MP Materials Corp. (NYSE:MP) Shares Sold by Legal & General Group Plc

Legal & General Group Plc trimmed its holdings in shares of MP Materials Corp. (NYSE:MP - Free Report) by 8.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 331,773 shares of the company's stock after selling 31,470 shares during the quarter. Legal & General Group Plc owned 0.20% of MP Materials worth $5,176,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in MP. Victory Capital Management Inc. grew its holdings in shares of MP Materials by 3.1% during the fourth quarter. Victory Capital Management Inc. now owns 2,432,389 shares of the company's stock valued at $37,945,000 after buying an additional 73,297 shares during the last quarter. Invesco Ltd. grew its stake in MP Materials by 0.4% during the 4th quarter. Invesco Ltd. now owns 2,118,580 shares of the company's stock valued at $33,050,000 after purchasing an additional 7,453 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of MP Materials by 15.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,079,668 shares of the company's stock valued at $16,843,000 after purchasing an additional 144,661 shares during the period. Principal Financial Group Inc. raised its stake in shares of MP Materials by 48.7% in the fourth quarter. Principal Financial Group Inc. now owns 899,698 shares of the company's stock worth $14,035,000 after purchasing an additional 294,806 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of MP Materials in the fourth quarter worth about $6,284,000. 52.55% of the stock is owned by institutional investors and hedge funds.

Insider Activity at MP Materials

In related news, CEO James H. Litinsky sold 386,223 shares of the business's stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $24.01, for a total value of $9,273,214.23. Following the completion of the sale, the chief executive officer now owns 15,643,076 shares of the company's stock, valued at approximately $375,590,254.76. The trade was a 2.41 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Ryan Corbett sold 15,000 shares of the stock in a transaction on Monday, March 17th. The shares were sold at an average price of $27.00, for a total transaction of $405,000.00. Following the transaction, the chief financial officer now directly owns 214,812 shares in the company, valued at approximately $5,799,924. The trade was a 6.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,330,015 shares of company stock worth $34,559,781 in the last 90 days. Corporate insiders own 12.60% of the company's stock.

MP Materials Stock Performance

Shares of NYSE MP traded down $0.77 during midday trading on Friday, reaching $25.24. 1,729,690 shares of the stock were exchanged, compared to its average volume of 3,552,853. The company has a quick ratio of 6.13, a current ratio of 6.93 and a debt-to-equity ratio of 0.88. The firm has a 50-day simple moving average of $24.65 and a two-hundred day simple moving average of $21.37. MP Materials Corp. has a twelve month low of $10.02 and a twelve month high of $29.72. The firm has a market cap of $4.13 billion, a price-to-earnings ratio of -42.78 and a beta of 2.24.

MP Materials (NYSE:MP - Get Free Report) last released its quarterly earnings results on Thursday, February 20th. The company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.05). The firm had revenue of $60.99 million for the quarter, compared to analyst estimates of $50.71 million. MP Materials had a negative net margin of 32.09% and a negative return on equity of 8.44%. As a group, analysts anticipate that MP Materials Corp. will post -0.19 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on MP. DA Davidson increased their price target on shares of MP Materials from $25.00 to $32.00 and gave the stock a "buy" rating in a report on Wednesday, March 19th. BMO Capital Markets upped their price objective on shares of MP Materials from $22.00 to $29.00 and gave the company a "market perform" rating in a report on Thursday, March 20th. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, MP Materials has a consensus rating of "Moderate Buy" and a consensus target price of $23.61.

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.