Materion (NYSE:MTRN) Shares Gap Down Following Weak Earnings

Materion Co. (NYSE:MTRN) shares gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $115.02, but opened at $109.10. Materion shares last traded at $109.17, with a volume of 20,343 shares traded.

The basic materials company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $0.98 by ($0.02). Materion had a net margin of 5.19% and a return on equity of 12.40%. The company had revenue of $385.29 million for the quarter, compared to analyst estimates of $386.84 million. During the same quarter in the prior year, the company posted $1.34 EPS. Materion’s revenue for the quarter was down 12.9% on a year-over-year basis.

Wall Street Analysts Forecast Growth

Separately, KeyCorp decreased their target price on Materion from $157.00 to $156.00 and set an “overweight” rating for the company in a research report on Monday, April 1st.

Insider Transactions at Materion

In related news, VP Gregory R. Chemnitz sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $133.74, for a total transaction of $401,220.00. Following the completion of the transaction, the vice president now owns 14,510 shares of the company’s stock, valued at $1,940,567.40. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, CFO Shelly Marie Chadwick sold 2,000 shares of Materion stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $132.60, for a total transaction of $265,200.00. Following the completion of the sale, the chief financial officer now directly owns 13,147 shares of the company’s stock, valued at approximately $1,743,292.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Gregory R. Chemnitz sold 3,000 shares of the stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $133.74, for a total value of $401,220.00. Following the completion of the transaction, the vice president now directly owns 14,510 shares in the company, valued at approximately $1,940,567.40. The disclosure for this sale can be found here. Insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Materion

Large investors have recently modified their holdings of the company. Jennison Associates LLC raised its stake in shares of Materion by 29.7% during the first quarter. Jennison Associates LLC now owns 262,121 shares of the basic materials company’s stock worth $34,534,000 after acquiring an additional 60,030 shares in the last quarter. Nordea Investment Management AB boosted its position in Materion by 9.6% during the first quarter. Nordea Investment Management AB now owns 80,258 shares of the basic materials company’s stock valued at $10,767,000 after buying an additional 6,997 shares during the period. BNP Paribas Financial Markets grew its stake in shares of Materion by 8.5% during the first quarter. BNP Paribas Financial Markets now owns 18,761 shares of the basic materials company’s stock valued at $2,472,000 after buying an additional 1,464 shares during the last quarter. Dakota Wealth Management purchased a new position in shares of Materion in the first quarter worth about $1,448,000. Finally, Allspring Global Investments Holdings LLC lifted its stake in shares of Materion by 84.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 57,142 shares of the basic materials company’s stock valued at $7,528,000 after acquiring an additional 26,116 shares during the last quarter. 93.56% of the stock is owned by hedge funds and other institutional investors.

Materion Price Performance

The firm has a fifty day moving average of $127.36 and a two-hundred day moving average of $120.39. The company has a current ratio of 2.78, a quick ratio of 1.05 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $2.22 billion, a PE ratio of 26.74 and a beta of 1.17.

About Materion

Materion Corporation, together 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. The company operates in four segments: Performance Materials, Electronic Materials, Precision Optics, and Other.