Knights of Columbus Asset Advisors LLC Invests $640,000 in MP Materials Corp. (NYSE:MP)

Key Points

• Knights of Columbus Asset Advisors LLC has purchased 26,221 shares of MP Materials Corp. valued at approximately $640,000 during the first quarter of 2023.
• MP Materials Corp. recently reported a quarterly earnings per share of ($0.12), missing the consensus estimate by $0.02, despite a 24.9% year-over-year revenue increase.
• Wall Street analysts have raised their price targets on MP Materials, with JPMorgan Chase setting a target of $64.00 and Robert W. Baird boosting it to $69.00, reflecting a positive outlook.

Knights of Columbus Asset Advisors LLC acquired a new stake in MP Materials Corp. (NYSE:MP - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 26,221 shares of the company's stock, valued at approximately $640,000.

A number of other large investors also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD lifted its stake in MP Materials by 44.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,537,511 shares of the company's stock worth $101,986,000 after purchasing an additional 2,005,505 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in MP Materials by 8.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,207,017 shares of the company's stock worth $34,433,000 after purchasing an additional 176,121 shares in the last quarter. Invesco Ltd. increased its position in shares of MP Materials by 0.4% during the fourth quarter. Invesco Ltd. now owns 2,118,580 shares of the company's stock worth $33,050,000 after acquiring an additional 7,453 shares during the period. Northern Trust Corp increased its position in shares of MP Materials by 23.6% during the fourth quarter. Northern Trust Corp now owns 978,284 shares of the company's stock worth $15,261,000 after acquiring an additional 186,748 shares during the period. Finally, BNP Paribas Financial Markets purchased a new stake in shares of MP Materials during the fourth quarter worth $14,886,000. 52.55% of the stock is currently owned by institutional investors and hedge funds.

MP Materials Stock Up 0.9%

NYSE:MP traded up $0.58 during trading hours on Friday, hitting $62.14. The company's stock had a trading volume of 10,014,818 shares, compared to its average volume of 22,438,080. The stock has a market capitalization of $10.16 billion, a P/E ratio of -95.60 and a beta of 2.26. The stock has a fifty day moving average of $35.08 and a 200-day moving average of $27.67. 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 52-week low of $10.02 and a 52-week high of $65.05.

MP Materials (NYSE:MP - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.12) EPS for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.02). MP Materials had a negative return on equity of 9.77% and a negative net margin of 48.41%. The firm had revenue of $60.81 million for the quarter, compared to analyst estimates of $64.74 million. During the same quarter last year, the firm posted ($0.04) EPS. The firm's revenue for the quarter was up 24.9% on a year-over-year basis. On average, equities analysts forecast that MP Materials Corp. will post -0.19 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on MP shares. Robert W. Baird upped their price objective on MP Materials from $52.00 to $69.00 and gave the stock an "outperform" rating in a research report on Wednesday. JPMorgan Chase & Co. upped their price objective on MP Materials from $18.00 to $64.00 and gave the stock a "neutral" rating in a research report on Monday, July 21st. Morgan Stanley raised MP Materials from an "equal weight" rating to an "overweight" rating and upped their price objective for the stock from $23.00 to $34.00 in a research report on Thursday, June 5th. Canaccord Genuity Group upped their price objective on MP Materials from $27.00 to $55.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Finally, Jefferies Financial Group reaffirmed a "hold" rating and set a $33.00 price objective (up previously from $32.00) on shares of MP Materials in a research report on Monday, July 7th. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $46.11.

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.