Havemeyer Place LP acquired a new position in MP Materials Corp. (NYSE:MP – Free Report) in the fourth quarter, Holdings Channel reports. The fund acquired 26,560 shares of the company’s stock, valued at approximately $1,342,000.
A number of other large investors also recently bought and sold shares of MP. Norges Bank bought a new position in MP Materials in the fourth quarter worth approximately $82,531,000. Reaves W H & Co. Inc. raised its stake in MP Materials by 168.4% in the third quarter. Reaves W H & Co. Inc. now owns 2,589,908 shares of the company’s stock worth $173,705,000 after buying an additional 1,624,908 shares in the last quarter. BNP Paribas Financial Markets raised its stake in MP Materials by 76.3% in the second quarter. BNP Paribas Financial Markets now owns 2,921,542 shares of the company’s stock worth $97,200,000 after buying an additional 1,264,243 shares in the last quarter. Hancock Prospecting Pty Ltd increased its position in shares of MP Materials by 7.2% during the third quarter. Hancock Prospecting Pty Ltd now owns 14,861,212 shares of the company’s stock worth $996,741,000 after purchasing an additional 1,000,000 shares in the last quarter. Finally, Amundi increased its position in shares of MP Materials by 1,320.8% during the third quarter. Amundi now owns 954,317 shares of the company’s stock worth $70,934,000 after purchasing an additional 887,148 shares in the last quarter. Institutional investors own 52.55% of the company’s stock.
MP Materials Price Performance
Shares of MP opened at $59.20 on Monday. The firm has a market capitalization of $10.54 billion, a PE ratio of -140.96 and a beta of 1.86. The company has a debt-to-equity ratio of 0.47, a current ratio of 7.18 and a quick ratio of 6.58. MP Materials Corp. has a 1-year low of $23.26 and a 1-year high of $100.25. The company’s fifty day moving average price is $60.78 and its 200-day moving average price is $59.77.
Insider Activity
In related news, COO Michael Stuart Rosenthal acquired 17,000 shares of the company’s stock in a transaction dated Wednesday, May 20th. The shares were purchased at an average cost of $56.62 per share, with a total value of $962,540.00. Following the completion of the acquisition, the chief operating officer directly owned 1,333,673 shares of the company’s stock, valued at $75,512,565.26. This represents a 1.29% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO James H. Litinsky sold 185,167 shares of the company’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $69.14, for a total transaction of $12,802,446.38. Following the completion of the sale, the chief executive officer directly owned 11,620,798 shares in the company, valued at approximately $803,461,973.72. The trade was a 1.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 1,251,167 shares of company stock valued at $82,131,654 over the last ninety days. 8.20% of the stock is currently owned by insiders.
Analyst Upgrades and Downgrades
A number of brokerages have recently issued reports on MP. Canaccord Genuity Group set a $82.00 price target on MP Materials in a research report on Friday, May 8th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of MP Materials in a research report on Tuesday, May 12th. Needham & Company LLC began coverage on MP Materials in a research report on Monday, June 1st. They set a “buy” rating and a $81.00 price target on the stock. DA Davidson reaffirmed a “buy” rating and set a $82.00 price target on shares of MP Materials in a research report on Friday. Finally, Morgan Stanley upped their price target on MP Materials from $62.00 to $70.00 and gave the stock an “overweight” rating in a research report on Monday, May 11th. Three investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $80.14.
View Our Latest Analysis on MP
MP Materials Profile
MP Materials Corporation operates as a vertically integrated producer of rare earth materials in North America. The company owns and manages the Mountain Pass Rare Earth Mine and Processing Facility in California, the only commercially viable rare earth mining and processing site in the United States. MP Materials extracts, separates and refines critical rare earth elements—such as neodymium, praseodymium, and cerium—which are essential inputs for permanent magnets used in electric vehicles, wind turbines, and various defense applications.
The Mountain Pass mine first began commercial rare earth production in the 1950s and was later operated by Molycorp until its bankruptcy in 2015.
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