US Bancorp DE Boosts Holdings in MP Materials Corp. (NYSE:MP)

US Bancorp DE lifted its stake in MP Materials Corp. (NYSE:MP) by 9.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,198 shares of the company’s stock after buying an additional 885 shares during the period. US Bancorp DE’s holdings in MP Materials were worth $249,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of MP. Envestnet Asset Management Inc. grew its position in MP Materials by 3.3% during the 4th quarter. Envestnet Asset Management Inc. now owns 20,650 shares of the company’s stock worth $322,000 after purchasing an additional 662 shares during the last quarter. Invesco Ltd. grew its position in MP Materials by 0.4% during the 4th quarter. Invesco Ltd. now owns 2,118,580 shares of the company’s stock worth $33,050,000 after purchasing an additional 7,453 shares during the last quarter. Raymond James Financial Inc. purchased a new position in MP Materials during the 4th quarter worth $6,284,000. Sterling Capital Management LLC grew its position in MP Materials by 57.2% during the 4th quarter. Sterling Capital Management LLC now owns 7,852 shares of the company’s stock worth $122,000 after purchasing an additional 2,858 shares during the last quarter. Finally, Barclays PLC grew its position in MP Materials by 150.2% during the 4th quarter. Barclays PLC now owns 121,392 shares of the company’s stock worth $1,895,000 after purchasing an additional 72,868 shares during the last quarter. 52.55% of the stock is owned by hedge funds and other institutional investors.

MP Materials Stock Up 1.7%

Shares of NYSE MP opened at $76.67 on Friday. The company has a quick ratio of 3.12, a current ratio of 3.60 and a debt-to-equity ratio of 0.83. MP Materials Corp. has a 52 week low of $11.87 and a 52 week high of $82.50. The firm has a 50-day moving average price of $48.33 and a 200 day moving average price of $32.17. The stock has a market capitalization of $12.53 billion, a price-to-earnings ratio of -121.70 and a beta of 2.30.

MP Materials (NYSE:MP) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.13) EPS for the quarter, beating the consensus estimate of ($0.16) by $0.03. MP Materials had a negative net margin of 41.87% and a negative return on equity of 9.34%. The firm had revenue of $57.39 million during the quarter, compared to analysts’ expectations of $44.84 million. During the same quarter last year, the business earned ($0.17) earnings per share. The business’s revenue for the quarter was up 83.6% compared to the same quarter last year. Equities research analysts anticipate that MP Materials Corp. will post -0.19 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on MP. Wall Street Zen upgraded shares of MP Materials from a “sell” rating to a “hold” rating in a research note on Saturday, July 26th. Cowen restated a “buy” rating on shares of MP Materials in a research note on Friday, August 8th. Cfra Research upgraded shares of MP Materials to a “moderate buy” rating in a research note on Monday. Deutsche Bank Aktiengesellschaft raised their target price on shares of MP Materials from $20.00 to $69.00 and gave the stock a “hold” rating in a research note on Thursday, July 17th. Finally, Canaccord Genuity Group raised their target price on shares of MP Materials from $64.00 to $77.00 and gave the stock a “buy” rating in a research note on Friday, August 8th. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, MP Materials presently has a consensus rating of “Moderate Buy” and an average price target of $60.63.

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.