Zacks Research Upgrades Minerals Technologies (NYSE:MTX) to Hold

Minerals Technologies (NYSE:MTX) was upgraded by equities researchers at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Wednesday,Zacks.com reports.

A number of other analysts have also recently commented on MTX. Weiss Ratings reiterated a “sell (d+)” rating on shares of Minerals Technologies in a research report on Monday, December 22nd. Wall Street Zen downgraded Minerals Technologies from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 18th. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $84.00.

Minerals Technologies Stock Up 0.8%

Shares of MTX traded up $0.51 during mid-day trading on Wednesday, reaching $67.31. The company’s stock had a trading volume of 9,122 shares, compared to its average volume of 126,540. The company’s 50 day moving average is $60.55 and its 200 day moving average is $60.45. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.98 and a quick ratio of 1.37. The stock has a market cap of $2.10 billion, a PE ratio of -3,363.52 and a beta of 1.27. Minerals Technologies has a 12-month low of $49.54 and a 12-month high of $78.23.

Minerals Technologies (NYSE:MTX) last released its quarterly earnings data on Thursday, October 23rd. The basic materials company reported $1.55 earnings per share for the quarter, topping analysts’ consensus estimates of $1.47 by $0.08. Minerals Technologies had a negative net margin of 0.08% and a positive return on equity of 10.69%. The company had revenue of $532.40 million for the quarter, compared to analysts’ expectations of $531.20 million. During the same quarter last year, the company earned $1.51 earnings per share. The firm’s revenue for the quarter was up 1.5% on a year-over-year basis. Equities analysts anticipate that Minerals Technologies will post 6.62 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Brett Argirakis sold 6,501 shares of the firm’s stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $58.68, for a total value of $381,478.68. Following the completion of the sale, the insider directly owned 27,602 shares of the company’s stock, valued at $1,619,685.36. This trade represents a 19.06% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Dj Monagle III sold 23,093 shares of the business’s stock in a transaction on Monday, December 29th. The stock was sold at an average price of $61.90, for a total transaction of $1,429,456.70. Following the sale, the insider owned 84,349 shares in the company, valued at $5,221,203.10. The trade was a 21.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 3.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Minerals Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MTX. Aristides Capital LLC increased its stake in Minerals Technologies by 4.9% in the second quarter. Aristides Capital LLC now owns 4,182 shares of the basic materials company’s stock valued at $230,000 after purchasing an additional 195 shares during the last quarter. Nisa Investment Advisors LLC increased its stake in shares of Minerals Technologies by 3.7% during the 2nd quarter. Nisa Investment Advisors LLC now owns 6,146 shares of the basic materials company’s stock valued at $338,000 after acquiring an additional 219 shares during the last quarter. Bank of Montreal Can lifted its holdings in shares of Minerals Technologies by 3.4% during the 2nd quarter. Bank of Montreal Can now owns 8,814 shares of the basic materials company’s stock worth $485,000 after acquiring an additional 287 shares during the period. California State Teachers Retirement System boosted its position in shares of Minerals Technologies by 1.0% in the second quarter. California State Teachers Retirement System now owns 29,716 shares of the basic materials company’s stock worth $1,636,000 after acquiring an additional 304 shares during the last quarter. Finally, Blue Trust Inc. grew its holdings in Minerals Technologies by 44.6% in the second quarter. Blue Trust Inc. now owns 1,011 shares of the basic materials company’s stock valued at $56,000 after purchasing an additional 312 shares during the period. Institutional investors and hedge funds own 97.29% of the company’s stock.

About Minerals Technologies

Minerals Technologies Inc develops, produces and processes a broad range of mineral-based products and solutions that serve a variety of industrial applications. Its offerings include bentonite, perlite, precipitated calcium carbonate (PCC), mineral sands, foundry additives, performance minerals and specialty chemicals designed to enhance performance in markets such as paper, steel, construction, oil and gas, environmental remediation and consumer products.

The company operates through several business segments, including Specialty Minerals, Refractory Minerals, Performance Materials and Recycled Materials.