WINTON GROUP Ltd Sells 30,526 Shares of MP Materials Corp. (NYSE:MP)

WINTON GROUP Ltd cut its stake in shares of MP Materials Corp. (NYSE:MP) by 30.2% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 70,439 shares of the company’s stock after selling 30,526 shares during the period. WINTON GROUP Ltd’s holdings in MP Materials were worth $897,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Price T Rowe Associates Inc. MD increased its position in MP Materials by 2,536.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,661,887 shares of the company’s stock valued at $23,767,000 after acquiring an additional 1,598,861 shares during the period. Dimensional Fund Advisors LP lifted its holdings in MP Materials by 59.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,314,985 shares of the company’s stock worth $45,956,000 after buying an additional 860,960 shares during the period. Norges Bank bought a new stake in shares of MP Materials in the 4th quarter valued at about $10,484,000. Pinnacle Associates Ltd. increased its stake in shares of MP Materials by 151.1% in the second quarter. Pinnacle Associates Ltd. now owns 815,561 shares of the company’s stock valued at $10,382,000 after buying an additional 490,767 shares during the period. Finally, Regal Partners Ltd raised its position in shares of MP Materials by 275.4% during the second quarter. Regal Partners Ltd now owns 464,016 shares of the company’s stock worth $5,907,000 after acquiring an additional 340,426 shares during the last quarter. Institutional investors and hedge funds own 52.55% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on MP shares. Benchmark restated a “buy” rating and set a $30.00 price target on shares of MP Materials in a report on Friday, August 2nd. BMO Capital Markets started coverage on shares of MP Materials in a report on Monday, July 15th. They issued a “market perform” rating and a $16.50 target price on the stock. Bank of America cut their price target on shares of MP Materials from $25.00 to $24.00 and set a “buy” rating on the stock in a research report on Wednesday, June 26th. Canaccord Genuity Group dropped their price objective on MP Materials from $20.00 to $19.00 and set a “buy” rating on the stock in a research note on Tuesday, August 27th. Finally, Robert W. Baird lowered their target price on MP Materials from $24.00 to $20.00 and set an “outperform” rating for the company in a report on Monday, July 15th. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, MP Materials has an average rating of “Moderate Buy” and a consensus price target of $19.89.

Insider Buying and Selling

In other news, COO Michael Stuart Rosenthal acquired 30,000 shares of the business’s stock in a transaction on Tuesday, August 6th. The shares were purchased at an average cost of $10.84 per share, with a total value of $325,200.00. Following the acquisition, the chief operating officer now directly owns 1,402,975 shares of the company’s stock, valued at $15,208,249. The transaction was disclosed in a document filed with the SEC, which is available through this link. 12.60% of the stock is currently owned by corporate insiders.

MP Materials Stock Performance

MP opened at $14.01 on Tuesday. The company has a market cap of $2.32 billion, a price-to-earnings ratio of -93.40 and a beta of 2.22. The company’s fifty day moving average price is $13.15 and its two-hundred day moving average price is $14.52. MP Materials Corp. has a 1-year low of $10.02 and a 1-year high of $22.25. The company has a current ratio of 6.90, a quick ratio of 6.17 and a debt-to-equity ratio of 0.84.

MP Materials (NYSE:MP) last released its quarterly earnings results on Thursday, August 1st. The company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.08). The company had revenue of $31.26 million for the quarter, compared to analyst estimates of $40.03 million. MP Materials had a negative net margin of 21.94% and a negative return on equity of 4.28%. MP Materials’s revenue for the quarter was down 51.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.07 EPS. On average, analysts expect that MP Materials Corp. will post -0.44 EPS for the current fiscal year.

MP Materials announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, September 3rd that allows the company to buyback $300.00 million in shares. This buyback authorization allows the company to purchase up to 13.4% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its stock is undervalued.

MP Materials Profile

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.