By otakuyassine3@gmail.com 
M&T Bank Corp increased its stake in shares of MP Materials Corp. (NYSE:MP – Free Report) by 32.9% in the fourth quarter, Holdings Channel.com reports. The firm owned 61,955 shares of the company’s stock after buying an additional 15,348 shares during the quarter. M&T Bank Corp’s holdings in MP Materials were worth $966,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in the stock. Victory Capital Management Inc. increased its position in MP Materials by 3.1% during the 4th quarter. Victory Capital Management Inc. now owns 2,432,389 shares of the company’s stock worth $37,945,000 after purchasing an additional 73,297 shares in the last quarter. Segall Bryant & Hamill LLC increased its position in MP Materials by 32.7% during the 3rd quarter. Segall Bryant & Hamill LLC now owns 1,245,796 shares of the company’s stock worth $21,988,000 after purchasing an additional 306,933 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in MP Materials by 15.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,079,668 shares of the company’s stock worth $16,843,000 after purchasing an additional 144,661 shares in the last quarter. Principal Financial Group Inc. increased its position in MP Materials by 48.7% during the 4th quarter. Principal Financial Group Inc. now owns 899,698 shares of the company’s stock worth $14,035,000 after purchasing an additional 294,806 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its position in MP Materials by 13.3% during the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 505,532 shares of the company’s stock worth $8,923,000 after purchasing an additional 59,469 shares in the last quarter. 52.55% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of research firms recently issued reports on MP. Canaccord Genuity Group upped their price objective on shares of MP Materials from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. BMO Capital Markets upped their price objective on shares of MP Materials from $19.50 to $22.00 and gave the company a “market perform” rating in a research note on Monday, January 27th. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $22.45.
Get Our Latest Stock Report on MP
MP Materials Stock Down 1.7 %
MP Materials stock opened at $24.00 on Wednesday. The company has a quick ratio of 6.13, a current ratio of 6.93 and a debt-to-equity ratio of 0.88. MP Materials Corp. has a 12-month low of $10.02 and a 12-month high of $26.00. The firm’s fifty day moving average is $22.20 and its 200 day moving average is $19.05. The company has a market capitalization of $3.92 billion, a PE ratio of -40.67 and a beta of 2.32.
MP Materials (NYSE:MP – Get Free Report) last released its quarterly earnings data on Thursday, February 20th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.05). MP Materials had a negative return on equity of 8.44% and a negative net margin of 32.09%. The business had revenue of $60.99 million for the quarter, compared to analyst estimates of $50.71 million. As a group, sell-side analysts predict that MP Materials Corp. will post -0.19 EPS for the current fiscal year.
Insider Activity
In other news, CEO James H. Litinsky sold 386,223 shares of the stock in a transaction dated Tuesday, February 4th. The shares were 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 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 12.60% of the stock is currently owned by corporate insiders.
About MP Materials
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.
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