Advisor Resource Council acquired a new stake in MP Materials Corp. (NYSE:MP - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 44,888 shares of the company's stock, valued at approximately $1,018,000.
A number of other hedge funds and other institutional investors have also modified their holdings of MP. Raymond James Financial Inc. purchased a new stake in MP Materials during the fourth quarter worth approximately $6,284,000. Proficio Capital Partners LLC acquired a new stake in MP Materials during the fourth quarter worth approximately $399,000. KLP Kapitalforvaltning AS acquired a new stake in MP Materials during the fourth quarter worth approximately $388,000. Invesco Ltd. lifted its position in shares of MP Materials by 0.4% during the 4th quarter. Invesco Ltd. now owns 2,118,580 shares of the company's stock worth $33,050,000 after buying an additional 7,453 shares during the last quarter. Finally, New York State Teachers Retirement System boosted its holdings in shares of MP Materials by 7.3% in the 4th quarter. New York State Teachers Retirement System now owns 99,900 shares of the company's stock valued at $1,558,000 after buying an additional 6,800 shares in the last quarter. 52.55% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
MP has been the topic of several research analyst reports. BMO Capital Markets lifted their price target on shares of MP Materials from $22.00 to $29.00 and gave the stock a "market perform" rating in a research note on Thursday, March 20th. Morgan Stanley raised MP Materials from an "equal weight" rating to an "overweight" rating and raised their price objective for the stock from $23.00 to $34.00 in a report on Thursday, June 5th. Robert W. Baird lifted their target price on MP Materials from $30.00 to $38.00 and gave the stock an "outperform" rating in a research report on Tuesday, June 17th. JPMorgan Chase & Co. reduced their target price on MP Materials from $21.00 to $18.00 and set a "neutral" rating for the company in a report on Monday, May 12th. Finally, DA Davidson raised their price target on MP Materials from $25.00 to $32.00 and gave the stock a "buy" rating in a research note on Wednesday, March 19th. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $27.06.
View Our Latest Report on MP
Insider Activity
In other news, CEO James H. Litinsky sold 199,180 shares of the firm's stock in a transaction on Monday, April 14th. The shares were sold at an average price of $27.08, for a total value of $5,393,794.40. Following the completion of the sale, the chief executive officer now owns 13,643,076 shares in the company, valued at approximately $369,454,498.08. This trade represents a 1.44% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 9.50% of the company's stock.
MP Materials Stock Performance
Shares of NYSE:MP traded up $0.50 on Wednesday, reaching $35.41. The company's stock had a trading volume of 8,457,845 shares, compared to its average volume of 4,607,396. MP Materials Corp. has a 52-week low of $10.02 and a 52-week high of $39.10. The stock's 50-day moving average is $25.22 and its two-hundred day moving average is $23.23. The company has a debt-to-equity ratio of 0.81, a current ratio of 4.12 and a quick ratio of 3.58.
MP Materials (NYSE:MP - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.02). MP Materials had a negative net margin of 48.41% and a negative return on equity of 9.77%. The company had revenue of $60.81 million during the quarter, compared to analyst estimates of $64.74 million. During the same quarter last year, the firm earned ($0.04) EPS. The business's revenue was up 24.9% on a year-over-year basis. As a group, sell-side analysts anticipate that MP Materials Corp. will post -0.19 earnings per share for the current year.
MP Materials Profile
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Free Report)
MP Materials Corp., together with its subsidiaries, produces rare earth materials. The company owns and operates the Mountain Pass Rare Earth mine and processing facility in North America. It holds the mineral rights to the Mountain Pass mine and surrounding areas, as well as intellectual property rights related to the processing and development of rare earth minerals.
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