State of Alaska Department of Revenue Grows Position in MP Materials Corp. (NYSE:MP)

State of Alaska Department of Revenue grew its stake in MP Materials Corp. (NYSE:MP) by 349.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 69,838 shares of the company’s stock after buying an additional 54,284 shares during the quarter. State of Alaska Department of Revenue’s holdings in MP Materials were worth $1,232,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD lifted its stake in shares of MP Materials by 2,536.8% during 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 buying an additional 1,598,861 shares in the last quarter. Millennium Management LLC boosted its stake in shares of MP Materials by 425.5% in the second quarter. Millennium Management LLC now owns 801,328 shares of the company’s stock worth $10,201,000 after acquiring an additional 648,838 shares during the period. Bank of Montreal Can grew its position in shares of MP Materials by 188.1% during the second quarter. Bank of Montreal Can now owns 898,960 shares of the company’s stock worth $11,462,000 after purchasing an additional 586,906 shares in the last quarter. Pinnacle Associates Ltd. raised its stake in MP Materials by 151.1% during the 2nd quarter. Pinnacle Associates Ltd. now owns 815,561 shares of the company’s stock valued at $10,382,000 after purchasing an additional 490,767 shares during the period. Finally, Regal Partners Ltd lifted its holdings in MP Materials by 275.4% in the 2nd quarter. Regal Partners Ltd now owns 464,016 shares of the company’s stock worth $5,907,000 after purchasing an additional 340,426 shares in the last quarter. Institutional investors own 52.55% of the company’s stock.

MP Materials Trading Up 1.3 %

Shares of MP stock opened at $18.23 on Monday. The company has a market cap of $3.01 billion, a PE ratio of -45.57 and a beta of 2.23. The company has a debt-to-equity ratio of 0.84, a current ratio of 6.90 and a quick ratio of 6.17. The stock’s 50 day simple moving average is $16.04 and its two-hundred day simple moving average is $15.06. MP Materials Corp. has a 1 year low of $10.02 and a 1 year high of $20.85.

MP Materials (NYSE:MP) last issued 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). MP Materials had a negative return on equity of 4.28% and a negative net margin of 21.94%. The company had revenue of $31.26 million during the quarter, compared to the consensus estimate of $40.03 million. During the same quarter in the prior year, the business earned $0.07 earnings per share. The firm’s quarterly revenue was down 51.2% compared to the same quarter last year. Research analysts predict that MP Materials Corp. will post -0.55 earnings per share for the current year.

MP Materials announced that its board has authorized a share repurchase program on Tuesday, September 3rd that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 13.4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Transactions at MP Materials

In other news, COO Michael Stuart Rosenthal purchased 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The shares were bought at an average cost of $10.84 per share, for a total transaction of $325,200.00. Following the acquisition, the chief operating officer now owns 1,402,975 shares of the company’s stock, valued at approximately $15,208,249. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 12.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MP. Robert W. Baird increased their price objective on shares of MP Materials from $20.00 to $25.00 and gave the company an “outperform” rating in a report on Friday, September 27th. JPMorgan Chase & Co. lifted their price target on shares of MP Materials from $15.00 to $18.00 and gave the company a “neutral” rating in a report on Monday, October 21st. Benchmark reissued a “buy” rating and set a $30.00 price objective on shares of MP Materials in a report on Friday, August 2nd. DA Davidson lifted their target price on MP Materials from $20.00 to $23.00 and gave the stock a “buy” rating in a report on Tuesday, October 1st. Finally, 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. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, MP Materials has a consensus rating of “Moderate Buy” and a consensus target price of $21.40.

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.