Scopus Asset Management L.P. Acquires New Holdings in MP Materials Corp. (NYSE:MP)

Scopus Asset Management L.P. acquired a new stake in shares of MP Materials Corp. (NYSE:MP) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 155,000 shares of the company’s stock, valued at approximately $5,572,000. Scopus Asset Management L.P. owned 0.09% of MP Materials as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of MP. Northern Oak Wealth Management Inc. bought a new position in MP Materials during the fourth quarter valued at approximately $33,000. American National Bank bought a new position in MP Materials during the first quarter valued at approximately $36,000. Bank Julius Baer & Co. Ltd Zurich bought a new position in MP Materials during the fourth quarter valued at approximately $40,000. Signaturefd LLC bought a new position in MP Materials during the first quarter valued at approximately $47,000. Finally, Larson Financial Group LLC lifted its position in MP Materials by 2,535.3% during the first quarter. Larson Financial Group LLC now owns 1,344 shares of the company’s stock valued at $48,000 after purchasing an additional 1,293 shares during the period. Institutional investors own 62.93% of the company’s stock.

Shares of NYSE MP traded down $0.13 during midday trading on Thursday, reaching $34.58. The stock had a trading volume of 15,098 shares, compared to its average volume of 2,640,478. The business’s 50-day simple moving average is $32.33. The company has a debt-to-equity ratio of 0.79, a current ratio of 16.99 and a quick ratio of 16.51. MP Materials Corp. has a 12-month low of $10.80 and a 12-month high of $51.77.

MP Materials (NYSE:MP) last announced its quarterly earnings data on Thursday, May 6th. The company reported $0.09 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.08 by $0.01. The firm had revenue of $60.00 million during the quarter, compared to analysts’ expectations of $44.51 million. MP Materials’s revenue was up 189.9% compared to the same quarter last year. On average, research analysts expect that MP Materials Corp. will post 0.48 EPS for the current year.

In related news, CFO Ryan Corbett sold 31,728 shares of the company’s stock in a transaction on Tuesday, June 22nd. The shares were sold at an average price of $31.97, for a total transaction of $1,014,344.16. Following the completion of the transaction, the chief financial officer now owns 263,067 shares in the company, valued at $8,410,251.99. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 49.70% of the company’s stock.

MP has been the topic of a number of research analyst reports. Morgan Stanley lowered their price objective on shares of MP Materials from $40.00 to $37.50 and set an “overweight” rating on the stock in a research report on Wednesday, June 23rd. Robert W. Baird started coverage on shares of MP Materials in a report on Tuesday, June 29th. They set an “outperform” rating and a $45.00 target price for the company. Zacks Investment Research cut shares of MP Materials from a “hold” rating to a “sell” rating in a report on Wednesday. Bank of America started coverage on shares of MP Materials in a report on Thursday, April 1st. They set a “neutral” rating and a $38.00 target price for the company. Finally, JPMorgan Chase & Co. started coverage on shares of MP Materials in a report on Wednesday, June 16th. They set an “overweight” rating and a $41.00 target price for the company. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $38.56.

About MP Materials

MP Materials Corp. engages in the ownership and operation of integrated rare earth mining and processing facilities. It owns and operates the Mountain Pass facility located in the Western Hemisphere. The company 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.

Featured Story: How does a 12b-1 fee affect fund performance?

Want to see what other hedge funds are holding MP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for MP Materials Corp. (NYSE:MP).

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

Receive News & Ratings for MP Materials Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MP Materials and related companies with MarketBeat.com's FREE daily email newsletter.