MP Materials Corp. (NYSE:MP) Shares Sold by Amalgamated Bank

Amalgamated Bank reduced its stake in shares of MP Materials Corp. (NYSE:MP) by 20.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 67,304 shares of the company’s stock after selling 17,369 shares during the quarter. Amalgamated Bank’s holdings in MP Materials were worth $857,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of MP. Vanguard Group Inc. boosted its stake in 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 purchasing an additional 254,881 shares in the last quarter. Old West Investment Management LLC grew its position in MP Materials by 56.3% in the fourth quarter. Old West Investment Management LLC now owns 250,000 shares of the company’s stock worth $4,962,000 after buying an additional 90,000 shares during the last quarter. Commonwealth Equity Services LLC increased its holdings 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 valued at $888,000 after buying an additional 8,376 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position 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 acquiring an additional 1,598,861 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky boosted its stake 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 worth $675,000 after acquiring an additional 5,200 shares in the last quarter. Institutional investors own 52.55% of the company’s stock.

MP Materials Stock Up 8.8 %

Shares of MP Materials stock opened at $18.39 on Friday. The firm has a market cap of $3.04 billion, a price-to-earnings ratio of -122.60 and a beta of 2.22. The stock has a 50-day simple moving average of $13.24 and a 200-day simple moving average of $14.54. The company has a debt-to-equity ratio of 0.84, a current ratio of 6.90 and a quick ratio of 6.17. MP Materials Corp. has a 52-week low of $10.02 and a 52-week high of $20.85.

MP Materials (NYSE:MP) last issued its quarterly earnings data 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 business had revenue of $31.26 million during the quarter, compared to the consensus estimate of $40.03 million. MP Materials had a negative return on equity of 4.28% and a negative net margin of 21.94%. The company’s revenue for the quarter was down 51.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.07 earnings per share. On average, equities research analysts expect that MP Materials Corp. will post -0.47 earnings per share for the current fiscal year.

MP Materials declared that its board has initiated a stock repurchase program on Tuesday, September 3rd that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 13.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on MP shares. Morgan Stanley boosted their target price on MP Materials from $13.50 to $16.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 19th. JPMorgan Chase & Co. decreased their price objective on shares of MP Materials from $16.00 to $15.00 and set a “neutral” rating for the company in a research note on Tuesday, July 23rd. Robert W. Baird boosted their target price on shares of MP Materials from $20.00 to $25.00 and gave the company an “outperform” rating in a research note on Friday. BMO Capital Markets started coverage on MP Materials in a research report on Monday, July 15th. They issued a “market perform” rating and a $16.50 target price for the company. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on MP Materials from $13.50 to $12.50 and set a “hold” rating on the stock in a report on Tuesday, August 6th. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, MP Materials has a consensus rating of “Moderate Buy” and an average target price of $20.67.

Insider Transactions at MP Materials

In other news, COO Michael Stuart Rosenthal bought 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The shares were purchased at an average price of $10.84 per share, for a total transaction 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 approximately $15,208,249. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. 12.60% of the stock is owned by corporate insiders.

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.