Minerals Technologies Inc. (NYSE:MTX – Get Rating) saw a large growth in short interest during the month of September. As of September 15th, there was short interest totalling 689,600 shares, a growth of 22.3% from the August 31st total of 564,000 shares. Based on an average trading volume of 274,200 shares, the days-to-cover ratio is currently 2.5 days. Currently, 2.2% of the shares of the stock are short sold.
Insider Buying and Selling at Minerals Technologies
In other Minerals Technologies news, insider Dj Monagle III sold 19,673 shares of the business's stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $63.36, for a total transaction of $1,246,481.28. Following the sale, the insider now owns 72,402 shares in the company, valued at approximately $4,587,390.72. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Minerals Technologies news, insider Dj Monagle III sold 19,673 shares of the business's stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $63.36, for a total transaction of $1,246,481.28. Following the sale, the insider now owns 72,402 shares in the company, valued at approximately $4,587,390.72. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Michael Cipolla sold 6,356 shares of the business's stock in a transaction dated Thursday, August 11th. The stock was sold at an average price of $64.27, for a total value of $408,500.12. Following the sale, the vice president now owns 32,286 shares in the company, valued at approximately $2,075,021.22. The disclosure for this sale can be found here. In the last three months, insiders sold 54,067 shares of company stock valued at $3,404,799. 3.20% of the stock is owned by insiders.
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Institutional Investors Weigh In On Minerals Technologies
Several large investors have recently made changes to their positions in MTX. Franklin Resources Inc. grew its stake in shares of Minerals Technologies by 19.1% in the 2nd quarter. Franklin Resources Inc. now owns 2,045,335 shares of the basic materials company's stock valued at $125,460,000 after buying an additional 327,918 shares in the last quarter. Eaton Vance Management boosted its position in Minerals Technologies by 21.2% during the first quarter. Eaton Vance Management now owns 994,955 shares of the basic materials company's stock worth $65,816,000 after purchasing an additional 174,127 shares during the period. Hancock Whitney Corp bought a new stake in Minerals Technologies during the first quarter worth approximately $11,155,000. Millennium Management LLC boosted its position in Minerals Technologies by 324.6% during the second quarter. Millennium Management LLC now owns 189,173 shares of the basic materials company's stock worth $11,604,000 after purchasing an additional 144,616 shares during the period. Finally, American Century Companies Inc. boosted its position in Minerals Technologies by 12.4% during the first quarter. American Century Companies Inc. now owns 1,143,759 shares of the basic materials company's stock worth $75,660,000 after purchasing an additional 125,830 shares during the period. Institutional investors own 96.13% of the company's stock.
Minerals Technologies Stock Down 1.2 %
Shares of MTX traded down $0.61 during trading hours on Friday, reaching $49.41. The company's stock had a trading volume of 337,130 shares, compared to its average volume of 615,338. The firm has a market cap of $1.61 billion, a price-to-earnings ratio of 9.61 and a beta of 1.28. Minerals Technologies has a 1-year low of $49.38 and a 1-year high of $79.03. The company has a quick ratio of 1.56, a current ratio of 2.29 and a debt-to-equity ratio of 0.60. The company has a 50 day moving average of $60.47 and a two-hundred day moving average of $62.61.
Minerals Technologies (NYSE:MTX – Get Rating) last issued its earnings results on Thursday, July 28th. The basic materials company reported $1.50 earnings per share for the quarter, beating analysts' consensus estimates of $1.46 by $0.04. The company had revenue of $577.00 million for the quarter, compared to the consensus estimate of $533.65 million. Minerals Technologies had a return on equity of 11.44% and a net margin of 8.46%. The firm's quarterly revenue was up 26.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.29 EPS. As a group, research analysts predict that Minerals Technologies will post 5.52 EPS for the current fiscal year.
Minerals Technologies Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, September 9th. Investors of record on Friday, August 19th were paid a $0.05 dividend. The ex-dividend date of this dividend was Thursday, August 18th. This represents a $0.20 annualized dividend and a dividend yield of 0.40%. Minerals Technologies's payout ratio is 3.89%.
Analyst Upgrades and Downgrades
MTX has been the topic of a number of research reports. StockNews.com downgraded Minerals Technologies from a "buy" rating to a "hold" rating in a report on Tuesday, June 28th. CL King downgraded Minerals Technologies from a "buy" rating to a "neutral" rating in a report on Tuesday, August 30th.
About Minerals Technologies
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Minerals Technologies Inc develops, produces, and markets various specialty mineral, mineral-based, and synthetic mineral products, and supporting systems and services. The company operates through three segments: Performance Materials, Specialty Minerals and Refractories. The Performance Materials segment supplies bentonite and bentonite-related products, as well as leonardite.
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