Ameriprise Financial Inc. Has $37.82 Million Stake in MP Materials Corp. $MP

Key Points

• Ameriprise Financial Inc. reduced its stake in MP Materials Corp. by 7.4%, now holding $37.82 million worth of shares, representing a 0.95% ownership in the company.
• MP Materials' COO, Michael Stuart Rosenthal, recently sold 150,000 shares for $10.8 million, resulting in a 10.46% decrease in his ownership, leaving him with approximately $92.5 million in shares.
• Despite a challenging market, MP Materials reported an 83.6% revenue increase compared to last year, with revenues of $57.39 million that exceeded analyst expectations.

Ameriprise Financial Inc. lowered its position in MP Materials Corp. (NYSE:MP - Free Report) by 7.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,549,234 shares of the company's stock after selling 123,483 shares during the period. Ameriprise Financial Inc. owned 0.95% of MP Materials worth $37,817,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MP. JT Stratford LLC grew its position in MP Materials by 0.7% in the fourth quarter. JT Stratford LLC now owns 63,685 shares of the company's stock worth $993,000 after acquiring an additional 424 shares in the last quarter. CWM LLC boosted its holdings in MP Materials by 16.5% in the first quarter. CWM LLC now owns 3,566 shares of the company's stock worth $87,000 after purchasing an additional 505 shares in the last quarter. Envestnet Asset Management Inc. increased its position in MP Materials by 3.3% during the fourth quarter. Envestnet Asset Management Inc. now owns 20,650 shares of the company's stock worth $322,000 after buying an additional 662 shares during the last quarter. CENTRAL TRUST Co raised its holdings in MP Materials by 20.6% during the first quarter. CENTRAL TRUST Co now owns 3,965 shares of the company's stock valued at $97,000 after buying an additional 678 shares in the last quarter. Finally, Delta Investment Management LLC raised its holdings in MP Materials by 3.6% during the fourth quarter. Delta Investment Management LLC now owns 22,025 shares of the company's stock valued at $344,000 after buying an additional 767 shares in the last quarter. Institutional investors own 52.55% of the company's stock.

Insider Activity at MP Materials

In other news, COO Michael Stuart Rosenthal sold 150,000 shares of the business's stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $72.02, for a total transaction of $10,803,000.00. Following the sale, the chief operating officer directly owned 1,284,409 shares in the company, valued at approximately $92,503,136.18. The trade was a 10.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 9.50% of the company's stock.

MP Materials Trading Down 3.1%

Shares of MP stock opened at $71.19 on Friday. The firm has a market capitalization of $12.61 billion, a P/E ratio of -113.00 and a beta of 2.30. MP Materials Corp. has a 1 year low of $12.39 and a 1 year high of $82.50. The firm's fifty day simple moving average is $56.95 and its 200 day simple moving average is $35.80. The company has a current ratio of 3.60, a quick ratio of 3.12 and a debt-to-equity ratio of 0.83.

MP Materials (NYSE:MP - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.03. MP Materials had a negative net margin of 41.87% and a negative return on equity of 9.34%. The company had revenue of $57.39 million for the quarter, compared to the consensus estimate of $44.84 million. During the same quarter in the previous year, the firm posted ($0.17) EPS. The business's revenue was up 83.6% compared to the same quarter last year. As a group, sell-side analysts predict that MP Materials Corp. will post -0.19 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have recently commented on MP. Robert W. Baird increased their price objective on MP Materials from $52.00 to $69.00 and gave the company an "outperform" rating in a report on Wednesday, July 23rd. Cfra Research raised MP Materials to a "moderate buy" rating in a research report on Monday, August 11th. Canaccord Genuity Group increased their price target on MP Materials from $64.00 to $77.00 and gave the company a "buy" rating in a report on Friday, August 8th. JPMorgan Chase & Co. lifted their price target on shares of MP Materials from $18.00 to $64.00 and gave the company a "neutral" rating in a research report on Monday, July 21st. Finally, Cowen reaffirmed a "buy" rating on shares of MP Materials in a report on Friday, August 8th. Five investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, MP Materials currently has an average rating of "Moderate Buy" and a consensus target price of $60.63.

MP Materials Profile

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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