Stock Buyback Plan Initiated by Minerals Technologies (MTX) Board of Directors
Minerals Technologies (NYSE:MTX) declared that its board has initiated a share buyback plan, which allows the company to buyback $150.00 million in shares on Thursday, September 21st, EventVestor reports. This buyback authorization allows the basic materials company to buy up to 6.1% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
MTX has been the subject of a number of research analyst reports. BidaskClub lowered Minerals Technologies from a “sell” rating to a “strong sell” rating in a research report on Saturday, June 17th. Zacks Investment Research raised Minerals Technologies from a “sell” rating to a “hold” rating in a research report on Tuesday, July 11th. Finally, ValuEngine lowered Minerals Technologies from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th.
Shares of Minerals Technologies (MTX) opened at 70.55 on Friday. The company has a market capitalization of $2.48 billion, a price-to-earnings ratio of 16.05 and a beta of 2.21. Minerals Technologies has a 12 month low of $62.55 and a 12 month high of $83.85. The firm’s 50-day moving average price is $65.42 and its 200-day moving average price is $72.02.
Minerals Technologies (NYSE:MTX) last released its quarterly earnings results on Thursday, August 3rd. The basic materials company reported $1.23 EPS for the quarter, missing the consensus estimate of $1.24 by ($0.01). Minerals Technologies had a return on equity of 15.04% and a net margin of 9.62%. The firm had revenue of $414.10 million for the quarter, compared to analysts’ expectations of $427.21 million. Equities research analysts expect that Minerals Technologies will post $4.59 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 7th. Stockholders of record on Friday, August 25th were given a dividend of $0.05 per share. The ex-dividend date was Wednesday, August 23rd. This represents a $0.20 annualized dividend and a dividend yield of 0.28%. Minerals Technologies’s dividend payout ratio is currently 4.55%.
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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