Nordea Investment Management AB Has $1.88 Million Stake in Minerals Technologies Inc. (MTX)
Nordea Investment Management AB lifted its stake in Minerals Technologies Inc. (NYSE:MTX) by 19.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 25,612 shares of the basic materials company’s stock after buying an additional 4,239 shares during the period. Nordea Investment Management AB owned approximately 0.07% of Minerals Technologies worth $1,875,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Minerals Technologies by 9.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,471 shares of the basic materials company’s stock worth $108,000 after buying an additional 125 shares during the period. Victory Capital Management Inc. boosted its position in shares of Minerals Technologies by 41.5% in the first quarter. Victory Capital Management Inc. now owns 1,747 shares of the basic materials company’s stock worth $134,000 after buying an additional 512 shares during the period. Riverhead Capital Management LLC boosted its position in shares of Minerals Technologies by 69.0% in the second quarter. Riverhead Capital Management LLC now owns 2,197 shares of the basic materials company’s stock worth $161,000 after buying an additional 897 shares during the period. Quantbot Technologies LP boosted its position in shares of Minerals Technologies by 93.0% in the second quarter. Quantbot Technologies LP now owns 2,349 shares of the basic materials company’s stock worth $171,000 after buying an additional 1,132 shares during the period. Finally, First Mercantile Trust Co. boosted its position in shares of Minerals Technologies by 1.7% in the second quarter. First Mercantile Trust Co. now owns 2,420 shares of the basic materials company’s stock worth $177,000 after buying an additional 40 shares during the period. 94.41% of the stock is owned by institutional investors.
Shares of Minerals Technologies Inc. (MTX) opened at 72.65 on Friday. The stock has a market cap of $2.55 billion, a P/E ratio of 16.53 and a beta of 2.23. The stock has a 50 day moving average price of $66.92 and a 200 day moving average price of $71.80. Minerals Technologies Inc. has a 12 month low of $62.55 and a 12 month high of $83.85.
Minerals Technologies (NYSE:MTX) last posted its earnings results on Thursday, August 3rd. The basic materials company reported $1.23 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.24 by ($0.01). The company had revenue of $414.10 million for the quarter, compared to the consensus estimate of $427.21 million. Minerals Technologies had a net margin of 9.62% and a return on equity of 15.04%. Equities analysts anticipate that Minerals Technologies Inc. will post $4.59 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 7th. Stockholders of record on Friday, August 25th were given a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 0.28%. The ex-dividend date of this dividend was Wednesday, August 23rd. Minerals Technologies’s dividend payout ratio is currently 4.55%.
Minerals Technologies announced that its Board of Directors has initiated a stock buyback plan on Thursday, September 21st that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the basic materials company to purchase up to 6.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.
Several equities research analysts have recently weighed in on the company. Zacks Investment Research raised Minerals Technologies from a “sell” rating to a “hold” rating in a research report on Friday, September 15th. ValuEngine downgraded Minerals Technologies from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Finally, BidaskClub downgraded Minerals Technologies from a “sell” rating to a “strong sell” rating in a research report on Saturday, June 17th.
In other news, insider Dj Monagle III sold 25,639 shares of the firm’s stock in a transaction dated Tuesday, September 26th. The stock was sold at an average price of $70.03, for a total value of $1,795,499.17. Following the sale, the insider now directly owns 39,579 shares of the company’s stock, valued at $2,771,717.37. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 2.20% of the company’s stock.
Minerals Technologies 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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