Verity Asset Management Inc. Lowers Stake in MP Materials Corp. (NYSE:MP)

Verity Asset Management Inc. decreased its position in shares of MP Materials Corp. (NYSE:MP) by 2.0% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 96,115 shares of the company’s stock after selling 1,998 shares during the period. Verity Asset Management Inc.’s holdings in MP Materials were worth $1,499,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Victory Capital Management Inc. increased its stake in MP Materials by 1.2% in the third quarter. Victory Capital Management Inc. now owns 2,359,092 shares of the company’s stock valued at $41,638,000 after purchasing an additional 28,697 shares during the last quarter. Segall Bryant & Hamill LLC grew its position in MP Materials by 32.7% during the third quarter. Segall Bryant & Hamill LLC now owns 1,245,796 shares of the company’s stock valued at $21,988,000 after acquiring an additional 306,933 shares during the period. Millennium Management LLC increased its stake in MP Materials by 425.5% during the second quarter. Millennium Management LLC now owns 801,328 shares of the company’s stock worth $10,201,000 after acquiring an additional 648,838 shares during the last quarter. Bernzott Capital Advisors raised its holdings in shares of MP Materials by 43.4% in the 3rd quarter. Bernzott Capital Advisors now owns 689,270 shares of the company’s stock worth $12,166,000 after purchasing an additional 208,586 shares during the period. Finally, Principal Financial Group Inc. grew its holdings in shares of MP Materials by 35.7% during the 3rd quarter. Principal Financial Group Inc. now owns 604,892 shares of the company’s stock worth $10,676,000 after purchasing an additional 159,200 shares during the period. Institutional investors and hedge funds own 52.55% of the company’s stock.

MP Materials Stock Up 1.2 %

MP opened at $22.22 on Tuesday. MP Materials Corp. has a 12-month low of $10.02 and a 12-month high of $24.01. The company has a quick ratio of 6.13, a current ratio of 6.93 and a debt-to-equity ratio of 0.88. The firm’s fifty day moving average price is $19.46 and its 200 day moving average price is $16.94.

MP Materials (NYSE:MP) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.04). The business had revenue of $62.93 million for the quarter, compared to the consensus estimate of $45.30 million. MP Materials had a negative net margin of 32.24% and a negative return on equity of 6.78%. During the same period in the prior year, the company earned $0.02 EPS. On average, equities research analysts anticipate that MP Materials Corp. will post -0.54 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research 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 report on Monday, January 27th. Canaccord Genuity Group raised their target price on shares of MP Materials from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Finally, JPMorgan Chase & Co. upped their price target on shares of MP Materials from $15.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday, October 21st. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $22.45.

Insider Buying and Selling at MP Materials

In related news, CFO Ryan Corbett sold 35,000 shares of MP Materials stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $21.50, for a total transaction of $752,500.00. Following the transaction, the chief financial officer now directly owns 260,021 shares of the company’s stock, valued at $5,590,451.50. The trade was a 11.86 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO James H. Litinsky sold 300,000 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $18.45, for a total transaction of $5,535,000.00. Following the completion of the sale, the chief executive officer now owns 18,221,776 shares in the company, valued at $336,191,767.20. The trade was a 1.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 884,862 shares of company stock valued at $17,484,482 in the last quarter. Corporate 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.