We at Insider Monkey have gone over 700 13F filings that hedge funds and prominent investors are required to file by the government. The 13F filings show the funds’ and investors’ portfolio positions as of September 30. In this article, we look at what those funds think of Minerals Technologies Inc (NYSE:MTX) based on that data.
Hedge fund interest in Minerals Technologies Inc. shares was flat at the end of last quarter. This is usually a negative indicator. The level and the change in hedge fund popularity aren’t the only variables you need to analyze to decipher hedge funds’ perspectives. A stock may witness a boost in popularity but it may still be less popular than similarly priced stocks. That’s why at the end of this article we will examine companies such as Neogen Corporation (NASDAQ:NEOG), Aircastle Limited (NYSE:AYR), and Ormat Technologies, Inc. (NYSE:ORA) to gather more data points.
Follow Minerals Technologies Inc (NYSE:MTX)
Follow Minerals Technologies Inc (NYSE:MTX)
In the 21st century investor’s toolkit there are a lot of tools stock traders employ to appraise their holdings. A couple of the most useful tools are hedge fund and insider trading sentiment. Our experts have shown that, historically, those who follow the top picks of the top hedge fund managers can outclass the broader indices by a superb margin (see the details here).
Keeping this in mind, we’re going to take a peek at the fresh action surrounding Minerals Technologies Inc (NYSE:MTX).
What does the smart money think about Minerals Technologies Inc (NYSE:MTX)?
When looking at the institutional investors followed by Insider Monkey, Royce & Associates, managed by Chuck Royce, holds the biggest position in Minerals Technologies Inc (NYSE:MTX). Royce & Associates has a $135 million position in the stock, comprising 0.7% of its 13F portfolio. Sitting at the No. 2 spot is Jim Simons of Renaissance Technologies, with a $8.9 million position; less than 0.1%% of its 13F portfolio is allocated to the stock. Remaining hedge funds and institutional investors that hold long positions comprise Mario Gabelli’s GAMCO Investors, Cliff Asness’s AQR Capital Management and Israel Englander’s Millennium Management.
Interestingly, Alexander Mitchell’s Scopus Asset Management sold off the biggest investment of all the hedgies watched by Insider Monkey, valued at an estimated $6.9 million in stock, and Benjamin A. Smith’s Laurion Capital Management was right behind this move, as the fund said goodbye to about $0.9 million worth.
Let’s check out hedge fund activity in other stocks similar to Minerals Technologies Inc (NYSE:MTX). We will take a look at Neogen Corporation (NASDAQ:NEOG), Aircastle Limited (NYSE:AYR), Ormat Technologies, Inc. (NYSE:ORA), and Liberty Tripadvisor Holdings Inc (NASDAQ:LTRPA). All of these stocks’ market caps are closest to MTX’s market cap.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| NEOG | 13 | 25300 | 5 |
| AYR | 10 | 86914 | -3 |
| ORA | 7 | 25306 | -5 |
| LTRPA | 27 | 622359 | -6 |
As you can see these stocks had an average of 14.25 hedge funds with bullish positions and the average amount invested in these stocks was $190 million. That figure was $175 million in MTX’s case. Liberty Tripadvisor Holdings Inc (NASDAQ:LTRPA) is the most popular stock in this table. On the other hand Ormat Technologies, Inc. (NYSE:ORA) is the least popular one with only 7 bullish hedge fund positions. Minerals Technologies Inc (NYSE:MTX) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard LTRPA might be a better candidate to consider a long position.
