Shares of Minerals Technologies (NYSE:MTX) received an updated rating from Zacks Research, which raised its assessment from a “strong sell” to a “hold” on the morning of October 18, 2023. This modification reflects a shift in sentiment among analysts regarding the company’s stock.
The recent adjustment follows a pattern of mixed evaluations from various financial institutions. On the same day as Zacks’ upgrade, Wall Street Zen downgraded its rating from “strong buy” to “buy.” Earlier, on December 22, 2023, Weiss Ratings reaffirmed a “sell (d+)” rating for the company. Currently, one analyst rates the stock as a buy, another as a hold, and a third as a sell. According to MarketBeat, the consensus rating for Minerals Technologies stands at “hold,” with an average price target of $84.00.
Recent Financial Performance
Minerals Technologies recently announced its quarterly earnings results on October 23, 2023. The company reported earnings per share (EPS) of $1.55, surpassing analysts’ expectations of $1.47 by $0.08. The firm generated revenue of $532.40 million for the quarter, slightly exceeding the consensus estimate of $531.20 million. This revenue figure marks a 1.5% increase compared to the same quarter in the previous year, when the company reported an EPS of $1.51.
In terms of profitability, Minerals Technologies reported a negative net margin of 0.08% and a return on equity of 10.69%. Analysts project that the company will achieve an EPS of 6.62 for the current fiscal year.
Insider Transactions and Institutional Holdings
Recent insider transactions indicate activity among company executives. On November 21, 2023, Brett Argirakis, an insider, sold 6,501 shares at an average price of $58.68, amounting to approximately $381,478.68. After this transaction, Argirakis retained 27,602 shares valued at $1,619,685.36, reflecting a 19.06% decrease in ownership.
Another notable transaction occurred on December 29, 2023, when Dj Monagle III sold 23,093 shares at an average price of $61.90, totaling around $1,429,456.70. Following this sale, Monagle directly owned 84,349 shares, valued at $5,221,203.10, which represents a 21.49% decrease in ownership. Company insiders collectively hold about 3.30% of the stock.
Institutional investors have also been active in adjusting their positions in Minerals Technologies. American Century Companies Inc. increased its stake by 3.1% during the third quarter, now owning 1,324,392 shares worth approximately $82,271,000. Additionally, Geode Capital Management LLC raised its holdings by 0.6%, owning 911,831 shares valued at $50,220,000.
Other institutions, such as Boston Trust Walden Corp, Brandes Investment Partners LP, and First Trust Advisors LP, also reported increases in their stakes during the second quarter. Notably, Brandes Investment Partners significantly raised its position by 436.3%, acquiring an additional 437,734 shares.
Overall, institutional investors and hedge funds control approximately 97.29% of Minerals Technologies’ stock.
Minerals Technologies, a key player in the basic materials sector, specializes in developing, producing, and processing a variety of mineral-based products. Its offerings serve numerous industrial applications, including bentonite, perlite, and specialty chemicals aimed at enhancing performance across various markets such as paper, steel, and construction. The company operates through multiple segments, including Specialty Minerals and Performance Materials.
