Amundi Acquires 124,945 Shares of MP Materials Corp. $MP

Key Points

• Amundi increased its MP Materials stake by 32.5% in the second quarter, buying 124,945 additional shares to own 509,946 shares worth approximately $28.6 million, or 0.29% of the company.
• Institutional ownership remains significant at 52.55%, with California State Teachers Retirement System, BNP Paribas Financial Markets and Van ECK Associates among investors that substantially increased their positions.
• MP Materials reported quarterly revenue of $108.49 million, up 89% year over year, while posting a loss of $0.01 per share. Analysts have a “Moderate Buy” consensus rating and an average price target of $78.21, compared with a recent share price of $50.57.

Amundi increased its holdings in MP Materials Corp. (NYSE:MP - Free Report) by 32.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 509,946 shares of the company's stock after buying an additional 124,945 shares during the period. Amundi owned 0.29% of MP Materials worth $28,562,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Hancock Prospecting Pty Ltd grew its stake in MP Materials by 7.2% during the third quarter. Hancock Prospecting Pty Ltd now owns 14,861,212 shares of the company's stock worth $996,741,000 after buying an additional 1,000,000 shares in the last quarter. California State Teachers Retirement System increased its holdings in shares of MP Materials by 5,523.6% during the second quarter. California State Teachers Retirement System now owns 9,225,687 shares of the company's stock worth $516,731,000 after buying an additional 9,061,633 shares in the last quarter. State Street Corp lifted its stake in shares of MP Materials by 13.2% in the 4th quarter. State Street Corp now owns 6,597,885 shares of the company's stock valued at $333,325,000 after acquiring an additional 769,517 shares during the last quarter. BNP Paribas Financial Markets boosted its holdings in shares of MP Materials by 76.3% during the 2nd quarter. BNP Paribas Financial Markets now owns 2,921,542 shares of the company's stock valued at $97,200,000 after acquiring an additional 1,264,243 shares in the last quarter. Finally, Van ECK Associates Corp boosted its stake in shares of MP Materials by 71.6% during the fourth quarter. Van ECK Associates Corp now owns 2,834,914 shares of the company's stock valued at $143,220,000 after purchasing an additional 1,183,307 shares in the last quarter. 52.55% of the stock is currently owned by institutional investors.

MP Materials Price Performance

MP opened at $50.57 on Friday. MP Materials Corp. has a 1 year low of $37.81 and a 1 year high of $100.25. The company has a debt-to-equity ratio of 0.48, a current ratio of 9.51 and a quick ratio of 8.56. The company has a market capitalization of $9.01 billion, a price-to-earnings ratio of -148.73 and a beta of 1.94. The firm's fifty day moving average price is $51.27 and its two-hundred day moving average price is $56.46.

MP Materials (NYSE:MP - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported ($0.01) EPS for the quarter, meeting the consensus estimate of ($0.01). MP Materials had a negative net margin of 19.85% and a negative return on equity of 1.21%. The company had revenue of $108.49 million during the quarter, compared to the consensus estimate of $96.89 million. During the same quarter in the prior year, the company posted ($0.13) earnings per share. The firm's revenue for the quarter was up 89.0% on a year-over-year basis. As a group, analysts anticipate that MP Materials Corp. will post -0.12 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have issued reports on MP shares. Jefferies Financial Group restated a "buy" rating on shares of MP Materials in a report on Tuesday. Zacks Research downgraded MP Materials from a "hold" rating to a "strong sell" rating in a research note on Wednesday, August 26th. Citigroup reiterated a "positive" rating on shares of MP Materials in a report on Wednesday, July 15th. DA Davidson reissued a "buy" rating and issued a $82.00 price objective on shares of MP Materials in a research note on Monday, August 24th. Finally, Morgan Stanley restated an "overweight" rating on shares of MP Materials in a report on Wednesday, August 19th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $78.21.

About MP Materials

MP Materials Corp. is a rare earth materials company that owns and operates the Mountain Pass rare earth mine and processing facility in California. The site is one of the largest rare earth production facilities in the Western Hemisphere and produces rare earth concentrate, with an emphasis on neodymium-praseodymium (NdPr), materials used in high-performance permanent magnets.

The company is expanding its operations beyond mining and concentrate production into separated rare earth products and magnet manufacturing.

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