Baird Financial Group Inc. Has $5.51 Million Position in MP Materials Corp. $MP

Key Points

• Baird Financial Group cut its MP Materials position by 18.1% in the second quarter, selling 21,739 shares and retaining 98,402 shares worth approximately $5.51 million. Institutional investors collectively own 52.55% of the company.
• Analysts remain broadly positive, with an average rating of “Moderate Buy” and a $78.21 price target, although several firms recently lowered their targets and Zacks Research downgraded the stock to “Strong Sell.”
• MP Materials reported quarterly revenue of $108.49 million, up 89% year over year and above expectations, while meeting estimates with an EPS loss of $0.01. Shares opened at $50.66, well below their 12-month high of $100.25.

Baird Financial Group Inc. decreased its holdings in MP Materials Corp. (NYSE:MP - Free Report) by 18.1% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 98,402 shares of the company's stock after selling 21,739 shares during the quarter. Baird Financial Group Inc. owned 0.06% of MP Materials worth $5,511,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. 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 purchasing an additional 9,061,633 shares during the period. Norges Bank bought a new stake in shares of MP Materials in the fourth quarter valued at approximately $82,531,000. Bank of New York Mellon Corp bought a new stake in shares of MP Materials in the second quarter valued at approximately $65,230,000. Amundi grew its position in MP Materials by 260.2% during the first quarter. Amundi now owns 385,001 shares of the company's stock worth $18,580,000 after buying an additional 278,126 shares in the last quarter. Finally, Principal Financial Group Inc. grew its position in MP Materials by 32.4% during the first quarter. Principal Financial Group Inc. now owns 919,083 shares of the company's stock worth $44,355,000 after buying an additional 225,009 shares in the last quarter. 52.55% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Zacks Research lowered MP Materials from a "hold" rating to a "strong sell" rating in a research note on Wednesday, August 26th. Deutsche Bank Aktiengesellschaft cut their target price on MP Materials from $70.00 to $61.00 and set a "buy" rating for the company in a research report on Thursday, July 9th. Needham & Company LLC reduced their target price on MP Materials from $81.00 to $73.00 and set a "buy" rating on the stock in a report on Wednesday, July 22nd. Jefferies Financial Group restated a "buy" rating on shares of MP Materials in a research report on Tuesday, September 8th. Finally, JPMorgan Chase & Co. dropped their price target on MP Materials from $75.00 to $60.00 and set an "overweight" rating for the company in a research note on Wednesday, July 29th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat.com, MP Materials presently has an average rating of "Moderate Buy" and an average price target of $78.21.

MP Materials Price Performance

Shares of MP stock opened at $50.66 on Tuesday. The business has a fifty day simple moving average of $51.22 and a 200 day simple moving average of $56.41. The company has a market cap of $9.02 billion, a P/E ratio of -149.01 and a beta of 1.94. The company has a quick ratio of 8.56, a current ratio of 9.51 and a debt-to-equity ratio of 0.48. MP Materials Corp. has a twelve month low of $37.81 and a twelve month high of $100.25.

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

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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