Cutter & CO Brokerage Inc. Sells 6,737 Shares of MP Materials Corp. (NYSE:MP)

Cutter & CO Brokerage Inc. reduced its stake in shares of MP Materials Corp. (NYSE:MP) by 3.6% in the first quarter, HoldingsChannel.com reports. The firm owned 181,048 shares of the company’s stock after selling 6,737 shares during the period. MP Materials comprises about 1.0% of Cutter & CO Brokerage Inc.’s investment portfolio, making the stock its 25th largest holding. Cutter & CO Brokerage Inc.’s holdings in MP Materials were worth $4,419,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Bleakley Financial Group LLC purchased a new position in shares of MP Materials in the 1st quarter worth approximately $254,000. CWM LLC boosted its stake in shares of MP Materials by 16.5% in the 1st quarter. CWM LLC now owns 3,566 shares of the company’s stock worth $87,000 after buying an additional 505 shares during the last quarter. New York State Common Retirement Fund boosted its stake in shares of MP Materials by 16.9% in the 1st quarter. New York State Common Retirement Fund now owns 103,743 shares of the company’s stock worth $2,532,000 after buying an additional 15,009 shares during the last quarter. Cerity Partners LLC boosted its stake in shares of MP Materials by 99.7% in the 1st quarter. Cerity Partners LLC now owns 20,308 shares of the company’s stock worth $496,000 after buying an additional 10,138 shares during the last quarter. Finally, Alps Advisors Inc. boosted its stake in shares of MP Materials by 24.2% in the 1st quarter. Alps Advisors Inc. now owns 99,400 shares of the company’s stock worth $2,426,000 after buying an additional 19,372 shares during the last quarter. Hedge funds and other institutional investors own 52.55% of the company’s stock.

MP Materials Trading Down 0.4%

Shares of MP opened at $45.06 on Monday. The business has a 50-day moving average of $27.71 and a 200 day moving average of $24.77. MP Materials Corp. has a fifty-two week low of $10.02 and a fifty-two week high of $50.98. The firm has a market cap of $7.37 billion, a P/E ratio of -69.32 and a beta of 2.26. The company has a debt-to-equity ratio of 0.81, a quick ratio of 3.58 and a current ratio of 4.12.

MP Materials (NYSE:MP) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.02). The firm had revenue of $60.81 million during the quarter, compared to analysts’ expectations of $64.74 million. MP Materials had a negative return on equity of 9.77% and a negative net margin of 48.41%. The company’s revenue was up 24.9% compared to the same quarter last year. During the same period last year, the business posted ($0.04) EPS. As a group, research analysts forecast that MP Materials Corp. will post -0.19 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Morgan Stanley upgraded MP Materials from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $23.00 to $34.00 in a research note on Thursday, June 5th. DA Davidson boosted their target price on MP Materials from $25.00 to $32.00 and gave the stock a “buy” rating in a research note on Wednesday, March 19th. Robert W. Baird boosted their target price on MP Materials from $30.00 to $38.00 and gave the stock an “outperform” rating in a research note on Tuesday, June 17th. Jefferies Financial Group reissued a “hold” rating and set a $33.00 price objective (up from $32.00) on shares of MP Materials in a report on Monday, July 7th. Finally, BMO Capital Markets raised their target price on MP Materials from $22.00 to $29.00 and gave the stock a “market perform” rating in a research report on Thursday, March 20th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $31.28.

MP Materials Company Profile

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.