Handelsbanken Fonder AB Acquires 9,700 Shares of MP Materials Corp. (NYSE:MP)

Posted by Defense World Staff on Jul 23rd, 2023

Handelsbanken Fonder AB raised its holdings in shares of MP Materials Corp. (NYSE:MP – Free Report) by 69.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 23,700 shares of the company’s stock after purchasing an additional 9,700 shares during the quarter. Handelsbanken Fonder AB’s holdings in MP Materials were worth $668,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in shares of MP Materials by 5.9% in the 3rd quarter. Vanguard Group Inc. now owns 8,977,206 shares of the company’s stock worth $245,077,000 after acquiring an additional 497,497 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of MP Materials by 29.1% in the 1st quarter. BlackRock Inc. now owns 6,398,647 shares of the company’s stock worth $366,898,000 after acquiring an additional 1,441,580 shares during the last quarter. State Street Corp lifted its holdings in shares of MP Materials by 56.2% in the 1st quarter. State Street Corp now owns 4,806,550 shares of the company’s stock worth $275,608,000 after acquiring an additional 1,729,193 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of MP Materials by 61.1% in the 1st quarter. Invesco Ltd. now owns 2,208,928 shares of the company’s stock worth $126,661,000 after acquiring an additional 838,085 shares during the last quarter. Finally, Van ECK Associates Corp lifted its holdings in shares of MP Materials by 5.3% in the 4th quarter. Van ECK Associates Corp now owns 2,031,103 shares of the company’s stock worth $49,315,000 after acquiring an additional 102,106 shares during the last quarter. Institutional investors own 68.53% of the company’s stock.

MP Materials Trading Down 1.8 %

NYSE MP opened at $23.71 on Friday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 12.84 and a current ratio of 13.50. The company has a market capitalization of $4.21 billion, a price-to-earnings ratio of 18.67, a price-to-earnings-growth ratio of 3.32 and a beta of 2.65. The company’s 50-day simple moving average is $22.79 and its two-hundred day simple moving average is $26.39. MP Materials Corp. has a one year low of $20.21 and a one year high of $40.12.

MP Materials (NYSE:MP – Get Free Report) last issued its quarterly earnings data on Thursday, May 4th. The company reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.17 by $0.07. MP Materials had a net margin of 52.72% and a return on equity of 20.17%. The firm had revenue of $95.70 million for the quarter, compared to the consensus estimate of $90.89 million. Equities analysts forecast that MP Materials Corp. will post 0.46 EPS for the current fiscal year.

Insider Transactions at MP Materials

In other news, CEO James H. Litinsky sold 647,832 shares of MP Materials stock in a transaction that occurred on Friday, May 26th. The shares were sold at an average price of $21.70, for a total value of $14,057,954.40. Following the transaction, the chief executive officer now owns 624,931 shares of the company’s stock, valued at approximately $13,561,002.70. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO James H. Litinsky sold 647,832 shares of MP Materials stock in a transaction that occurred on Friday, May 26th. The shares were sold at an average price of $21.70, for a total value of $14,057,954.40. Following the completion of the sale, the chief executive officer now directly owns 624,931 shares in the company, valued at approximately $13,561,002.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Michael Stuart Rosenthal bought 5,000 shares of the stock in a transaction that occurred on Monday, May 22nd. The stock was bought at an average price of $21.78 per share, with a total value of $108,900.00. Following the completion of the purchase, the chief operating officer now directly owns 29,476 shares in the company, valued at $641,987.28. The disclosure for this purchase can be found here. Insiders have bought a total of 26,000 shares of company stock valued at $558,940 in the last 90 days. Insiders own 33.87% of the company’s stock.

Analyst Ratings Changes

MP has been the subject of several analyst reports. TheStreet lowered shares of MP Materials from a “c-” rating to a “d+” rating in a report on Thursday, May 18th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of MP Materials from $26.00 to $24.00 in a report on Friday, July 14th. Morgan Stanley decreased their price objective on shares of MP Materials from $35.00 to $34.00 in a report on Wednesday, June 21st. DA Davidson decreased their price objective on shares of MP Materials from $42.00 to $39.00 in a report on Tuesday, July 11th. Finally, Northland Securities lowered shares of MP Materials from an “outperform” rating to a “market perform” rating and set a $32.00 price objective for the company. in a report on Tuesday, April 18th. One equities research analyst has rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, MP Materials presently has an average rating of “Moderate Buy” and an average price target of $38.14.

MP Materials Profile

(Free Report)

MP Materials Corp., together with its subsidiaries, produces rare earth materials in the Western Hemisphere. 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.