Why Minerals Technologies Shares Are Jumping Today

Minerals Technologies Inc MTX has doubled its regular quarterly dividend to $0.10 per share compared to the $0.05 prior quarterly dividend.

The dividend is payable on December 7, 2023, to stockholders of record at the close of business on November 1, 2023.

In addition, the Board of Directors has authorized a new, one-year $75 million share repurchase program, effective immediately.

Under the new share repurchase program, shares may be repurchased from time to time in the open market, through Rule 10b5-1 trading plans, or in privately negotiated transactions at the company's discretion.

"This dividend increase and new share repurchase program is a reflection of the Board of Directors' continued confidence in growth and financial performance of Minerals Technologies," said Chairman and CEO Douglas T. Dietrich.

Minerals held $255.4 million in cash and equivalents as of July 2, 2023.

Also Read: Minerals Technologies Subsidiaries Barretts Minerals And Barretts Ventures Texas File For Bankruptcy

Price Action: MTX shares traded higher by 6.30% at $53.30 on the last check Thursday.