Retirement Systems of Alabama Buys 723 Shares of MP Materials Corp. (NYSE:MP)

Retirement Systems of Alabama raised its stake in MP Materials Corp. (NYSE:MP) by 0.4% during the 4th quarter, Holdings Channel reports. The fund owned 180,391 shares of the company’s stock after acquiring an additional 723 shares during the period. Retirement Systems of Alabama’s holdings in MP Materials were worth $3,581,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of MP. State of Alaska Department of Revenue grew its position in shares of MP Materials by 50.4% during the 3rd quarter. State of Alaska Department of Revenue now owns 17,219 shares of the company’s stock worth $328,000 after purchasing an additional 5,770 shares in the last quarter. Xponance Inc. increased its position in shares of MP Materials by 40.2% in the third quarter. Xponance Inc. now owns 15,848 shares of the company’s stock worth $303,000 after purchasing an additional 4,543 shares during the period. Bank of New York Mellon Corp raised its stake in MP Materials by 12.0% in the third quarter. Bank of New York Mellon Corp now owns 2,293,334 shares of the company’s stock valued at $43,803,000 after purchasing an additional 246,534 shares in the last quarter. Brown Advisory Inc. lifted its position in MP Materials by 80.1% during the third quarter. Brown Advisory Inc. now owns 107,475 shares of the company’s stock worth $2,053,000 after purchasing an additional 47,800 shares during the period. Finally, New York State Teachers Retirement System increased its holdings in MP Materials by 4.7% in the 3rd quarter. New York State Teachers Retirement System now owns 97,370 shares of the company’s stock valued at $1,860,000 after buying an additional 4,400 shares during the period. 52.55% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently issued reports on MP. Canaccord Genuity Group reduced their price target on shares of MP Materials from $23.00 to $22.00 and set a “buy” rating on the stock in a research report on Wednesday, March 13th. Benchmark restated a “buy” rating and set a $30.00 price objective on shares of MP Materials in a research report on Friday, May 3rd. JPMorgan Chase & Co. cut MP Materials from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $20.00 to $16.00 in a report on Tuesday, April 23rd. 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, Morgan Stanley lowered MP Materials from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $26.00 to $15.50 in a research report on Wednesday, March 13th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $23.64.

MP Materials Stock Performance

Shares of MP stock opened at $16.20 on Wednesday. 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 Corp. has a 52 week low of $12.68 and a 52 week high of $26.53. The firm has a 50 day moving average of $15.28 and a 200-day moving average of $16.31. The company has a market cap of $2.88 billion, a price-to-earnings ratio of -107.99, a price-to-earnings-growth ratio of 7.34 and a beta of 2.31.

MP Materials (NYSE:MP) last posted its quarterly earnings results on Thursday, February 22nd. The company reported ($0.05) EPS for the quarter, hitting analysts’ consensus estimates of ($0.05). The business had revenue of $41.21 million during the quarter, compared to analysts’ expectations of $47.40 million. MP Materials had a net margin of 1.62% and a negative return on equity of 0.61%. On average, equities analysts forecast that MP Materials Corp. will post 0.06 earnings per share for the current year.

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.