Allianz Asset Management GmbH reduced its stake in shares of MP Materials Corp. (NYSE:MP - Free Report) by 64.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 190,513 shares of the company's stock after selling 346,387 shares during the quarter. Allianz Asset Management GmbH owned 0.11% of MP Materials worth $3,782,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently made changes to their positions in MP. Pekin Hardy Strauss Inc. grew its position in MP Materials by 21.3% during the 4th quarter. Pekin Hardy Strauss Inc. now owns 178,315 shares of the company's stock worth $3,540,000 after acquiring an additional 31,355 shares during the last quarter. Amalgamated Bank raised its holdings in shares of MP Materials by 1.0% in the fourth quarter. Amalgamated Bank now owns 84,408 shares of the company's stock valued at $1,675,000 after buying an additional 798 shares during the last quarter. Peregrine Capital Management LLC lifted its position in MP Materials by 35.3% during the 4th quarter. Peregrine Capital Management LLC now owns 27,622 shares of the company's stock worth $548,000 after buying an additional 7,200 shares in the last quarter. Vanguard Group Inc. grew its holdings in MP Materials by 25.3% during the 3rd quarter. Vanguard Group Inc. now owns 13,380,831 shares of the company's stock worth $255,574,000 after acquiring an additional 2,697,925 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale increased its position in MP Materials by 1,000.0% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 66,000 shares of the company's stock valued at $1,351,000 after acquiring an additional 60,000 shares in the last quarter. 52.55% of the stock is owned by institutional investors.
Insider Buying and Selling at MP Materials
In other news, Director Andrew A. Mcknight sold 317,750 shares of the business's stock in a transaction that occurred on 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 completion of the sale, the director now owns 86,000 shares in the company, valued at $1,554,020. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CFO Ryan Corbett sold 50,000 shares of the company's stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $16.93, for a total transaction of $846,500.00. Following the completion of the sale, the chief financial officer now owns 325,021 shares in the company, valued at $5,502,605.53. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Andrew A. Mcknight sold 317,750 shares of the company's stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $18.07, for a total value of $5,741,742.50. Following the sale, the director now owns 86,000 shares of the company's stock, valued at approximately $1,554,020. The disclosure for this sale can be found here. Insiders own 12.60% of the company's stock.
Analysts Set New Price Targets
A number of equities research analysts have recently weighed in on the company. Morgan Stanley downgraded MP Materials from an "overweight" rating to an "equal weight" rating and dropped their target price for the stock from $26.00 to $15.50 in a research report on Wednesday, March 13th. Benchmark restated a "buy" rating and set a $30.00 target price on shares of MP Materials in a research report on Tuesday, May 14th. Deutsche Bank Aktiengesellschaft lowered their price target on shares of MP Materials from $17.00 to $15.00 and set a "hold" rating for the company in a research report on Thursday, April 11th. Jefferies Financial Group reduced their price objective on shares of MP Materials from $36.00 to $28.00 and set a "buy" rating on the stock in a research note on Tuesday, March 19th. Finally, Canaccord Genuity Group dropped their target price on shares of MP Materials from $23.00 to $22.00 and set a "buy" rating for the company in a research report on Wednesday, March 13th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, MP Materials has an average rating of "Moderate Buy" and a consensus price target of $23.64.
Read Our Latest Stock Analysis on MP
MP Materials Trading Down 2.7 %
Shares of MP stock traded down $0.41 during mid-day trading on Friday, reaching $14.84. 2,525,122 shares of the stock traded hands, compared to its average volume of 3,416,781. The stock's fifty day simple moving average is $16.33 and its two-hundred day simple moving average is $16.37. MP Materials Corp. has a 1-year low of $12.68 and a 1-year high of $26.53. The company has a market cap of $2.45 billion, a price-to-earnings ratio of -98.93 and a beta of 2.28. The company has a quick ratio of 9.28, a current ratio of 10.29 and a debt-to-equity ratio of 0.82.
MP Materials (NYSE:MP - Get Free Report) last issued its quarterly earnings results on Thursday, May 2nd. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.04). MP Materials had a net margin of 1.62% and a negative return on equity of 0.61%. The business had revenue of $48.68 million during the quarter, compared to analyst estimates of $46.00 million. On average, research analysts anticipate that MP Materials Corp. will post -0.17 EPS for the current fiscal year.
About MP Materials
(Free Report)
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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