abrdn plc Sells 33,994 Shares of MP Materials Corp. (NYSE:MP)

abrdn plc cut its holdings in MP Materials Corp. (NYSE:MP) by 16.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 170,981 shares of the company’s stock after selling 33,994 shares during the period. abrdn plc’s holdings in MP Materials were worth $3,018,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in shares of MP Materials by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 13,861,266 shares of the company’s stock worth $198,216,000 after buying an additional 225,554 shares in the last quarter. Baillie Gifford & Co. lifted its holdings in MP Materials by 2.8% during the 2nd quarter. Baillie Gifford & Co. now owns 2,819,743 shares of the company’s stock valued at $35,895,000 after buying an additional 76,288 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in MP Materials by 3.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,355,982 shares of the company’s stock valued at $29,993,000 after buying an additional 71,454 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in MP Materials by 1.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,733,517 shares of the company’s stock valued at $22,068,000 after buying an additional 26,119 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position in 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 purchasing an additional 1,598,861 shares during the period. 52.55% of the stock is currently owned by institutional investors.

Insider Activity at MP Materials

In other news, COO Michael Stuart Rosenthal purchased 30,000 shares of the company’s stock in a transaction on Tuesday, August 6th. The shares were bought at an average price of $10.84 per share, for a total transaction of $325,200.00. Following the completion of the purchase, the chief operating officer now owns 1,402,975 shares of the company’s stock, valued at $15,208,249. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 12.60% of the company’s stock.

MP Materials Price Performance

NYSE:MP opened at $18.23 on Monday. MP Materials Corp. has a 12-month low of $10.02 and a 12-month high of $20.85. The company’s 50-day moving average is $16.04 and its two-hundred day moving average is $15.06. The company has a current ratio of 6.90, a quick ratio of 6.17 and a debt-to-equity ratio of 0.84. The firm has a market cap of $3.01 billion, a price-to-earnings ratio of -45.57 and a beta of 2.23.

MP Materials (NYSE:MP) last posted its 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 business had revenue of $31.26 million for the quarter, compared to analyst estimates of $40.03 million. During the same period last year, the company posted $0.07 EPS. The firm’s revenue for the quarter was down 51.2% compared to the same quarter last year. Research analysts expect that MP Materials Corp. will post -0.55 EPS for the current year.

MP Materials declared that its board has approved a share repurchase program on Tuesday, September 3rd that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the company to reacquire up to 13.4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

MP has been the topic of a number of analyst reports. Morgan Stanley lifted their price objective on shares of MP Materials from $13.50 to $16.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 19th. DA Davidson lifted their price objective on shares of MP Materials from $20.00 to $23.00 and gave the company a “buy” rating in a research note on Tuesday, October 1st. Canaccord Genuity Group reduced their target price on shares of MP Materials from $20.00 to $19.00 and set a “buy” rating for the company in a research report on Tuesday, August 27th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of MP Materials from $13.50 to $12.50 and set a “hold” rating for the company in a research report on Tuesday, August 6th. Finally, Robert W. Baird increased their target price on shares of MP Materials from $20.00 to $25.00 and gave the company an “outperform” rating in a research report on Friday, September 27th. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $21.40.

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.