologies by 5.9% in the 1st quarter. Isthmus Partners LLC now owns 47,596 shares of the basic materials company’s stock worth $3,376,000 after buying an additional 2,669 shares in the last quarter. DGS Capital Management LLC bought a new stake in Minerals Technologies during the first quarter valued at about $218,000. QRG Capital Management Inc. purchased a new position in shares of Minerals Technologies in the first quarter valued at about $214,000. Strs Ohio lifted its position in shares of Minerals Technologies by 184.4% in the first quarter. Strs Ohio now owns 12,800 shares of the basic materials company’s stock valued at $908,000 after acquiring an additional 8,300 shares in the last quarter. Finally, Louisiana State Employees Retirement System bought a new position in shares of Minerals Technologies in the first quarter worth about $979,000. Institutional investors own 97.29% of the company’s stock.

Analyst Upgrades and Downgrades

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

Minerals Technologies Price Performance

Shares of MTX stock opened at $74.49 on Friday. The stock has a 50 day moving average price of $75.77 and a 200 day moving average price of $72.40. Minerals Technologies Inc. has a 52-week low of $53.94 and a 52-week high of $84.34. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.47 and a current ratio of 2.13. The firm has a market capitalization of $2.31 billion, a P/E ratio of 14.41 and a beta of 1.15.

Minerals Technologies (NYSE:MTX) last announced its quarterly earnings data on Thursday, April 30th. The basic materials company reported $1.38 EPS for the quarter, beating 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 for the quarter, compared to the consensus estimate of $516.39 million. During the same quarter in the prior year, the company posted $1.14 EPS. Minerals Technologies’s quarterly revenue was up 11.2% on a year-over-year basis. As a group, sell-side analysts predict that Minerals Technologies Inc. will post 6.34 earnings per share for the current year.

Minerals Technologies Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 4th. Stockholders of record on Friday, August 14th will be issued a $0.12 dividend. The ex-dividend date is Friday, August 14th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.6%. Minerals Technologies’s dividend payout ratio is presently 9.28%.

Insider Activity at Minerals Technologies

In related news, VP Timothy Jordan sold 6,000 shares of the firm’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $80.27, for a total value of $481,620.00. Following the transaction, the vice president owned 1,279 shares of the company’s stock, valued at $102,665.33. This trade represents a 82.43% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 3.70% of the company’s stock.

Minerals Technologies Profile

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.