Evergreen Capital Management LLC Acquires 1,228 Shares of MP Materials Corp. (NYSE:MP)

Evergreen Capital Management LLC grew its holdings in MP Materials Corp. (NYSE:MP) by 8.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 16,207 shares of the company’s stock after acquiring an additional 1,228 shares during the period. Evergreen Capital Management LLC’s holdings in MP Materials were worth $206,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. grew its stake in shares of MP Materials by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 13,635,712 shares of the company’s stock valued at $270,669,000 after acquiring an additional 254,881 shares during the period. Old West Investment Management LLC lifted its holdings in MP Materials by 56.3% during the fourth quarter. Old West Investment Management LLC now owns 250,000 shares of the company’s stock valued at $4,962,000 after purchasing an additional 90,000 shares in the last quarter. Commonwealth Equity Services LLC boosted its position in shares of MP Materials by 15.6% in the first quarter. Commonwealth Equity Services LLC now owns 62,091 shares of the company’s stock worth $888,000 after purchasing an additional 8,376 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of MP Materials by 2,536.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,661,887 shares of the company’s stock worth $23,767,000 after purchasing an additional 1,598,861 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky raised its position in shares of MP Materials by 12.4% during the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 47,179 shares of the company’s stock valued at $675,000 after purchasing an additional 5,200 shares during the period. Hedge funds and other institutional investors own 52.55% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on MP. Robert W. Baird increased their price target on MP Materials from $20.00 to $25.00 and gave the stock an “outperform” rating in a research note on Friday. Bank of America cut their target price on MP Materials from $25.00 to $24.00 and set a “buy” rating for the company in a research report on Wednesday, June 26th. BMO Capital Markets assumed coverage on MP Materials in a report on Monday, July 15th. They issued a “market perform” rating and a $16.50 price target on the stock. Deutsche Bank Aktiengesellschaft dropped their price target on MP Materials from $13.50 to $12.50 and set a “hold” rating for the company in a research note on Tuesday, August 6th. Finally, Morgan Stanley boosted their target price on shares of MP Materials from $13.50 to $16.00 and gave the stock an “equal weight” rating in a report on Thursday, September 19th. Four analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $20.67.

Insider Buying and Selling at MP Materials

In related news, COO Michael Stuart Rosenthal bought 30,000 shares of the business’s stock in a transaction dated Tuesday, August 6th. The shares were purchased at an average price of $10.84 per share, with a total value of $325,200.00. Following the transaction, the chief operating officer now owns 1,402,975 shares in the company, valued at approximately $15,208,249. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 12.60% of the company’s stock.

MP Materials Trading Up 8.8 %

Shares of MP opened at $18.39 on Friday. The stock has a market capitalization of $3.04 billion, a PE ratio of -122.60 and a beta of 2.22. The company’s fifty day moving average is $13.24 and its 200 day moving average is $14.54. The company has a debt-to-equity ratio of 0.84, a quick ratio of 6.17 and a current ratio of 6.90. MP Materials Corp. has a fifty-two week low of $10.02 and a fifty-two week high of $20.85.

MP Materials (NYSE:MP) last posted its earnings results on Thursday, August 1st. The company reported ($0.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.08). MP Materials had a negative return on equity of 4.28% and a negative net margin of 21.94%. The business had revenue of $31.26 million during the quarter, compared to the consensus estimate of $40.03 million. During the same quarter last year, the firm earned $0.07 earnings per share. The business’s quarterly revenue was down 51.2% on a year-over-year basis. Sell-side analysts expect that MP Materials Corp. will post -0.47 earnings per share for the current fiscal year.

MP Materials declared that its Board of Directors has initiated a stock buyback plan on Tuesday, September 3rd that allows the company to buyback $300.00 million in shares. This buyback authorization allows the company to reacquire up to 13.4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

MP Materials Company 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.