California State Teachers Retirement System Buys 661 Shares of MP Materials Corp. $MP

Key Points

• California State Teachers Retirement System increased its MP Materials stake by 661 shares, bringing its holdings to 164,715 shares valued at approximately $9.2 million. Institutional investors collectively own 52.55% of the company.
• Analyst sentiment remains generally positive, with a MarketBeat consensus rating of “Moderate Buy” and an average price target of $78.21, despite recent target-price cuts from JPMorgan and Deutsche Bank.
• MP Materials shares fell 2.9% to $49.21. The company matched quarterly EPS expectations at a $0.01 loss while revenue rose 89% year over year to $108.49 million, exceeding analyst estimates.

California State Teachers Retirement System grew its stake in MP Materials Corp. (NYSE:MP - Free Report) by 0.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 164,715 shares of the company's stock after buying an additional 661 shares during the period. California State Teachers Retirement System owned 0.09% of MP Materials worth $9,225,687 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MP. EMC Capital Management acquired a new position in MP Materials during the fourth quarter worth $25,000. REAP Financial Group LLC bought a new stake in MP Materials in the fourth quarter worth $26,000. Toth Financial Advisory Corp grew its holdings in shares of MP Materials by 73.3% during the 2nd quarter. Toth Financial Advisory Corp now owns 520 shares of the company's stock worth $29,000 after purchasing an additional 220 shares in the last quarter. University of Texas Texas AM Investment Management Co. acquired a new position in MP Materials during the 4th quarter worth about $36,000. Finally, Markowski Investments bought a new stake in MP Materials in the second quarter valued at approximately $43,000. Hedge funds and other institutional investors own 52.55% of the company's stock.

Analyst Ratings Changes

Several research firms recently weighed in on MP. Citigroup reissued a "positive" rating on shares of MP Materials in a report on Wednesday, July 15th. JPMorgan Chase & Co. reduced their target price on MP Materials from $75.00 to $60.00 and set an "overweight" rating for the company in a report on Wednesday, July 29th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of MP Materials from $70.00 to $61.00 and set a "buy" rating on the stock in a report on Thursday, July 9th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of MP Materials in a research report on Friday, July 17th. Finally, Morgan Stanley reaffirmed an "overweight" rating on shares of MP Materials in a research note on Wednesday, August 19th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $78.21.

MP Materials Stock Down 2.9%

NYSE:MP traded down $1.47 during trading hours on Tuesday, reaching $49.21. The company's stock had a trading volume of 2,821,666 shares, compared to its average volume of 6,518,869. The company has a market cap of $8.76 billion, a price-to-earnings ratio of -144.85 and a beta of 1.94. The company has a debt-to-equity ratio of 0.48, a current ratio of 9.51 and a quick ratio of 8.56. MP Materials Corp. has a one year low of $37.81 and a one year high of $100.25. The business's 50-day moving average is $51.22 and its 200-day moving average is $56.41.

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

MP Materials Profile

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.