ProShare Advisors LLC Sells 1,831 Shares of Minerals Technologies Inc. (MTX)
ProShare Advisors LLC decreased its holdings in shares of Minerals Technologies Inc. (NYSE:MTX) by 19.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,710 shares of the basic materials company’s stock after selling 1,831 shares during the quarter. ProShare Advisors LLC’s holdings in Minerals Technologies were worth $564,000 as of its most recent SEC filing.
A number of other institutional investors have also added to or reduced their stakes in the stock. BlackRock Inc. raised its stake in shares of Minerals Technologies by 19,626.2% in the first quarter. BlackRock Inc. now owns 3,587,805 shares of the basic materials company’s stock valued at $274,825,000 after acquiring an additional 3,569,617 shares during the period. Vanguard Group Inc. raised its stake in shares of Minerals Technologies by 6.0% in the first quarter. Vanguard Group Inc. now owns 2,912,740 shares of the basic materials company’s stock valued at $223,116,000 after acquiring an additional 163,884 shares during the period. State Street Corp raised its stake in shares of Minerals Technologies by 2.6% in the first quarter. State Street Corp now owns 1,116,334 shares of the basic materials company’s stock valued at $85,513,000 after acquiring an additional 28,176 shares during the period. Macquarie Group Ltd. raised its stake in shares of Minerals Technologies by 16.3% in the first quarter. Macquarie Group Ltd. now owns 897,356 shares of the basic materials company’s stock valued at $68,737,000 after acquiring an additional 125,664 shares during the period. Finally, Wellington Management Group LLP raised its stake in shares of Minerals Technologies by 8.0% in the first quarter. Wellington Management Group LLP now owns 752,296 shares of the basic materials company’s stock valued at $57,625,000 after acquiring an additional 55,415 shares during the period. 94.41% of the stock is currently owned by institutional investors.
Shares of Minerals Technologies Inc. (NYSE MTX) opened at 72.90 on Thursday. The stock has a market cap of $2.56 billion, a P/E ratio of 16.58 and a beta of 2.23. The stock has a 50 day moving average of $66.69 and a 200 day moving average of $71.80. Minerals Technologies Inc. has a 52 week low of $62.55 and a 52 week high of $83.85.
Minerals Technologies (NYSE:MTX) last announced its quarterly earnings results on Thursday, August 3rd. The basic materials company reported $1.23 earnings per share for the quarter, missing the consensus estimate of $1.24 by ($0.01). The firm had revenue of $414.10 million for the quarter, compared to analyst estimates of $427.21 million. Minerals Technologies had a net margin of 9.62% and a return on equity of 15.04%. On average, analysts expect that Minerals Technologies Inc. will post $4.59 earnings per share 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 of this dividend was Wednesday, August 23rd. This represents a $0.20 annualized dividend and a dividend yield of 0.27%. Minerals Technologies’s payout ratio is 4.55%.
Minerals Technologies declared that its Board of Directors has authorized a stock repurchase plan on Thursday, September 21st that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the basic materials company to buy up to 6.1% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its stock is undervalued.
In other news, insider Dj Monagle III sold 25,639 shares of the business’s stock in a transaction dated Tuesday, September 26th. The shares were sold at an average price of $70.03, for a total transaction of $1,795,499.17. Following the transaction, the insider now owns 39,579 shares of the company’s stock, valued at approximately $2,771,717.37. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 2.20% of the company’s stock.
Several equities research analysts have recently weighed in on the stock. Zacks Investment Research raised shares of Minerals Technologies from a “sell” rating to a “hold” rating in a research note on Friday, September 15th. ValuEngine downgraded shares of Minerals Technologies from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. Finally, BidaskClub downgraded shares of Minerals Technologies from a “sell” rating to a “strong sell” rating in a research note on Saturday, June 17th.
Minerals Technologies Company Profile
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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