Wellington Management Group LLP Trims Holdings in MP Materials Corp. (NYSE:MP)

Wellington Management Group LLP lessened its stake in MP Materials Corp. (NYSE:MP) by 2.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 474,296 shares of the company’s stock after selling 12,159 shares during the period. Wellington Management Group LLP owned about 0.27% of MP Materials worth $9,415,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in shares of MP Materials by 25.3% in the 3rd quarter. Vanguard Group Inc. now owns 13,380,831 shares of the company’s stock valued at $255,574,000 after acquiring an additional 2,697,925 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of MP Materials by 59.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,314,985 shares of the company’s stock valued at $45,956,000 after buying an additional 860,960 shares during the last quarter. Baillie Gifford & Co. raised its stake in MP Materials by 26.2% during the fourth quarter. Baillie Gifford & Co. now owns 2,960,001 shares of the company’s stock worth $58,756,000 after acquiring an additional 614,088 shares during the period. Norges Bank bought a new position in MP Materials in the fourth quarter worth about $10,484,000. Finally, Van ECK Associates Corp lifted its holdings in MP Materials by 15.2% in the fourth quarter. Van ECK Associates Corp now owns 3,122,224 shares of the company’s stock worth $61,976,000 after acquiring an additional 411,771 shares during the last quarter. 52.55% of the stock is owned by institutional investors and hedge funds.

MP Materials Stock Up 2.1 %

MP Materials stock opened at $12.85 on Friday. The company’s 50-day moving average price is $15.63 and its two-hundred day moving average price is $16.12. The stock has a market cap of $2.12 billion, a price-to-earnings ratio of -85.67 and a beta of 2.28. MP Materials Corp. has a 52 week low of $12.09 and a 52 week high of $26.53. The company has a current ratio of 10.29, a quick ratio of 9.28 and a debt-to-equity ratio of 0.82.

MP Materials (NYSE:MP) last announced its earnings results on Thursday, May 2nd. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.04). The firm had revenue of $48.68 million for the quarter, compared to the consensus estimate of $46.00 million. MP Materials had a negative return on equity of 0.61% and a net margin of 1.62%. On average, analysts expect that MP Materials Corp. will post -0.25 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on MP shares. JPMorgan Chase & Co. cut MP Materials from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $20.00 to $16.00 in a research report on Tuesday, April 23rd. Benchmark reiterated a “buy” rating and issued a $30.00 target price on shares of MP Materials in a research note on Tuesday, May 14th. Deutsche Bank Aktiengesellschaft lowered their price target on shares of MP Materials from $17.00 to $15.00 and set a “hold” rating for the company in a research report on Thursday, April 11th. Morgan Stanley dropped their price objective on shares of MP Materials from $15.50 to $14.00 and set an “equal weight” rating on the stock in a report on Friday, June 21st. Finally, Canaccord Genuity Group reduced their target price on shares of MP Materials from $23.00 to $22.00 and set a “buy” rating for the company in a research note on Wednesday, March 13th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $23.50.

Insider Activity

In other news, CFO Ryan Corbett sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $16.93, for a total transaction of $846,500.00. Following the completion of the transaction, the chief financial officer now owns 325,021 shares in the company, valued at approximately $5,502,605.53. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other MP Materials news, CFO Ryan Corbett sold 50,000 shares of the company’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $16.93, for a total value of $846,500.00. Following the transaction, the chief financial officer now owns 325,021 shares of the company’s stock, valued at $5,502,605.53. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Andrew A. Mcknight sold 317,750 shares of the firm’s stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $18.07, for a total value of $5,741,742.50. Following the sale, the director now directly owns 86,000 shares of the company’s stock, valued at $1,554,020. The disclosure for this sale can be found here. Insiders own 12.60% of the company’s stock.

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.