Materion (MTRN) Raised to Strong-Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Materion (NYSE:MTRN) from a hold rating to a strong-buy rating in a research report report published on Tuesday. The firm currently has $67.00 target price on the basic materials company’s stock.

According to Zacks, “Materion Corporation, formerly known as Brush Engineered Materials Inc., through its wholly-owned subsidiaries is engaged in the production and supply of high-performance engineered materials in the United States and internationally. Products offered by the Company comprise precious and non-precious specialty metals, inorganic chemicals and powders, specialty coatings, specialty engineered beryllium alloys, beryllium and beryllium composites, and engineered clad and plated metal systems. Materion Corporation is headquartered in Mayfield Heights, Ohio. “

Shares of NYSE:MTRN opened at $58.52 on Tuesday. Materion has a twelve month low of $44.95 and a twelve month high of $65.10. The company has a market cap of $1.16 billion, a P/E ratio of 34.02 and a beta of 0.94. The company has a quick ratio of 1.64, a current ratio of 3.22 and a debt-to-equity ratio of 0.03.

Materion (NYSE:MTRN) last announced its earnings results on Thursday, October 25th. The basic materials company reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.13. Materion had a return on equity of 8.94% and a net margin of 2.74%. The firm had revenue of $297.19 million during the quarter, compared to the consensus estimate of $307.70 million. On average, equities research analysts forecast that Materion will post 2.27 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 3rd. Shareholders of record on Thursday, November 8th will be given a $0.105 dividend. The ex-dividend date of this dividend is Wednesday, November 7th. This represents a $0.42 dividend on an annualized basis and a dividend yield of 0.72%. Materion’s dividend payout ratio is currently 24.42%.

In other Materion news, VP Gregory R. Chemnitz sold 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 1st. The stock was sold at an average price of $57.50, for a total value of $230,000.00. Following the completion of the sale, the vice president now owns 8,523 shares in the company, valued at approximately $490,072.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Joseph P. Kelley acquired 2,923 shares of Materion stock in a transaction on Wednesday, August 8th. The stock was purchased at an average price of $63.74 per share, with a total value of $186,312.02. The disclosure for this purchase can be found here. 2.90% of the stock is currently owned by company insiders.

Several hedge funds have recently made changes to their positions in MTRN. Paloma Partners Management Co raised its holdings in shares of Materion by 27.4% in the 2nd quarter. Paloma Partners Management Co now owns 6,508 shares of the basic materials company’s stock worth $352,000 after buying an additional 1,401 shares in the last quarter. KBC Group NV acquired a new position in shares of Materion in the 2nd quarter worth approximately $321,000. Citadel Advisors LLC raised its holdings in shares of Materion by 205.5% in the 2nd quarter. Citadel Advisors LLC now owns 139,926 shares of the basic materials company’s stock worth $7,577,000 after buying an additional 94,121 shares in the last quarter. Wells Fargo & Company MN raised its holdings in shares of Materion by 9.6% in the 2nd quarter. Wells Fargo & Company MN now owns 230,252 shares of the basic materials company’s stock worth $12,469,000 after buying an additional 20,183 shares in the last quarter. Finally, Itau Unibanco Holding S.A. acquired a new position in shares of Materion in the 2nd quarter worth approximately $112,000. Institutional investors own 89.50% of the company’s stock.

About Materion

Materion Corp. engages in the production of engineered materials used in a variety of electrical, electronic, thermal, and structural applications. The company operates through the following segments: Performance Alloys and Composites, Advanced Materials and Other. The Performance Alloys and Composites segment produces strip and bulk form alloy products, strip metal products with clad inlay and overlay metals, beryllium-based metals, beryllium, and aluminum metal matrix composites, in rod, sheet, foil, and a variety of customized forms, beryllia ceramics, and bulk metallic glass material.

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