KeyCorp Comments on Materion Co.’s Q3 2023 Earnings (NYSE:MTRN)

Posted by Defense World Staff on Aug 5th, 2023

Materion Co. (NYSE:MTRN – Free Report) – Analysts at KeyCorp cut their Q3 2023 earnings per share (EPS) estimates for Materion in a note issued to investors on Wednesday, August 2nd. KeyCorp analyst P. Gibbs now expects that the basic materials company will post earnings per share of $1.41 for the quarter, down from their prior forecast of $1.47. KeyCorp currently has a “Overweight” rating and a $133.00 target price on the stock. The consensus estimate for Materion’s current full-year earnings is $5.78 per share. KeyCorp also issued estimates for Materion’s Q4 2023 earnings at $1.67 EPS.

Materion (NYSE:MTRN – Get Free Report) last released its quarterly earnings results on Wednesday, August 2nd. The basic materials company reported $1.38 EPS for the quarter, topping the consensus estimate of $1.36 by $0.02. The company had revenue of $398.60 million during the quarter, compared to analyst estimates of $451.22 million. Materion had a return on equity of 14.14% and a net margin of 5.77%. The firm’s revenue was down 10.5% on a year-over-year basis. During the same quarter last year, the business posted $1.28 earnings per share.

Several other research analysts have also commented on the company. Seaport Res Ptn reiterated a “buy” rating on shares of Materion in a research report on Wednesday, July 5th. StockNews.com upgraded Materion from a “hold” rating to a “buy” rating in a research report on Saturday, July 15th. Finally, CL King boosted their target price on Materion from $128.00 to $133.00 in a research report on Wednesday, July 5th.

Materion Trading Down 0.5 %

MTRN opened at $103.43 on Friday. The firm has a market cap of $2.13 billion, a P/E ratio of 21.91 and a beta of 1.08. Materion has a 12 month low of $64.89 and a 12 month high of $123.41. The company has a current ratio of 2.85, a quick ratio of 1.08 and a debt-to-equity ratio of 0.51. The stock has a 50-day moving average of $112.29 and a 200 day moving average of $107.30.

Materion Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 15th. Shareholders of record on Wednesday, May 31st were given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 0.50%. The ex-dividend date of this dividend was Tuesday, May 30th. This is a positive change from Materion’s previous quarterly dividend of $0.13. Materion’s payout ratio is 11.02%.

Insider Buying and Selling at Materion

In other news, VP Gregory R. Chemnitz sold 2,378 shares of Materion stock in a transaction that occurred on Wednesday, May 17th. The shares were sold at an average price of $102.05, for a total transaction of $242,674.90. Following the completion of the sale, the vice president now owns 19,310 shares of the company’s stock, valued at $1,970,585.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Emily M. Liggett sold 2,398 shares of the business’s stock in a transaction that occurred on Monday, May 8th. The shares were sold at an average price of $104.59, for a total value of $250,806.82. Following the completion of the transaction, the director now owns 2,621 shares of the company’s stock, valued at $274,130.39. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Gregory R. Chemnitz sold 2,378 shares of the business’s stock in a transaction that occurred on Wednesday, May 17th. The stock was sold at an average price of $102.05, for a total transaction of $242,674.90. Following the completion of the transaction, the vice president now directly owns 19,310 shares of the company’s stock, valued at approximately $1,970,585.50. The disclosure for this sale can be found here. Company insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Materion

Large investors have recently bought and sold shares of the business. WealthPLAN Partners LLC bought a new position in Materion in the first quarter worth approximately $44,000. Tower Research Capital LLC TRC grew its holdings in Materion by 948.2% in the first quarter. Tower Research Capital LLC TRC now owns 587 shares of the basic materials company’s stock worth $68,000 after purchasing an additional 531 shares during the last quarter. Mendota Financial Group LLC purchased a new position in Materion in the second quarter worth $72,000. SkyView Investment Advisors LLC purchased a new position in Materion in the first quarter worth $116,000. Finally, UBS Group AG grew its holdings in Materion by 23.7% in the third quarter. UBS Group AG now owns 1,433 shares of the basic materials company’s stock worth $115,000 after purchasing an additional 275 shares during the last quarter. Institutional investors own 93.24% of the company’s stock.

About Materion

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Materion Corporation, through with its subsidiaries, produces advanced engineered materials used in semiconductor, industrial, aerospace and defense, automotive, energy, consumer electronics, and telecom and data center in the United States, Asia, Europe, and internationally. It operates through Performance Materials, Electronic Materials, and Precision Optics segments.