Wellington Management Group LLP Cuts Position in MP Materials Corp. (NYSE:MP)

Wellington Management Group LLP decreased its stake in MP Materials Corp. (NYSE:MP - Free Report) by 15.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 223,821 shares of the company's stock after selling 39,361 shares during the period. Wellington Management Group LLP owned approximately 0.14% of MP Materials worth $3,492,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in MP. JT Stratford LLC raised its stake in shares of MP Materials by 0.7% during the 4th quarter. JT Stratford LLC now owns 63,685 shares of the company's stock worth $993,000 after buying an additional 424 shares during the last quarter. Envestnet Asset Management Inc. increased its holdings in MP Materials by 3.3% during the 4th quarter. Envestnet Asset Management Inc. now owns 20,650 shares of the company's stock valued at $322,000 after acquiring an additional 662 shares in the last quarter. Quadrant Capital Group LLC raised its position in MP Materials by 40.3% during the fourth quarter. Quadrant Capital Group LLC now owns 2,441 shares of the company's stock worth $38,000 after acquiring an additional 701 shares during the last quarter. SWS Partners lifted its holdings in shares of MP Materials by 0.4% in the fourth quarter. SWS Partners now owns 162,503 shares of the company's stock valued at $2,535,000 after purchasing an additional 707 shares in the last quarter. Finally, Delta Investment Management LLC lifted its holdings in shares of MP Materials by 3.6% in the fourth quarter. Delta Investment Management LLC now owns 22,025 shares of the company's stock valued at $344,000 after purchasing an additional 767 shares in the last quarter. Institutional investors and hedge funds own 52.55% of the company's stock.

Analysts Set New Price Targets

MP has been the subject of a number of recent research reports. DA Davidson raised their price objective on shares of MP Materials from $25.00 to $32.00 and gave the stock a "buy" rating in a research note on Wednesday, March 19th. BMO Capital Markets increased their target price on MP Materials from $22.00 to $29.00 and gave the company a "market perform" rating in a report on Thursday, March 20th. JPMorgan Chase & Co. dropped their price target on MP Materials from $21.00 to $18.00 and set a "neutral" rating for the company in a research report on Monday, May 12th. Finally, Morgan Stanley upgraded MP Materials from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $23.00 to $34.00 in a research report on Thursday. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $25.61.

MP Materials Trading Down 1.0%

MP stock traded down $0.26 during midday trading on Friday, hitting $25.67. The stock had a trading volume of 8,747,865 shares, compared to its average volume of 4,032,665. The company's 50-day moving average price is $23.08 and its 200 day moving average price is $22.24. The company has a debt-to-equity ratio of 0.88, a current ratio of 6.93 and a quick ratio of 6.13. The firm has a market cap of $4.20 billion, a PE ratio of -43.51 and a beta of 2.14. MP Materials Corp. has a 12-month low of $10.02 and a 12-month high of $29.72.

MP Materials (NYSE:MP - Get Free Report) last announced its quarterly earnings data 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 net margin of 32.09% and a negative return on equity of 8.44%. The business had revenue of $60.81 million during the quarter, compared to analysts' expectations of $64.74 million. During the same period in the prior year, the firm earned ($0.04) EPS. MP Materials's revenue for the quarter was up 24.9% on a year-over-year basis. On average, equities research analysts predict that MP Materials Corp. will post -0.19 earnings per share for the current fiscal year.

Insider Buying and Selling at MP Materials

In related news, CEO James H. Litinsky sold 489,918 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $26.77, for a total value of $13,115,104.86. Following the transaction, the chief executive officer now directly owns 15,153,158 shares of the company's stock, valued at approximately $405,650,039.66. This trade represents a 3.13% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Ryan Corbett sold 15,000 shares of MP Materials stock in a transaction on Monday, March 17th. The shares were sold at an average price of $27.00, for a total value of $405,000.00. Following the completion of the transaction, the chief financial officer now owns 214,812 shares in the company, valued at $5,799,924. The trade was a 6.53% decrease in their position. The disclosure for this sale can be found here. Insiders sold 943,792 shares of company stock worth $25,286,567 in the last 90 days. 9.50% of the stock is owned by company insiders.

About MP Materials

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.