Bank of New York Mellon Corp Reduces Stake in MP Materials Corp. (NYSE:MP)

Bank of New York Mellon Corp lessened its holdings in MP Materials Corp. (NYSE:MP) by 9.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,631,691 shares of the company’s stock after selling 163,567 shares during the quarter. Bank of New York Mellon Corp owned about 1.00% of MP Materials worth $25,454,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Geneos Wealth Management Inc. boosted its stake in shares of MP Materials by 205.4% in the fourth quarter. Geneos Wealth Management Inc. now owns 2,749 shares of the company’s stock worth $43,000 after buying an additional 1,849 shares during the last quarter. Nisa Investment Advisors LLC boosted its position in MP Materials by 204.7% in the 4th quarter. Nisa Investment Advisors LLC now owns 3,275 shares of the company’s stock worth $51,000 after purchasing an additional 2,200 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of MP Materials by 69.3% during the 4th quarter. GAMMA Investing LLC now owns 3,775 shares of the company’s stock worth $59,000 after purchasing an additional 1,545 shares during the period. KBC Group NV increased its holdings in shares of MP Materials by 35.7% during the 3rd quarter. KBC Group NV now owns 4,733 shares of the company’s stock valued at $84,000 after purchasing an additional 1,246 shares in the last quarter. Finally, Wedmont Private Capital acquired a new position in shares of MP Materials in the 4th quarter valued at $159,000. 52.55% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. BMO Capital Markets raised their price target on shares of MP Materials from $19.50 to $22.00 and gave the company a “market perform” rating in a research report on Monday, January 27th. Canaccord Genuity Group lifted their price target on MP Materials from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, MP Materials currently has an average rating of “Moderate Buy” and a consensus target price of $22.45.

MP Materials Price Performance

NYSE:MP opened at $25.03 on Monday. The stock has a 50 day moving average of $21.86 and a two-hundred day moving average of $18.88. MP Materials Corp. has a 12 month low of $10.02 and a 12 month high of $26.00. The firm has a market cap of $4.09 billion, a P/E ratio of -42.43 and a beta of 2.32. The company has a current ratio of 6.93, a quick ratio of 6.13 and a debt-to-equity ratio of 0.88.

MP Materials (NYSE:MP) last issued its quarterly earnings results on Thursday, February 20th. The company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.05). The firm had revenue of $60.99 million for the quarter, compared to analysts’ expectations of $50.71 million. MP Materials had a negative return on equity of 8.44% and a negative net margin of 32.09%. On average, analysts expect that MP Materials Corp. will post -0.19 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO James H. Litinsky sold 386,223 shares of the company’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $24.01, for a total value of $9,273,214.23. Following the completion of the sale, the chief executive officer now directly owns 15,643,076 shares in the company, valued at $375,590,254.76. This represents a 2.41 % decrease in their ownership of the stock. The transaction 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.

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.