Bank of New York Mellon Corp Has $36.55 Million Stock Holdings in MP Materials Corp. (NYSE:MP)

Bank of New York Mellon Corp trimmed its position in MP Materials Corp. (NYSE:MP - Free Report) by 8.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,497,245 shares of the company's stock after selling 134,446 shares during the period. Bank of New York Mellon Corp owned approximately 0.92% of MP Materials worth $36,548,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Raymond James Financial Inc. acquired a new stake in MP Materials in the fourth quarter worth approximately $6,284,000. Proficio Capital Partners LLC bought a new position in shares of MP Materials in the fourth quarter valued at $399,000. GAMMA Investing LLC increased its holdings in shares of MP Materials by 52.3% in the first quarter. GAMMA Investing LLC now owns 5,750 shares of the company's stock valued at $140,000 after buying an additional 1,975 shares in the last quarter. KLP Kapitalforvaltning AS bought a new position in shares of MP Materials in the fourth quarter valued at $388,000. Finally, Invesco Ltd. increased its holdings in shares of MP Materials by 0.4% in the fourth quarter. Invesco Ltd. now owns 2,118,580 shares of the company's stock valued at $33,050,000 after buying an additional 7,453 shares in the last quarter. 52.55% of the stock is currently owned by institutional investors and hedge funds.

MP Materials Stock Up 0.6%

NYSE:MP traded up $0.36 during trading hours on Wednesday, hitting $58.58. 37,725,727 shares of the stock traded hands, compared to its average volume of 5,767,771. The firm has a 50 day moving average price of $29.55 and a 200 day moving average price of $25.46. The company has a current ratio of 4.12, a quick ratio of 3.58 and a debt-to-equity ratio of 0.81. MP Materials Corp. has a fifty-two week low of $10.02 and a fifty-two week high of $62.87. The firm has a market cap of $9.58 billion, a price-to-earnings ratio of -90.12 and a beta of 2.26.

MP Materials (NYSE:MP - Get Free Report) last announced its 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 firm had revenue of $60.81 million for the quarter, compared to analyst estimates of $64.74 million. During the same period last year, the firm earned ($0.04) earnings per share. MP Materials's revenue for the quarter was up 24.9% compared to the same quarter last year. Equities research analysts anticipate that MP Materials Corp. will post -0.19 earnings per share for the current year.

Analyst Upgrades and Downgrades

MP has been the topic of several research reports. Jefferies Financial Group reaffirmed a "hold" rating and issued a $33.00 price target (up previously from $32.00) on shares of MP Materials in a report on Monday, July 7th. JPMorgan Chase & Co. dropped their price target on MP Materials from $21.00 to $18.00 and set a "neutral" rating on the stock in a report on Monday, May 12th. DA Davidson upped their price target on MP Materials from $25.00 to $32.00 and gave the company a "buy" rating in a report on Wednesday, March 19th. Morgan Stanley raised MP Materials from an "equal weight" rating to an "overweight" rating and upped their price target for the company from $23.00 to $34.00 in a report on Thursday, June 5th. Finally, Canaccord Genuity Group upped their price target on MP Materials from $27.00 to $55.00 and gave the company a "buy" rating in a report on Friday, July 11th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, MP Materials has a consensus rating of "Moderate Buy" and an average target price of $31.28.

MP Materials Company 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.