PNC Financial Services Group Inc. Reduces Position in MP Materials Corp. (NYSE:MP)

PNC Financial Services Group Inc. decreased its stake in shares of MP Materials Corp. (NYSE:MP) by 6.0% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 12,454 shares of the company’s stock after selling 796 shares during the period. PNC Financial Services Group Inc.’s holdings in MP Materials were worth $247,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Kestra Advisory Services LLC purchased a new stake in shares of MP Materials in the third quarter valued at $265,000. Stifel Financial Corp grew its position in shares of MP Materials by 22.5% in the third quarter. Stifel Financial Corp now owns 208,131 shares of the company’s stock valued at $3,975,000 after purchasing an additional 38,259 shares during the period. Natixis Advisors L.P. purchased a new stake in shares of MP Materials in the third quarter valued at $226,000. Tower Research Capital LLC TRC grew its position in shares of MP Materials by 94.1% in the third quarter. Tower Research Capital LLC TRC now owns 19,245 shares of the company’s stock valued at $368,000 after purchasing an additional 9,330 shares during the period. Finally, Advisors Asset Management Inc. grew its position in shares of MP Materials by 10.0% in the third quarter. Advisors Asset Management Inc. now owns 85,409 shares of the company’s stock valued at $1,631,000 after purchasing an additional 7,757 shares during the period. Hedge funds and other institutional investors own 52.55% of the company’s stock.

MP Materials Trading Up 0.6 %

Shares of MP opened at $12.81 on Tuesday. The stock’s 50-day moving average is $15.50 and its two-hundred day moving average is $16.06. The stock has a market cap of $2.12 billion, a PE ratio of -85.40 and a beta of 2.28. MP Materials Corp. has a 12 month low of $12.09 and a 12 month high of $26.53. The company has a debt-to-equity ratio of 0.82, a current ratio of 10.29 and a quick ratio of 9.28.

MP Materials (NYSE:MP) last announced its earnings results on Thursday, May 2nd. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.04). MP Materials had a negative return on equity of 0.61% and a net margin of 1.62%. The business had revenue of $48.68 million for the quarter, compared to analysts’ expectations of $46.00 million. Equities analysts forecast that MP Materials Corp. will post -0.28 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently commented on MP. Benchmark reaffirmed a “buy” rating and issued a $30.00 price objective on shares of MP Materials in a research report on Tuesday, May 14th. Canaccord Genuity Group reduced their target price on MP Materials from $23.00 to $22.00 and set a “buy” rating on the stock in a report on Wednesday, March 13th. JPMorgan Chase & Co. cut MP Materials from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $20.00 to $16.00 in a report on Tuesday, April 23rd. Jefferies Financial Group reduced their target price on MP Materials from $36.00 to $28.00 and set a “buy” rating on the stock in a report on Tuesday, March 19th. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on MP Materials from $17.00 to $15.00 and set a “hold” rating on the stock in a report on Thursday, April 11th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $23.50.

Insider Transactions at MP Materials

In other news, Director Andrew A. Mcknight sold 317,750 shares of MP Materials stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $18.07, for a total transaction 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 sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CFO Ryan Corbett sold 50,000 shares of the business’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $16.93, for a total value of $846,500.00. Following the completion of the sale, the chief financial officer now directly owns 325,021 shares of the company’s stock, valued at $5,502,605.53. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Andrew A. Mcknight sold 317,750 shares of the business’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $18.07, for a total value of $5,741,742.50. Following the completion of 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. Corporate insiders own 12.60% of the company’s stock.

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.