PNC Financial Services Group Inc. Cuts Stock Position in MP Materials Corp. (NYSE:MP)

PNC Financial Services Group Inc. decreased its holdings in shares of MP Materials Corp. (NYSE:MPFree Report) by 6.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,454 shares of the company’s stock after selling 796 shares during the quarter. PNC Financial Services Group Inc.’s holdings in MP Materials were worth $247,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in MP. Vanguard Group Inc. lifted its stake in shares of MP Materials by 25.3% during the third quarter. Vanguard Group Inc. now owns 13,380,831 shares of the company’s stock worth $255,574,000 after purchasing an additional 2,697,925 shares in the last quarter. Van ECK Associates Corp lifted its position in MP Materials by 15.2% during the 4th quarter. Van ECK Associates Corp now owns 3,122,224 shares of the company’s stock worth $61,976,000 after acquiring an additional 411,771 shares in the last quarter. Baillie Gifford & Co. boosted its holdings in MP Materials by 26.2% in the 4th quarter. Baillie Gifford & Co. now owns 2,960,001 shares of the company’s stock worth $58,756,000 after acquiring an additional 614,088 shares during the period. Dimensional Fund Advisors LP grew its position in MP Materials by 59.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,314,985 shares of the company’s stock valued at $45,956,000 after acquiring an additional 860,960 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of MP Materials by 2.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,198,351 shares of the company’s stock valued at $23,787,000 after purchasing an additional 23,722 shares during the period. 52.55% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on MP. Morgan Stanley lowered shares of MP Materials from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $26.00 to $15.50 in a report on Wednesday, March 13th. Canaccord Genuity Group lowered their target price on MP Materials from $23.00 to $22.00 and set a “buy” rating for the company in a research note on Wednesday, March 13th. Deutsche Bank Aktiengesellschaft cut their price target on MP Materials from $17.00 to $15.00 and set a “hold” rating on the stock in a research note on Thursday, April 11th. Benchmark restated a “buy” rating and set a $30.00 price objective on shares of MP Materials in a research note on Tuesday, May 14th. Finally, Jefferies Financial Group cut their target price on MP Materials from $36.00 to $28.00 and set a “buy” rating on the stock in a research report on Tuesday, March 19th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, MP Materials currently has an average rating of “Moderate Buy” and a consensus target price of $23.64.

Get Our Latest Analysis on MP Materials

MP Materials Trading Down 1.2 %

NYSE:MP opened at $15.25 on Friday. The company has a quick ratio of 9.28, a current ratio of 10.29 and a debt-to-equity ratio of 0.82. The company has a market cap of $2.52 billion, a PE ratio of -101.63 and a beta of 2.28. MP Materials Corp. has a 52 week low of $12.68 and a 52 week high of $26.53. The business’s 50 day moving average is $16.32 and its two-hundred day moving average is $16.38.

MP Materials (NYSE:MPGet Free Report) last released its earnings results on Thursday, May 2nd. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.04). The business had revenue of $48.68 million for the quarter, compared to the consensus estimate of $46.00 million. MP Materials had a net margin of 1.62% and a negative return on equity of 0.61%. On average, analysts predict that MP Materials Corp. will post -0.17 EPS for the current year.

Insider Activity at MP Materials

In other MP Materials news, CFO Ryan Corbett sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $16.93, for a total value of $846,500.00. Following the transaction, the chief financial officer now owns 325,021 shares of the company’s stock, valued at $5,502,605.53. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Andrew A. Mcknight sold 317,750 shares of the stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $18.07, for a total value of $5,741,742.50. Following the sale, the director now owns 86,000 shares of the company’s stock, valued at approximately $1,554,020. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Ryan Corbett sold 50,000 shares of the business’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $16.93, for a total transaction of $846,500.00. Following the transaction, the chief financial officer now directly owns 325,021 shares of the company’s stock, valued at $5,502,605.53. The disclosure for this sale can be found here. Insiders own 12.60% of the company’s stock.

About MP Materials

(Free Report)

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.

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

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