LGT Group Foundation Increases Stock Holdings in MP Materials Corp. (NYSE:MP)

LGT Group Foundation lifted its position in MP Materials Corp. (NYSE:MP) by 1.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 242,973 shares of the company’s stock after purchasing an additional 4,258 shares during the quarter. LGT Group Foundation owned about 0.15% of MP Materials worth $3,093,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of MP. TFO Wealth Partners LLC lifted its position in MP Materials by 153,700.0% in the fourth quarter. TFO Wealth Partners LLC now owns 1,538 shares of the company’s stock valued at $31,000 after buying an additional 1,537 shares during the last quarter. Global Retirement Partners LLC lifted its position in MP Materials by 2,316.7% in the first quarter. Global Retirement Partners LLC now owns 2,320 shares of the company’s stock valued at $33,000 after buying an additional 2,224 shares during the last quarter. Nisa Investment Advisors LLC lifted its position in MP Materials by 3,803.8% in the second quarter. Nisa Investment Advisors LLC now owns 4,060 shares of the company’s stock valued at $52,000 after buying an additional 3,956 shares during the last quarter. Elkhorn Partners Limited Partnership lifted its position in MP Materials by 15.9% in the first quarter. Elkhorn Partners Limited Partnership now owns 8,000 shares of the company’s stock valued at $114,000 after buying an additional 1,100 shares during the last quarter. Finally, Hobbs Group Advisors LLC acquired a new position in MP Materials in the second quarter valued at about $124,000. Hedge funds and other institutional investors own 52.55% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. JPMorgan Chase & Co. decreased their target price on shares of MP Materials from $16.00 to $15.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 23rd. Deutsche Bank Aktiengesellschaft reduced their price target on shares of MP Materials from $13.50 to $12.50 and set a “hold” rating on the stock in a research report on Tuesday, August 6th. Morgan Stanley reduced their price target on shares of MP Materials from $15.50 to $14.00 and set an “equal weight” rating on the stock in a research report on Friday, June 21st. Benchmark reissued a “buy” rating and set a $30.00 price target on shares of MP Materials in a research report on Friday, August 2nd. Finally, Canaccord Genuity Group reduced their price target on shares of MP Materials from $20.00 to $19.00 and set a “buy” rating on the stock in a research report on Tuesday, August 27th. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, MP Materials presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.89.

Insider Activity at MP Materials

In other news, COO Michael Stuart Rosenthal bought 30,000 shares of MP Materials stock in a transaction that occurred on Tuesday, August 6th. The shares were purchased at an average price of $10.84 per share, with a total value of $325,200.00. Following the completion of the acquisition, the chief operating officer now directly owns 1,402,975 shares in the company, valued at $15,208,249. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 12.60% of the stock is owned by corporate insiders.

MP Materials Stock Down 2.3 %

Shares of NYSE:MP opened at $13.59 on Tuesday. The firm’s 50 day moving average price is $13.17 and its 200 day moving average price is $14.56. The stock has a market cap of $2.25 billion, a price-to-earnings ratio of -90.60 and a beta of 2.22. MP Materials Corp. has a fifty-two week low of $10.02 and a fifty-two week high of $22.81. The company has a quick ratio of 6.17, a current ratio of 6.90 and a debt-to-equity ratio of 0.84.

MP Materials (NYSE:MP) last issued its earnings results on Thursday, August 1st. The company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.08). The firm had revenue of $31.26 million during the quarter, compared to analyst estimates of $40.03 million. MP Materials had a negative net margin of 21.94% and a negative return on equity of 4.28%. The firm’s revenue was down 51.2% compared to the same quarter last year. During the same period last year, the business earned $0.07 EPS. As a group, equities research analysts predict that MP Materials Corp. will post -0.44 earnings per share for the current fiscal year.

MP Materials declared that its Board of Directors has approved a stock buyback plan on Tuesday, September 3rd that authorizes the company to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 13.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.

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.