M&T Bank Corp Purchases 7,543 Shares of MP Materials Corp. (NYSE:MP)

M&T Bank Corp increased its stake in shares of MP Materials Corp. (NYSE:MP - Free Report) by 12.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 69,498 shares of the company's stock after buying an additional 7,543 shares during the quarter. M&T Bank Corp's holdings in MP Materials were worth $1,696,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Price T Rowe Associates Inc. MD boosted its position in MP Materials by 44.3% in 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 during the last quarter. BNP Paribas Financial Markets purchased a new position in MP Materials in the fourth quarter worth $14,886,000. Raymond James Financial Inc. purchased a new position in MP Materials in the fourth quarter worth $6,284,000. HITE Hedge Asset Management LLC purchased a new position in MP Materials in the fourth quarter worth $6,019,000. Finally, Two Sigma Advisers LP purchased a new position in MP Materials in the fourth quarter worth $5,524,000. Institutional investors own 52.55% of the company's stock.

Insider Buying and Selling at MP Materials

In other MP Materials news, CEO James H. Litinsky sold 199,180 shares of the firm's stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $27.08, for a total value of $5,393,794.40. Following the sale, the chief executive officer owned 13,643,076 shares of the company's stock, valued at $369,454,498.08. This trade represents a 1.44% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 9.50% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

MP has been the topic of several research analyst reports. BMO Capital Markets boosted their price objective on MP Materials from $22.00 to $29.00 and gave the stock a "market perform" rating in a research report on Thursday, March 20th. Jefferies Financial Group reissued a "hold" rating and issued a $33.00 price objective (up previously from $32.00) on shares of MP Materials in a research report on Monday, July 7th. Robert W. Baird boosted their price objective on MP Materials from $30.00 to $38.00 and gave the stock an "outperform" rating in a research report on Tuesday, June 17th. JPMorgan Chase & Co. cut their price objective on MP Materials from $21.00 to $18.00 and set a "neutral" rating on the stock in a research report on Monday, May 12th. 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 research report on Friday. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $31.28.

MP Materials Price Performance

NYSE:MP traded down $0.17 during mid-day trading on Friday, hitting $45.06. 37,119,144 shares of the stock traded hands, compared to its average volume of 5,264,646. The business's 50-day moving average price is $27.71 and its 200 day moving average price is $24.72. The company has a market cap of $7.37 billion, a PE ratio of -69.32 and a beta of 2.26. MP Materials Corp. has a 12-month low of $10.02 and a 12-month high of $50.98. The company has a quick ratio of 3.58, a current ratio of 4.12 and a debt-to-equity ratio of 0.81.

MP Materials (NYSE:MP - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.12) 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 analysts' expectations of $64.74 million. During the same period in the prior year, the firm posted ($0.04) EPS. MP Materials's revenue was up 24.9% on a year-over-year basis. On average, analysts expect that MP Materials Corp. will post -0.19 EPS for the current fiscal year.

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.