MP Materials Corp. (NYSE:MP) Shares Bought by New Mexico Educational Retirement Board

Posted by Defense World Staff on Oct 6th, 2023

New Mexico Educational Retirement Board boosted its position in shares of MP Materials Corp. (NYSE:MP – Free Report) by 13.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,900 shares of the company’s stock after buying an additional 2,200 shares during the period. New Mexico Educational Retirement Board’s holdings in MP Materials were worth $432,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Ameritas Advisory Services LLC purchased a new stake in MP Materials during the first quarter valued at about $30,000. ANTIPODES PARTNERS Ltd purchased a new stake in shares of MP Materials in the first quarter worth about $30,000. AllSquare Wealth Management LLC purchased a new stake in shares of MP Materials in the first quarter worth about $45,000. Elkhorn Partners Limited Partnership boosted its position in shares of MP Materials by 33.9% in the fourth quarter. Elkhorn Partners Limited Partnership now owns 1,875 shares of the company’s stock worth $46,000 after buying an additional 475 shares during the period. Finally, Harbor Capital Advisors Inc. purchased a new stake in shares of MP Materials in the second quarter worth about $49,000. 59.41% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MP has been the topic of several research reports. JPMorgan Chase & Co. began coverage on MP Materials in a research note on Thursday, August 31st. They set an “overweight” rating and a $27.00 price objective on the stock. Northland Securities upgraded MP Materials from a “market perform” rating to an “outperform” rating in a research report on Wednesday, September 6th. DA Davidson cut their target price on MP Materials from $42.00 to $39.00 in a research note on Tuesday, July 11th. Morgan Stanley cut their target price on MP Materials from $35.00 to $34.00 in a research note on Wednesday, June 21st. Finally, Deutsche Bank Aktiengesellschaft cut their target price on MP Materials from $26.00 to $24.00 in a research note on Friday, July 14th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $34.14.

View Our Latest Stock Analysis on MP Materials

MP Materials Trading Down 3.1 %

Shares of NYSE:MP opened at $16.82 on Friday. MP Materials Corp. has a 52-week low of $16.57 and a 52-week high of $36.67. The company has a market capitalization of $2.99 billion, a P/E ratio of 18.09, a price-to-earnings-growth ratio of 5.41 and a beta of 2.65. The company has a 50-day simple moving average of $20.99 and a 200 day simple moving average of $22.75. The company has a debt-to-equity ratio of 0.50, a quick ratio of 15.26 and a current ratio of 16.15.

MP Materials (NYSE:MP – Get Free Report) last announced its earnings results on Thursday, August 3rd. The company reported $0.07 EPS for the quarter, topping the consensus estimate of $0.05 by $0.02. MP Materials had a net margin of 46.38% and a return on equity of 14.63%. The company had revenue of $64.02 million for the quarter, compared to analysts’ expectations of $60.44 million. Sell-side analysts forecast that MP Materials Corp. will post 0.2 earnings per share for the current year.

MP Materials Company 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.