IMG Wealth Management Inc. Acquires New Shares in MP Materials Corp. (NYSE:MP)

IMG Wealth Management Inc. acquired a new stake in MP Materials Corp. (NYSE:MP) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 4,246 shares of the company’s stock, valued at approximately $66,000.

Several other hedge funds also recently bought and sold shares of the stock. Victory Capital Management Inc. increased its position in MP Materials by 3.1% during the fourth quarter. Victory Capital Management Inc. now owns 2,432,389 shares of the company’s stock worth $37,945,000 after buying an additional 73,297 shares in the last quarter. Segall Bryant & Hamill LLC increased its position in MP Materials by 32.7% during the third quarter. Segall Bryant & Hamill LLC now owns 1,245,796 shares of the company’s stock worth $21,988,000 after buying an additional 306,933 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in MP Materials by 15.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,079,668 shares of the company’s stock worth $16,843,000 after buying an additional 144,661 shares in the last quarter. Principal Financial Group Inc. increased its position in MP Materials by 48.7% during the fourth quarter. Principal Financial Group Inc. now owns 899,698 shares of the company’s stock worth $14,035,000 after buying an additional 294,806 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its position in MP Materials by 13.3% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 505,532 shares of the company’s stock worth $8,923,000 after buying an additional 59,469 shares in the last quarter. Hedge funds and other institutional investors own 52.55% of the company’s stock.

MP Materials Price Performance

Shares of MP Materials stock opened at $26.93 on Monday. MP Materials Corp. has a twelve month low of $10.02 and a twelve month high of $26.95. The stock has a market capitalization of $4.40 billion, a P/E ratio of -45.65 and a beta of 2.32. The company has a current ratio of 6.93, a quick ratio of 6.13 and a debt-to-equity ratio of 0.88. The business’s fifty day moving average price is $22.71 and its 200 day moving average price is $19.31.

MP Materials (NYSE:MP) last issued its earnings results on Thursday, February 20th. The company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.05). MP Materials had a negative net margin of 32.09% and a negative return on equity of 8.44%. The firm had revenue of $60.99 million during the quarter, compared to analyst estimates of $50.71 million. As a group, research analysts anticipate that MP Materials Corp. will post -0.19 earnings per share for the current year.

Insider Buying and Selling at MP Materials

In other MP Materials news, CEO James H. Litinsky sold 386,223 shares of the firm’s stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $24.01, for a total value of $9,273,214.23. Following the transaction, the chief executive officer now directly owns 15,643,076 shares of the company’s stock, valued at $375,590,254.76. This trade represents a 2.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 12.60% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms have recently issued reports on MP. Canaccord Genuity Group raised their price objective on MP Materials from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. BMO Capital Markets raised their price objective on MP Materials from $19.50 to $22.00 and gave the stock a “market perform” rating in a report on Monday, January 27th. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $22.45.

About MP Materials

MP Materials Corp., together with its subsidiaries, produces rare earth materials. 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.