Materion (NYSE:MTRN) Upgraded to Buy by Zacks Investment Research

Zacks Investment Research upgraded shares of Materion (NYSE:MTRN) from a hold rating to a buy rating in a research report released on Thursday, Zacks.com reports. The firm currently has $76.00 price target on the basic materials company’s stock.

According to Zacks, “Materion Corporation, formerly known as Brush Engineered Materials Inc., through its wholly-owned subsidiaries is engaged in the production and supply of high-performance engineered materials in the United States and internationally. Products offered by the Company comprise precious and non-precious specialty metals, inorganic chemicals and powders, specialty coatings, specialty engineered beryllium alloys, beryllium and beryllium composites, and engineered clad and plated metal systems. Materion Corporation is headquartered in Mayfield Heights, Ohio. “

Separately, KeyCorp increased their price target on shares of Materion from $82.00 to $85.00 and gave the stock an overweight rating in a research report on Friday, June 18th.

Shares of Materion stock opened at $68.51 on Thursday. The company has a quick ratio of 1.40, a current ratio of 3.20 and a debt-to-equity ratio of 0.11. Materion has a twelve month low of $49.51 and a twelve month high of $80.70. The company has a market cap of $1.40 billion, a price-to-earnings ratio of 28.67 and a beta of 1.44. The company’s 50 day moving average is $71.33 and its 200 day moving average is $72.63.

Materion (NYSE:MTRN) last released its quarterly earnings results on Tuesday, August 3rd. The basic materials company reported $0.86 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.75 by $0.11. Materion had a net margin of 3.64% and a return on equity of 9.26%. The business had revenue of $371.00 million for the quarter, compared to the consensus estimate of $340.65 million. During the same period last year, the firm earned $0.45 earnings per share. The company’s quarterly revenue was up 36.6% on a year-over-year basis. Sell-side analysts expect that Materion will post 3.38 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 3rd. Stockholders of record on Friday, August 20th were given a dividend of $0.12 per share. The ex-dividend date was Thursday, August 19th. This represents a $0.48 annualized dividend and a dividend yield of 0.70%. Materion’s payout ratio is 23.65%.

Several hedge funds have recently made changes to their positions in the company. Parametric Portfolio Associates LLC raised its position in shares of Materion by 30.8% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 90,330 shares of the basic materials company’s stock valued at $6,806,000 after purchasing an additional 21,253 shares during the period. Invesco Ltd. raised its position in shares of Materion by 194.8% during the 2nd quarter. Invesco Ltd. now owns 173,311 shares of the basic materials company’s stock valued at $13,059,000 after purchasing an additional 114,512 shares during the period. Metropolitan Life Insurance Co NY grew its stake in Materion by 110,700.0% during the second quarter. Metropolitan Life Insurance Co NY now owns 5,540 shares of the basic materials company’s stock valued at $417,000 after acquiring an additional 5,535 shares in the last quarter. Oberweis Asset Management Inc. purchased a new position in Materion during the second quarter valued at $249,000. Finally, Price T Rowe Associates Inc. MD grew its stake in Materion by 3.3% during the second quarter. Price T Rowe Associates Inc. MD now owns 9,887 shares of the basic materials company’s stock valued at $745,000 after acquiring an additional 320 shares in the last quarter. Hedge funds and other institutional investors own 90.73% of the company’s stock.

About Materion

Materion Corp. engages in the production of engineered materials used in a variety of electrical, electronic, thermal, and structural applications. The company operates through the following segments: Performance Alloys and Composites, Advanced Materials, Precision Coatings and Other. The Performance Alloys and Composites segment produces strip and bulk form alloy products, strip metal products with clad inlay and overlay metals, beryllium-based metals, beryllium, and aluminum metal matrix composites, in rod, sheet, foil, and a variety of customized forms, beryllium ceramics, and bulk metallic glass material.

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