Corebridge Financial Inc. Decreases Position in MP Materials Corp. (NYSE:MP)

Corebridge Financial Inc. trimmed its holdings in shares of MP Materials Corp. (NYSE:MP) by 10.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,168 shares of the company’s stock after selling 616 shares during the quarter. Corebridge Financial Inc.’s holdings in MP Materials were worth $81,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Walnut Level Capital LLC raised its holdings in shares of MP Materials by 2.7% in the fourth quarter. Walnut Level Capital LLC now owns 95,000 shares of the company’s stock worth $1,482,000 after buying an additional 2,470 shares during the last quarter. LPL Financial LLC lifted its position in MP Materials by 11.2% during the 4th quarter. LPL Financial LLC now owns 126,435 shares of the company’s stock worth $1,972,000 after acquiring an additional 12,782 shares during the period. Fox Run Management L.L.C. purchased a new stake in MP Materials during the 4th quarter valued at about $263,000. KLP Kapitalforvaltning AS acquired a new position in shares of MP Materials in the fourth quarter valued at about $388,000. Finally, Sei Investments Co. purchased a new position in shares of MP Materials in the fourth quarter worth about $156,000. 52.55% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. BMO Capital Markets increased their price target on shares of MP Materials from $22.00 to $29.00 and gave the stock a “market perform” rating in a report on Thursday, March 20th. DA Davidson upped their price target on shares of MP Materials from $25.00 to $32.00 and gave the company a “buy” rating in a report on Wednesday, March 19th. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $23.61.

Insider Activity at MP Materials

In other MP Materials news, CEO James H. Litinsky sold 386,223 shares of MP Materials stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $24.01, for a total transaction of $9,273,214.23. Following the transaction, the chief executive officer now owns 15,643,076 shares of the company’s stock, valued at $375,590,254.76. The trade was a 2.41 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Ryan Corbett sold 15,000 shares of the stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $27.00, for a total value of $405,000.00. Following the completion of the sale, the chief financial officer now directly owns 214,812 shares of the company’s stock, valued at $5,799,924. The trade was a 6.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,130,835 shares of company stock valued at $29,165,987 over the last ninety days. Insiders own 12.60% of the company’s stock.

MP Materials Stock Down 9.4 %

Shares of NYSE:MP opened at $24.99 on Wednesday. MP Materials Corp. has a 1 year low of $10.02 and a 1 year high of $29.72. The firm’s 50-day moving average is $24.55 and its two-hundred day moving average is $21.03. The firm has a market capitalization of $4.08 billion, a PE ratio of -42.36 and a beta of 2.24. The company has a debt-to-equity ratio of 0.88, a current ratio of 6.93 and a quick ratio of 6.13.

MP Materials (NYSE:MP) last issued its earnings results on Thursday, February 20th. The company reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.05). The firm had revenue of $60.99 million for the quarter, compared to analyst estimates of $50.71 million. MP Materials had a negative return on equity of 8.44% and a negative net margin of 32.09%. Analysts predict that MP Materials Corp. will post -0.19 EPS 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.