Minerals Technologies Inc. to Issue Quarterly Dividend of $0.11 (NYSE:MTX)

Minerals Technologies Inc. (NYSE:MTX) announced a quarterly dividend on Wednesday, July 16th, RTT News reports. Investors of record on Friday, August 15th will be paid a dividend of 0.11 per share by the basic materials company on Friday, September 5th. This represents a $0.44 annualized dividend and a yield of 0.77%.

Minerals Technologies has a payout ratio of 6.9% indicating that its dividend is sufficiently covered by earnings. Analysts expect Minerals Technologies to earn $7.54 per share next year, which means the company should continue to be able to cover its $0.44 annual dividend with an expected future payout ratio of 5.8%.

Minerals Technologies Price Performance

NYSE:MTX opened at $57.03 on Wednesday. Minerals Technologies has a 52-week low of $49.54 and a 52-week high of $90.30. The company has a quick ratio of 1.31, a current ratio of 1.89 and a debt-to-equity ratio of 0.59. The firm has a market cap of $1.81 billion, a P/E ratio of -74.06 and a beta of 1.20. The business’s 50-day moving average price is $57.22 and its 200 day moving average price is $63.56.

Minerals Technologies (NYSE:MTX) last released its earnings results on Thursday, April 24th. The basic materials company reported $1.14 EPS for the quarter, missing the consensus estimate of $1.16 by ($0.02). The business had revenue of $491.80 million for the quarter, compared to analyst estimates of $502.03 million. Minerals Technologies had a negative net margin of 1.14% and a positive return on equity of 10.90%. The firm’s revenue for the quarter was down 8.0% on a year-over-year basis. During the same period in the prior year, the company earned $1.49 earnings per share. As a group, sell-side analysts predict that Minerals Technologies will post 6.62 earnings per share for the current fiscal year.

Insider Transactions at Minerals Technologies

In related news, CFO Erik Aldag purchased 1,000 shares of the stock in a transaction dated Wednesday, April 30th. The shares were acquired at an average cost of $50.37 per share, for a total transaction of $50,370.00. Following the acquisition, the chief financial officer directly owned 4,245 shares in the company, valued at approximately $213,820.65. The trade was a 30.82% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Kristina M. Johnson purchased 1,000 shares of the company’s stock in a transaction dated Friday, May 2nd. The stock was bought at an average cost of $53.79 per share, for a total transaction of $53,790.00. Following the completion of the purchase, the director directly owned 1,400 shares of the company’s stock, valued at $75,306. The trade was a 250.00% increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 2,370 shares of company stock worth $124,255 in the last quarter. 3.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Strs Ohio bought a new stake in Minerals Technologies during the first quarter valued at about $70,000. Intech Investment Management LLC lifted its position in shares of Minerals Technologies by 30.5% during the 1st quarter. Intech Investment Management LLC now owns 18,504 shares of the basic materials company’s stock worth $1,176,000 after purchasing an additional 4,322 shares during the last quarter. Royal Bank of Canada boosted its stake in Minerals Technologies by 28.4% during the 1st quarter. Royal Bank of Canada now owns 19,629 shares of the basic materials company’s stock valued at $1,249,000 after purchasing an additional 4,337 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Minerals Technologies by 9.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 110,044 shares of the basic materials company’s stock valued at $6,995,000 after buying an additional 9,363 shares during the last quarter. Finally, Jane Street Group LLC increased its position in Minerals Technologies by 177.6% in the 1st quarter. Jane Street Group LLC now owns 68,156 shares of the basic materials company’s stock worth $4,333,000 after buying an additional 43,604 shares during the period. 97.29% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have weighed in on MTX. Wall Street Zen cut shares of Minerals Technologies from a “buy” rating to a “hold” rating in a research report on Wednesday, April 9th. Truist Financial decreased their target price on Minerals Technologies from $92.00 to $80.00 and set a “buy” rating for the company in a research report on Monday, April 28th.

About Minerals Technologies

Minerals Technologies Inc develops, produces, and markets various mineral, mineral-based, and related systems and services. The company operates through two segments, Consumer & Specialties, and Engineered Solutions segments. The Consumer & Specialties segment offers household and personal care products, such as pet litter, personal care, fabric care, edible oil and other fluid purification, animal health, and agricultural products; and specialty additives products, including precipitated calcium carbonate and ground calcium carbonate products that are used in the paper, paperboard, and fiber based packaging industries, as well as automotive, construction, and table and food applications.