DnB Asset Management AS Lowers Stock Position in MP Materials Corp. (NYSE:MP)

DnB Asset Management AS lessened its holdings in MP Materials Corp. (NYSE:MPGet Rating) by 43.8% in the 2nd quarter, Holdings Channel.com reports. The firm owned 12,256 shares of the company’s stock after selling 9,545 shares during the quarter. DnB Asset Management AS’s holdings in MP Materials were worth $393,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Private Capital Group LLC purchased a new stake in shares of MP Materials in the 1st quarter worth approximately $27,000. Elequin Capital LP purchased a new stake in shares of MP Materials in the 1st quarter worth approximately $45,000. Stonebridge Capital Advisors LLC lifted its position in shares of MP Materials by 645.2% in the 4th quarter. Stonebridge Capital Advisors LLC now owns 1,155 shares of the company’s stock worth $52,000 after purchasing an additional 1,000 shares during the period. Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of MP Materials in the 1st quarter worth approximately $69,000. Finally, Wolff Wiese Magana LLC lifted its position in shares of MP Materials by 409.8% in the 1st quarter. Wolff Wiese Magana LLC now owns 1,983 shares of the company’s stock worth $114,000 after purchasing an additional 1,594 shares during the period. Hedge funds and other institutional investors own 71.49% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Morgan Stanley decreased their target price on shares of MP Materials from $46.00 to $45.50 and set an “overweight” rating for the company in a research report on Friday, September 16th. BMO Capital Markets assumed coverage on shares of MP Materials in a research report on Tuesday, May 31st. They set an “outperform” rating and a $50.00 target price for the company. Canaccord Genuity Group assumed coverage on shares of MP Materials in a research report on Wednesday, July 13th. They set a “buy” rating for the company. Canaccord Genuity Group assumed coverage on shares of MP Materials in a research report on Wednesday, July 13th. They set a “buy” rating and a $44.00 target price for the company. Finally, Northland Securities reissued an “outperform” rating and set a $60.00 target price on shares of MP Materials in a research report on Monday, June 6th. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $50.19.

MP Materials Trading Down 3.6 %

NYSE MP opened at $30.55 on Friday. The company has a fifty day simple moving average of $33.67 and a two-hundred day simple moving average of $38.45. The stock has a market cap of $5.42 billion, a P/E ratio of 23.14, a P/E/G ratio of 1.49 and a beta of 2.83. MP Materials Corp. has a 12-month low of $27.48 and a 12-month high of $60.19. The company has a current ratio of 20.39, a quick ratio of 19.75 and a debt-to-equity ratio of 0.58.

MP Materials (NYSE:MPGet Rating) last posted its quarterly earnings results on Thursday, August 4th. The company reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.10. The business had revenue of $143.50 million during the quarter, compared to analysts’ expectations of $128.75 million. MP Materials had a net margin of 49.26% and a return on equity of 25.19%. The business’s quarterly revenue was up 96.3% on a year-over-year basis. During the same quarter last year, the company posted $0.15 earnings per share. On average, analysts forecast that MP Materials Corp. will post 1.37 earnings per share for the current year.

Insider Transactions at MP Materials

In other news, CEO James H. Litinsky sold 4,000,000 shares of the stock in a transaction on Monday, August 8th. The shares were sold at an average price of $37.75, for a total value of $151,000,000.00. Following the sale, the chief executive officer now owns 8,603,411 shares in the company, valued at $324,778,765.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Daniel Allen Gold sold 250,000 shares of the stock in a transaction on Monday, August 8th. The shares were sold at an average price of $39.49, for a total value of $9,872,500.00. Following the sale, the director now owns 1,302,031 shares in the company, valued at $51,417,204.19. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO James H. Litinsky sold 4,000,000 shares of the stock in a transaction on Monday, August 8th. The stock was sold at an average price of $37.75, for a total transaction of $151,000,000.00. Following the completion of the sale, the chief executive officer now owns 8,603,411 shares in the company, valued at approximately $324,778,765.25. The disclosure for this sale can be found here. Insiders have sold 5,084,016 shares of company stock worth $190,276,278 over the last 90 days. 41.30% of the stock is currently owned by company insiders.

MP Materials 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.

See Also

Want to see what other hedge funds are holding MP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for MP Materials Corp. (NYSE:MPGet Rating).

Institutional Ownership by Quarter for MP Materials (NYSE:MP)

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