Fifth Third Bancorp Has $3.31 Million Holdings in MP Materials Corp. $MP

Fifth Third Bancorp increased its stake in shares of MP Materials Corp. (NYSE:MPFree Report) by 2,973.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 68,700 shares of the company’s stock after buying an additional 66,465 shares during the quarter. Fifth Third Bancorp’s holdings in MP Materials were worth $3,315,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the stock. EMC Capital Management acquired a new position in MP Materials during the fourth quarter worth $25,000. Whittier Trust Co. of Nevada Inc. bought a new stake in shares of MP Materials in the 4th quarter worth about $26,000. REAP Financial Group LLC bought a new stake in shares of MP Materials in the 4th quarter worth about $26,000. Los Angeles Capital Management LLC acquired a new stake in shares of MP Materials during the 4th quarter worth about $28,000. Finally, Financial Consulate Inc. increased its position in shares of MP Materials by 555.3% during the 4th quarter. Financial Consulate Inc. now owns 557 shares of the company’s stock worth $28,000 after purchasing an additional 472 shares in the last quarter. Institutional investors and hedge funds own 52.55% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on MP shares. Morgan Stanley boosted their price target on shares of MP Materials from $70.00 to $71.50 and gave the company an “overweight” rating in a research report on Wednesday, July 8th. DA Davidson reaffirmed a “buy” rating and set a $82.00 price objective on shares of MP Materials in a report on Friday, June 5th. Deutsche Bank Aktiengesellschaft cut their target price on shares of MP Materials from $70.00 to $61.00 and set a “buy” rating for the company in a research note on Thursday, July 9th. Citigroup reissued a “positive” rating on shares of MP Materials in a report on Wednesday. Finally, Wedbush increased their price target on MP Materials from $90.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, May 8th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $79.25.

Check Out Our Latest Stock Report on MP

Insider Buying and Selling at MP Materials

In other MP Materials news, CFO Ryan Corbett sold 20,000 shares of the stock in a transaction on Friday, May 8th. The stock was sold at an average price of $75.00, for a total value of $1,500,000.00. Following the transaction, the chief financial officer directly owned 109,017 shares in the company, valued at approximately $8,176,275. This trade represents a 15.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Michael Stuart Rosenthal bought 17,000 shares of the stock in a transaction dated Wednesday, May 20th. The stock was purchased at an average cost of $56.62 per share, with a total value of $962,540.00. Following the completion of the purchase, the chief operating officer directly owned 1,333,673 shares in the company, valued at approximately $75,512,565.26. This trade represents a 1.29% increase in their position. The SEC filing for this purchase provides additional information. In the last ninety days, insiders have sold 905,167 shares of company stock worth $60,161,837. Insiders own 8.20% of the company’s stock.

MP Materials Trading Up 0.0%

Shares of NYSE MP opened at $45.24 on Monday. MP Materials Corp. has a 1-year low of $43.82 and a 1-year high of $100.25. The company has a 50-day moving average of $58.24 and a two-hundred day moving average of $59.19. The company has a market cap of $8.05 billion, a PE ratio of -107.73 and a beta of 1.86. The company has a current ratio of 7.18, a quick ratio of 6.58 and a debt-to-equity ratio of 0.47.

MP Materials (NYSE:MPGet Free Report) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.03 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.04. MP Materials had a negative net margin of 28.00% and a negative return on equity of 2.27%. The business had revenue of $90.65 million during the quarter, compared to analyst estimates of $74.82 million. During the same quarter last year, the business posted ($0.12) earnings per share. MP Materials’s revenue for the quarter was up 49.1% compared to the same quarter last year. As a group, equities analysts expect that MP Materials Corp. will post 0.04 earnings per share for the current fiscal year.

Key Headlines Impacting MP Materials

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MP Materials Profile

(Free Report)

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.

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Institutional Ownership by Quarter for MP Materials (NYSE:MP)

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