Osaic Holdings Inc. Cuts Stock Position in MP Materials Corp. $MP

Osaic Holdings Inc. cut its position in shares of MP Materials Corp. (NYSE:MP) by 15.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 89,584 shares of the company’s stock after selling 15,873 shares during the quarter. Osaic Holdings Inc.’s holdings in MP Materials were worth $2,980,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of MP. Rockefeller Capital Management L.P. boosted its stake in shares of MP Materials by 132.7% in the 2nd quarter. Rockefeller Capital Management L.P. now owns 176,984 shares of the company’s stock valued at $5,888,000 after purchasing an additional 100,915 shares in the last quarter. Ballentine Partners LLC purchased a new position in MP Materials in the 2nd quarter worth $241,000. Rothschild Investment LLC bought a new stake in MP Materials in the second quarter worth $168,000. Pinkerton Wealth LLC purchased a new stake in MP Materials during the second quarter valued at about $940,000. Finally, Strs Ohio bought a new position in shares of MP Materials during the first quarter valued at about $687,000. Institutional investors own 52.55% of the company’s stock.

MP Materials Price Performance

MP opened at $53.48 on Friday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 7.51 and a current ratio of 8.05. The stock has a market capitalization of $9.48 billion, a PE ratio of -75.32 and a beta of 1.69. The stock’s 50 day moving average price is $59.86 and its 200-day moving average price is $60.09. MP Materials Corp. has a 52-week low of $15.56 and a 52-week high of $100.25.

MP Materials (NYSE:MP) last released its quarterly earnings results on Thursday, November 6th. The company reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.05. MP Materials had a negative net margin of 50.55% and a negative return on equity of 7.69%. The business had revenue of $53.55 million for the quarter, compared to analysts’ expectations of $49.72 million. During the same quarter in the previous year, the business posted ($0.12) earnings per share. The firm’s revenue for the quarter was down 14.9% compared to the same quarter last year. On average, equities research analysts predict that MP Materials Corp. will post -0.19 EPS for the current year.

Insider Transactions at MP Materials

In other news, CEO James H. Litinsky sold 385,000 shares of MP Materials stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $62.94, for a total transaction of $24,231,900.00. Following the sale, the chief executive officer owned 13,105,965 shares of the company’s stock, valued at approximately $824,889,437.10. The trade was a 2.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Ryan Corbett sold 38,146 shares of the stock in a transaction dated Tuesday, December 9th. The stock was sold at an average price of $60.00, for a total transaction of $2,288,760.00. Following the completion of the transaction, the chief financial officer directly owned 156,666 shares of the company’s stock, valued at approximately $9,399,960. The trade was a 19.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 691,557 shares of company stock worth $43,538,586 in the last ninety days. Insiders own 9.50% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on MP. Daiwa Capital Markets initiated coverage on MP Materials in a research note on Monday, September 22nd. They issued an “outperform” rating and a $80.00 target price for the company. Benchmark reiterated a “buy” rating on shares of MP Materials in a research report on Friday, August 29th. Wall Street Zen cut shares of MP Materials from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. Morgan Stanley raised shares of MP Materials from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $68.50 to $71.00 in a research note on Friday, December 5th. Finally, Deutsche Bank Aktiengesellschaft raised shares of MP Materials from a “hold” rating to a “buy” rating and increased their price target for the company from $68.00 to $71.00 in a research report on Monday, November 10th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $78.91.

About MP Materials

MP Materials Corporation operates as a vertically integrated producer of rare earth materials in North America. The company owns and manages the Mountain Pass Rare Earth Mine and Processing Facility in California, the only commercially viable rare earth mining and processing site in the United States. MP Materials extracts, separates and refines critical rare earth elements—such as neodymium, praseodymium, and cerium—which are essential inputs for permanent magnets used in electric vehicles, wind turbines, and various defense applications.

The Mountain Pass mine first began commercial rare earth production in the 1950s and was later operated by Molycorp until its bankruptcy in 2015.