Minerals Technologies (NYSE:MTX) Shares Gap Down After Earnings Miss

Minerals Technologies Inc. (NYSE:MTX - Get Free Report)'s stock price gapped down prior to trading on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $58.80, but opened at $54.60. Minerals Technologies shares last traded at $55.97, with a volume of 14,472 shares traded.

The basic materials company reported $1.14 EPS for the quarter, missing the consensus estimate of $1.16 by ($0.02). Minerals Technologies had a return on equity of 11.49% and a net margin of 7.89%. The firm had revenue of $491.80 million for the quarter, compared to analysts' expectations of $502.03 million. During the same quarter in the previous year, the business earned $1.49 earnings per share. The company's revenue for the quarter was down 8.0% compared to the same quarter last year.

Analyst Ratings Changes

MTX has been the topic of several recent research reports. Truist Financial dropped their target price on shares of Minerals Technologies from $92.00 to $80.00 and set a "buy" rating on the stock in a report on Monday. StockNews.com downgraded shares of Minerals Technologies from a "buy" rating to a "hold" rating in a research note on Wednesday, April 9th.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in MTX. Smartleaf Asset Management LLC boosted its position in Minerals Technologies by 181.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 506 shares of the basic materials company's stock valued at $38,000 after purchasing an additional 326 shares in the last quarter. Quarry LP boosted its holdings in shares of Minerals Technologies by 536.5% in the 4th quarter. Quarry LP now owns 732 shares of the basic materials company's stock valued at $56,000 after buying an additional 617 shares in the last quarter. Blue Trust Inc. grew its position in shares of Minerals Technologies by 21.4% in the 4th quarter. Blue Trust Inc. now owns 1,009 shares of the basic materials company's stock worth $78,000 after buying an additional 178 shares during the last quarter. Venturi Wealth Management LLC purchased a new position in shares of Minerals Technologies in the 4th quarter worth approximately $78,000. Finally, KBC Group NV raised its stake in shares of Minerals Technologies by 43.9% during the 4th quarter. KBC Group NV now owns 1,478 shares of the basic materials company's stock worth $113,000 after acquiring an additional 451 shares in the last quarter. 97.29% of the stock is owned by institutional investors.

Minerals Technologies Price Performance

The company has a market cap of $1.62 billion, a PE ratio of 9.83 and a beta of 1.25. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.84 and a quick ratio of 1.98. The stock's 50-day moving average is $63.09 and its 200 day moving average is $72.50.

Minerals Technologies Company Profile

Minerals Technologies Inc develops, produces, and markets various mineral, mineral-based, and related systems and services. The company operates through two segments, Consumer & Specialties, and Engineered Solutions segments. The Consumer & Specialties segment offers household and personal care products, such as pet litter, personal care, fabric care, edible oil and other fluid purification, animal health, and agricultural products; and specialty additives products, including precipitated calcium carbonate and ground calcium carbonate products that are used in the paper, paperboard, and fiber based packaging industries, as well as automotive, construction, and table and food applications.