Texas Permanent School Fund Corp Sells 44,756 Shares of MP Materials Corp. $MP

Texas Permanent School Fund Corp decreased its position in shares of MP Materials Corp. (NYSE:MP) by 81.6% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,091 shares of the company’s stock after selling 44,756 shares during the period. Texas Permanent School Fund Corp’s holdings in MP Materials were worth $336,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Cresset Asset Management LLC increased its position in shares of MP Materials by 1.0% during the 2nd quarter. Cresset Asset Management LLC now owns 21,444 shares of the company’s stock valued at $713,000 after purchasing an additional 204 shares during the last quarter. Harbour Investments Inc. grew its position in MP Materials by 32.9% during the second quarter. Harbour Investments Inc. now owns 1,220 shares of the company’s stock valued at $41,000 after acquiring an additional 302 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of MP Materials by 2.8% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 12,955 shares of the company’s stock worth $412,000 after acquiring an additional 358 shares in the last quarter. Newbridge Financial Services Group Inc. raised its stake in shares of MP Materials by 40.0% during the second quarter. Newbridge Financial Services Group Inc. now owns 1,400 shares of the company’s stock worth $47,000 after acquiring an additional 400 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC lifted its holdings in shares of MP Materials by 3.8% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 12,400 shares of the company’s stock worth $413,000 after acquiring an additional 458 shares during the last quarter. 52.55% of the stock is currently owned by hedge funds and other institutional investors.

MP Materials Stock Performance

MP Materials stock opened at $53.48 on Friday. The company has a current ratio of 8.05, a quick ratio of 7.51 and a debt-to-equity ratio of 0.47. The firm has a 50-day moving average of $59.86 and a 200-day moving average of $60.09. The firm has a market cap of $9.48 billion, a P/E ratio of -75.32 and a beta of 1.69. MP Materials Corp. has a 1-year low of $15.56 and a 1-year high of $100.25.

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

Insider Buying and Selling

In other MP Materials news, CEO James H. Litinsky sold 385,000 shares of the business’s stock in a transaction on 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 transaction, the chief executive officer directly 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 Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Ryan Corbett sold 38,146 shares of the company’s stock in a transaction on 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 owned 156,666 shares of the company’s stock, valued at $9,399,960. This trade represents a 19.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 691,557 shares of company stock valued at $43,538,586. 9.50% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Daiwa America raised shares of MP Materials to a “strong-buy” rating in a report on Monday, September 22nd. Wall Street Zen cut MP Materials from a “hold” rating to a “sell” rating in a research note on Saturday, November 15th. The Goldman Sachs Group initiated coverage on MP Materials in a report on Wednesday, November 19th. They issued a “buy” rating and a $77.00 price objective on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of MP Materials in a report on Wednesday, October 8th. Finally, BMO Capital Markets upgraded MP Materials from a “market perform” rating to an “outperform” rating and reduced their price target for the stock from $76.00 to $75.00 in a research report on Monday, November 24th. One equities research 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 company’s stock. According to data from MarketBeat.com, MP Materials has an average rating of “Moderate Buy” and a consensus target price 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.