Lapides Asset Management Lowers stake in Minerals Technologies Inc (MTX)

Minerals Technologies Inc (MTX) : Lapides Asset Management reduced its stake in Minerals Technologies Inc by 5.12% during the most recent quarter end. The investment management company now holds a total of 409,500 shares of Minerals Technologies Inc which is valued at $28,910,700 after selling 22,100 shares in Minerals Technologies Inc , the firm said in a disclosure report filed with the SEC on Aug 8, 2016.Minerals Technologies Inc makes up approximately 4.75% of Lapides Asset Management’s portfolio.

Other Hedge Funds, Including , Oppenheimer Co Inc reduced its stake in MTX by selling 600 shares or 13.41% in the most recent quarter. The Hedge Fund company now holds 3,875 shares of MTX which is valued at $273,575. Minerals Technologies Inc makes up approx 0.01% of Oppenheimer Co Inc’s portfolio.Boston Partners reduced its stake in MTX by selling 412,174 shares or 38.99% in the most recent quarter. The Hedge Fund company now holds 645,052 shares of MTX which is valued at $43,721,625. Minerals Technologies Inc makes up approx 0.06% of Boston Partners’s portfolio.Huntington National Bank boosted its stake in MTX in the latest quarter, The investment management firm added 54 additional shares and now holds a total of 2,337 shares of Minerals Technologies Inc which is valued at $152,209.First Manhattan Co reduced its stake in MTX by selling 2,567 shares or 0.57% in the most recent quarter. The Hedge Fund company now holds 445,352 shares of MTX which is valued at $29,036,950. Minerals Technologies Inc makes up approx 0.17% of First Manhattan Co’s portfolio.

Minerals Technologies Inc opened for trading at $69.37 and hit $70.54 on the upside on Monday, eventually ending the session at $70.41, with a gain of 2.00% or 1.38 points. The heightened volatility saw the trading volume jump to 1,33,691 shares. Company has a market cap of $2,453 M.

On the company’s financial health, Minerals Technologies Inc reported $1.20 EPS for the quarter, beating the analyst consensus estimate by $ 0.04 according to the earnings call on Aug 4, 2016. Analyst had a consensus of $1.16. The company had revenue of $427.00 million for the quarter, compared to analysts expectations of $437.23 million. The company’s revenue was down -7.9 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.18 EPS.

Investors should note that on Jul 20, 2016, Minerals Technologies Inc announced a cash dividend of $0.0500. The company’s management has announced Aug 24, 2016 as the ex-dividend date and fixed the record date on Aug 26, 2016. The payable date has been fixed on Sep 8, 2016.

Many Wall Street Analysts have commented on Minerals Technologies Inc. Wedbush Downgraded Minerals Technologies Inc on May 12, 2016 to ” Neutral”, Price Target of the shares are set at $62.

Minerals Technologies Inc. is a resource-based and technology-based company that develops produces and markets a range of specialty mineral mineral-based and synthetic mineral products and supporting systems and services. The Company operates through five segments: Specialty Minerals which produces and sells the synthetic mineral product precipitated calcium carbonate (PCC) and processed mineral product quicklime (lime); Refractories which produces and markets monolithic and shaped refractory materials and specialty products; Performance Materials which includes the supply of bentonite and bentonite-related products; Construction Technologies which provides products for non-residential construction environmental and infrastructure projects and Energy Services which offers a range of technologies products and services for all phases of oil and gas production refining and storage.

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