Prudential Financial Inc. reduced its stake in shares of Materion Corp. (NYSE:MTRN) by 37.1% during the third quarter, Holdings Channel reports. The institutional investor owned 58,211 shares of the company’s stock after selling 34,330 shares during the period. Prudential Financial Inc.’s holdings in Materion Corp. were worth $1,788,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. Paradigm Asset Management Co. LLC raised its position in Materion Corp. by 11.8% in the second quarter. Paradigm Asset Management Co. LLC now owns 5,700 shares of the company’s stock worth $141,000 after buying an additional 600 shares in the last quarter. Highbridge Capital Management LLC purchased a new stake in Materion Corp. during the second quarter worth $210,000. BNP Paribas Arbitrage SA increased its stake in Materion Corp. by 103.2% in the second quarter. BNP Paribas Arbitrage SA now owns 8,720 shares of the company’s stock worth $216,000 after buying an additional 4,428 shares during the last quarter. Pillar Pacific Capital Management LLC purchased a new stake in Materion Corp. during the third quarter worth $218,000. Finally, Arizona State Retirement System increased its stake in Materion Corp. by 2.0% in the second quarter. Arizona State Retirement System now owns 10,412 shares of the company’s stock worth $258,000 after buying an additional 200 shares during the last quarter. 90.28% of the stock is currently owned by institutional investors and hedge funds.
Materion Corp. (NYSE:MTRN) traded down 2.26% during midday trading on Thursday, reaching $38.90. The company had a trading volume of 102,158 shares. The stock has a 50-day moving average price of $39.86 and a 200 day moving average price of $32.30. The company has a market capitalization of $775.55 million, a PE ratio of 30.41 and a beta of 1.39. Materion Corp. has a 12-month low of $22.15 and a 12-month high of $41.23.
Materion Corp. (NYSE:MTRN) last released its quarterly earnings data on Thursday, October 27th. The company reported $0.46 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.10. Materion Corp. had a return on equity of 5.72% and a net margin of 2.71%. The company had revenue of $249.60 million for the quarter, compared to the consensus estimate of $252.86 million. During the same quarter last year, the business posted $0.40 EPS. Materion Corp.’s revenue for the quarter was up 2.1% on a year-over-year basis. Equities analysts forecast that Materion Corp. will post $1.36 EPS for the current year.
MTRN has been the subject of a number of recent research reports. Wm Smith initiated coverage on Materion Corp. in a research report on Thursday, November 3rd. They set a “not rated” rating and a $35.00 target price for the company. Jefferies Group restated a “hold” rating on shares of Materion Corp. in a research report on Saturday, October 1st. Finally, Zacks Investment Research downgraded Materion Corp. from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 1st. Three analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Materion Corp. has a consensus rating of “Hold” and an average target price of $34.50.
In related news, Director Craig S. Shular sold 5,744 shares of the firm’s stock in a transaction on Tuesday, January 17th. The stock was sold at an average price of $38.94, for a total transaction of $223,671.36. Following the sale, the director now owns 2,941 shares of the company’s stock, valued at approximately $114,522.54. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 3.30% of the company’s stock.
Materion Corp. Company Profile
Materion Corporation is a holding company. The Company is an integrated producer of engineered materials used in a range of electrical, electronic, thermal and structural applications. The Company’s products are sold in markets, including consumer electronics, industrial components, medical, automotive electronics, energy, telecommunications infrastructure, defense and commercial aerospace.
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