Amalgamated Bank Has $4.11 Million Holdings in MP Materials Corp. $MP

Amalgamated Bank boosted its position in shares of MP Materials Corp. (NYSE:MP) by 66.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 61,249 shares of the company’s stock after acquiring an additional 24,371 shares during the period. Amalgamated Bank’s holdings in MP Materials were worth $4,108,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in MP. Calamos Advisors LLC acquired a new position in shares of MP Materials during the 3rd quarter worth about $16,726,000. Rockefeller Capital Management L.P. grew its holdings in 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 buying an additional 100,915 shares during the last quarter. Ballentine Partners LLC bought a new position in MP Materials in the 2nd quarter worth approximately $241,000. Concurrent Investment Advisors LLC bought a new position in MP Materials in the 3rd quarter worth approximately $550,000. Finally, Campbell & CO Investment Adviser LLC acquired a new position in shares of MP Materials during the third quarter worth approximately $670,000. 52.55% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at MP Materials

In other MP Materials news, CEO James H. Litinsky sold 272,600 shares of MP Materials stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $64.17, for a total transaction of $17,492,742.00. Following the completion of the transaction, the chief executive officer directly owned 12,805,965 shares of the company’s stock, valued at approximately $821,758,774.05. This trade represents a 2.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Ryan Corbett sold 38,146 shares of the business’s stock in a transaction on Tuesday, December 9th. The shares were sold at an average price of $60.00, for a total transaction of $2,288,760.00. Following the completion of the sale, the chief financial officer owned 156,666 shares in the company, valued at $9,399,960. This represents a 19.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 991,557 shares of company stock worth $62,785,202. 9.50% of the stock is owned by insiders.

Analysts Set New Price Targets

MP has been the topic of several research analyst reports. BMO Capital Markets upgraded shares of MP Materials from a “market perform” rating to an “outperform” rating and lowered their price objective for the stock from $76.00 to $75.00 in a research note on Monday, November 24th. Morgan Stanley raised shares of MP Materials from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $68.50 to $71.00 in a report on Friday, December 5th. Bank of America boosted their price objective on shares of MP Materials from $78.00 to $112.00 and gave the stock a “buy” rating in a report on Wednesday, October 15th. JPMorgan Chase & Co. raised shares of MP Materials from a “neutral” rating to an “overweight” rating and cut their price objective for the company from $75.00 to $74.00 in a research report on Friday, November 14th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of MP Materials in a research report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $78.91.

MP Materials Stock Performance

NYSE:MP opened at $64.49 on Thursday. The firm has a market capitalization of $11.43 billion, a PE ratio of -90.83 and a beta of 1.62. The company has a quick ratio of 7.51, a current ratio of 8.05 and a debt-to-equity ratio of 0.47. MP Materials Corp. has a 12-month low of $18.64 and a 12-month high of $100.25. The firm has a 50-day moving average price of $58.77 and a 200 day moving average price of $63.78.

MP Materials (NYSE:MP) last released its quarterly earnings data on Thursday, November 6th. The company reported ($0.10) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.05. MP Materials had a negative return on equity of 7.69% and a negative net margin of 50.55%.The company had revenue of $53.55 million for the quarter, compared to the consensus estimate of $49.72 million. During the same period in the previous year, the business earned ($0.12) earnings per share. The company’s quarterly revenue was down 14.9% on a year-over-year basis. Research analysts anticipate that MP Materials Corp. will post -0.19 earnings per share for the current fiscal year.

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.