Sycomore Asset Management lessened its stake in MP Materials Corp. (NYSE:MP – Get Rating) by 10.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 136,994 shares of the company's stock after selling 16,644 shares during the period. MP Materials comprises about 1.1% of Sycomore Asset Management's investment portfolio, making the stock its 21st largest position. Sycomore Asset Management owned approximately 0.08% of MP Materials worth $4,904,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. State Street Corp increased its stake in MP Materials by 56.2% during the first quarter. State Street Corp now owns 4,806,550 shares of the company's stock valued at $275,608,000 after purchasing an additional 1,729,193 shares during the last quarter. BlackRock Inc. boosted its holdings in shares of MP Materials by 29.1% during the first quarter. BlackRock Inc. now owns 6,398,647 shares of the company's stock valued at $366,898,000 after acquiring an additional 1,441,580 shares during the period. Renaissance Technologies LLC boosted its holdings in shares of MP Materials by 925.3% during the first quarter. Renaissance Technologies LLC now owns 1,568,700 shares of the company's stock valued at $89,949,000 after acquiring an additional 1,415,700 shares during the period. Invesco Ltd. lifted its holdings in MP Materials by 61.1% in the first quarter. Invesco Ltd. now owns 2,208,928 shares of the company's stock worth $126,661,000 after purchasing an additional 838,085 shares during the period. Finally, Bowen Hanes & Co. Inc. acquired a new stake in MP Materials in the first quarter worth about $22,936,000. Institutional investors own 71.49% of the company's stock.
Get MP Materials alerts:Wall Street Analysts Forecast Growth
Several equities research analysts recently weighed in on MP shares. Canaccord Genuity Group started coverage on shares of MP Materials in a report on Wednesday, July 13th. They issued a "buy" rating and a $44.00 price objective for the company. Canaccord Genuity Group assumed coverage on shares of MP Materials in a research report on Wednesday, July 13th. They issued a "buy" rating on the stock. Robert W. Baird boosted their price target on shares of MP Materials from $45.00 to $55.00 in a research report on Friday, August 5th. Morgan Stanley cut their price objective on MP Materials from $46.00 to $45.50 and set an "overweight" rating on the stock in a report on Friday, September 16th. Finally, BMO Capital Markets started coverage on MP Materials in a report on Tuesday, May 31st. They set an "outperform" rating and a $50.00 price objective on the stock. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $50.19.
Insider Activity
In other news, Director Daniel Allen Gold sold 146,935 shares of the company's stock in a transaction dated Thursday, September 8th. The stock was sold at an average price of $32.04, for a total value of $4,707,797.40. Following the transaction, the director now owns 1,159,250 shares in the company, valued at approximately $37,142,370. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO James H. Litinsky sold 4,000,000 shares of the business's stock in a transaction that occurred on Monday, August 8th. The stock was sold at an average price of $37.75, for a total value of $151,000,000.00. Following the completion of the sale, the chief executive officer now owns 8,603,411 shares of the company's stock, valued at approximately $324,778,765.25. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Daniel Allen Gold sold 146,935 shares of the business's stock in a transaction that occurred on Thursday, September 8th. The shares were sold at an average price of $32.04, for a total value of $4,707,797.40. Following the completion of the sale, the director now directly owns 1,159,250 shares of the company's stock, valued at approximately $37,142,370. The disclosure for this sale can be found here. Insiders have sold 5,084,016 shares of company stock worth $190,276,278 in the last 90 days. Company insiders own 41.30% of the company's stock.MP Materials Stock Up 2.6 %
Shares of MP traded up $0.73 during trading hours on Tuesday, reaching $28.70. The company's stock had a trading volume of 48,801 shares, compared to its average volume of 2,114,699. The firm has a market cap of $5.10 billion, a price-to-earnings ratio of 21.19, a P/E/G ratio of 1.35 and a beta of 2.83. MP Materials Corp. has a 1-year low of $27.48 and a 1-year high of $60.19. The company has a quick ratio of 19.75, a current ratio of 20.39 and a debt-to-equity ratio of 0.58. The company has a 50 day moving average of $33.65 and a two-hundred day moving average of $38.13.
MP Materials (NYSE:MP – Get Rating) last issued its earnings results on Thursday, August 4th. The company reported $0.40 earnings per share for the quarter, beating analysts' consensus estimates of $0.33 by $0.07. The company had revenue of $143.50 million for the quarter, compared to the consensus estimate of $128.75 million. MP Materials had a return on equity of 25.19% and a net margin of 49.26%. The firm's quarterly revenue was up 96.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.15 EPS. As a group, research analysts predict that MP Materials Corp. will post 1.37 EPS for the current fiscal year.
MP Materials Company Profile
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MP Materials Corp. owns and operates rare earth mining and processing facilities. It owns and operates the Mountain Pass Rare Earth mine located in the Western Hemisphere. The company 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.
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