GSA Capital Partners LLP Acquires New Position in Minerals Technologies Inc. (MTX)
GSA Capital Partners LLP acquired a new stake in Minerals Technologies Inc. (NYSE:MTX) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 5,783 shares of the basic materials company’s stock, valued at approximately $423,000.
A number of other large investors have also added to or reduced their stakes in MTX. Wells Fargo & Company MN raised its stake in Minerals Technologies by 4.3% in the first quarter. Wells Fargo & Company MN now owns 35,761 shares of the basic materials company’s stock valued at $2,739,000 after buying an additional 1,488 shares during the period. UBS Asset Management Americas Inc. raised its stake in Minerals Technologies by 14.0% in the first quarter. UBS Asset Management Americas Inc. now owns 20,204 shares of the basic materials company’s stock valued at $1,548,000 after buying an additional 2,476 shares during the period. Prudential Financial Inc. raised its stake in Minerals Technologies by 149.1% in the first quarter. Prudential Financial Inc. now owns 55,356 shares of the basic materials company’s stock valued at $4,240,000 after buying an additional 33,130 shares during the period. SG Americas Securities LLC raised its stake in Minerals Technologies by 227.6% in the first quarter. SG Americas Securities LLC now owns 9,187 shares of the basic materials company’s stock valued at $704,000 after buying an additional 6,383 shares during the period. Finally, Victory Capital Management Inc. raised its stake in 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 valued at $134,000 after buying an additional 512 shares during the period. Hedge funds and other institutional investors own 94.38% of the company’s stock.
In other news, insider Dj Monagle III sold 25,639 shares of the business’s stock in a transaction that occurred on 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 transaction, the insider now owns 39,579 shares in the company, valued at approximately $2,771,717.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.20% of the stock is owned by insiders.
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Minerals Technologies (NYSE:MTX) last announced its earnings results on Thursday, August 3rd. The basic materials company reported $1.23 earnings per share for the quarter, missing analysts’ consensus estimates of $1.24 by ($0.01). Minerals Technologies had a return on equity of 15.04% and a net margin of 9.62%. The business had revenue of $414.10 million during the quarter, compared to analysts’ expectations of $427.21 million.
Minerals Technologies announced that its board has approved a share repurchase program on Thursday, September 21st that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the basic materials company to buy up to 6.1% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.
MTX has been the topic of several research analyst reports. ValuEngine lowered Minerals Technologies from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. Zacks Investment Research upgraded Minerals Technologies from a “sell” rating to a “hold” rating in a research note on Friday, September 15th. Finally, BidaskClub lowered Minerals Technologies from a “sell” rating to a “strong sell” rating in a research note on Saturday, June 17th.
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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