Commonwealth Equity Services LLC trimmed its position in MP Materials Corp. (NYSE:MP – Free Report) by 15.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 74,393 shares of the company’s stock after selling 13,161 shares during the period. Commonwealth Equity Services LLC’s holdings in MP Materials were worth $3,758,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also recently made changes to their positions in the company. Costello Asset Management INC boosted its holdings in MP Materials by 15.0% in the fourth quarter. Costello Asset Management INC now owns 1,300 shares of the company’s stock valued at $66,000 after purchasing an additional 170 shares during the last quarter. Composition Wealth LLC boosted its holdings in MP Materials by 0.9% in the fourth quarter. Composition Wealth LLC now owns 18,334 shares of the company’s stock valued at $926,000 after purchasing an additional 172 shares during the last quarter. ARS Investment Partners LLC boosted its holdings in MP Materials by 1.0% in the fourth quarter. ARS Investment Partners LLC now owns 19,980 shares of the company’s stock valued at $1,009,000 after purchasing an additional 200 shares during the last quarter. Cresset Asset Management LLC boosted its holdings in MP Materials by 1.0% in the second quarter. Cresset Asset Management LLC now owns 21,444 shares of the company’s stock valued at $713,000 after purchasing an additional 204 shares during the last quarter. Finally, Kestra Private Wealth Services LLC boosted its holdings in MP Materials by 1.8% in the fourth quarter. Kestra Private Wealth Services LLC now owns 12,232 shares of the company’s stock valued at $618,000 after purchasing an additional 212 shares during the last quarter. 52.55% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
MP has been the topic of several recent research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MP Materials in a report on Tuesday, April 21st. Morgan Stanley upped their price target on shares of MP Materials from $62.00 to $70.00 and gave the company an “overweight” rating in a report on Monday, May 11th. William Blair reaffirmed an “outperform” rating on shares of MP Materials in a report on Wednesday, March 4th. TD Securities raised shares of MP Materials to a “strong-buy” rating in a report on Monday, February 9th. Finally, DA Davidson reaffirmed a “buy” rating and issued a $82.00 price target on shares of MP Materials in a report on Friday. Three investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, MP Materials presently has a consensus rating of “Buy” and a consensus price target of $80.14.
MP Materials Trading Down 2.4%
Shares of MP Materials stock opened at $57.77 on Tuesday. The firm has a market capitalization of $10.28 billion, a PE ratio of -137.54 and a beta of 1.86. MP Materials Corp. has a twelve month low of $23.26 and a twelve month high of $100.25. The firm’s 50-day moving average price is $60.90 and its 200 day moving average price is $59.77. The company has a current ratio of 7.18, a quick ratio of 6.58 and a debt-to-equity ratio of 0.47.
MP Materials (NYSE:MP – Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.03 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.04. The firm had revenue of $90.65 million for the quarter, compared to analyst estimates of $74.82 million. MP Materials had a negative net margin of 28.00% and a negative return on equity of 2.27%. MP Materials’s quarterly revenue was up 49.1% compared to the same quarter last year. During the same period last year, the company posted ($0.12) EPS. On average, sell-side analysts predict that MP Materials Corp. will post -0.04 EPS for the current fiscal year.
Insider Transactions at MP Materials
In related news, CFO Ryan Corbett sold 46,000 shares of the firm’s stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $60.00, for a total value of $2,760,000.00. Following the transaction, the chief financial officer directly owned 129,017 shares of the company’s stock, valued at approximately $7,741,020. This trade represents a 26.28% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO James H. Litinsky sold 259,179 shares of the stock in a transaction dated Monday, April 20th. The shares were sold at an average price of $64.03, for a total transaction of $16,595,231.37. Following the completion of the sale, the chief executive officer owned 12,505,965 shares of the company’s stock, valued at approximately $800,756,938.95. The trade was a 2.03% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 1,251,167 shares of company stock worth $82,131,654 over the last ninety days. 8.20% of the stock is currently owned by corporate insiders.
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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