MP Materials Corp. $MP Stake Boosted by Sicart Associates LLC

Sicart Associates LLC increased its stake in MP Materials Corp. (NYSE:MP) by 15.6% in the third quarter, Holdings Channel.com reports. The institutional investor owned 321,328 shares of the company’s stock after acquiring an additional 43,445 shares during the period. MP Materials comprises 3.6% of Sicart Associates LLC’s holdings, making the stock its 9th largest position. Sicart Associates LLC’s holdings in MP Materials were worth $15,196,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of MP. Bank of New York Mellon Corp purchased a new position in shares of MP Materials during the 2nd quarter worth approximately $65,230,000. State Street Corp boosted its position in shares of MP Materials by 5.1% during the second quarter. State Street Corp now owns 7,773,746 shares of the company’s stock valued at $435,408,000 after purchasing an additional 376,519 shares in the last quarter. Amundi boosted its position in shares of MP Materials by 260.2% during the first quarter. Amundi now owns 385,001 shares of the company’s stock valued at $18,580,000 after purchasing an additional 278,126 shares in the last quarter. Principal Financial Group Inc. grew its stake in MP Materials by 32.4% in the first quarter. Principal Financial Group Inc. now owns 919,083 shares of the company’s stock worth $44,355,000 after purchasing an additional 225,009 shares during the period. Finally, Teamwork Financial Advisors LLC bought a new position in MP Materials in the second quarter worth $10,648,000. 52.55% of the stock is currently owned by hedge funds and other institutional investors.

MP Materials Trading Down 0.3%

NYSE:MP opened at $39.46 on Monday. The stock has a market cap of $7.03 billion, a price-to-earnings ratio of -116.06 and a beta of 2.05. The company has a quick ratio of 8.56, a current ratio of 9.51 and a debt-to-equity ratio of 0.48. The company’s 50 day moving average price is $47.95 and its 200-day moving average price is $55.22. MP Materials Corp. has a 52 week low of $37.11 and a 52 week high of $76.80.

MP Materials (NYSE:MP) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.01) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.01). The business had revenue of $108.49 million for the quarter, compared to analysts’ expectations of $96.89 million. MP Materials had a negative return on equity of 1.21% and a negative net margin of 19.85%. The firm’s quarterly revenue was up 89.0% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.13) EPS. On average, equities research analysts forecast that MP Materials Corp. will post -0.20 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

MP has been the topic of a number of recent research reports. Robert W. Baird reduced their target price on shares of MP Materials from $80.00 to $65.00 and set an “outperform” rating on the stock in a research report on Thursday, October 1st. JPMorgan Chase & Co. decreased their target price on shares of MP Materials from $75.00 to $60.00 and set an “overweight” rating for the company in a research note on Wednesday, July 29th. Morgan Stanley cut their price target on MP Materials from $73.00 to $66.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 7th. Barclays reduced their price objective on MP Materials from $69.00 to $65.00 and set an “overweight” rating for the company in a research report on Thursday, July 16th. Finally, Zacks Research cut MP Materials from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 26th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $71.92.

MP Materials Company Profile

MP Materials Corp. is a rare earth materials company focused on restoring and expanding a fully integrated rare earth supply chain in the United States. The company owns and operates the Mountain Pass rare earth mine and processing facility in California, one of the largest rare earth production sites in the Western Hemisphere.

MP Materials primarily produces rare earth concentrate containing neodymium and praseodymium, elements used in high-strength permanent magnets. These magnets are important components in electric vehicles, wind turbines, robotics, defense systems, and other advanced technologies.