Federated Hermes Inc. Reduces Position in MP Materials Corp. (NYSE:MP)

Federated Hermes Inc. trimmed its position in shares of MP Materials Corp. (NYSE:MP) by 35.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 668,222 shares of the company’s stock after selling 369,386 shares during the period. Federated Hermes Inc. owned 0.38% of MP Materials worth $13,264,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Peregrine Capital Management LLC raised its position in shares of MP Materials by 35.3% during the 4th quarter. Peregrine Capital Management LLC now owns 27,622 shares of the company’s stock valued at $548,000 after purchasing an additional 7,200 shares during the period. Vanguard Group Inc. raised its position in shares of MP Materials by 25.3% during the 3rd quarter. Vanguard Group Inc. now owns 13,380,831 shares of the company’s stock valued at $255,574,000 after purchasing an additional 2,697,925 shares during the period. DekaBank Deutsche Girozentrale raised its position in shares of MP Materials by 1,000.0% during the 4th quarter. DekaBank Deutsche Girozentrale now owns 66,000 shares of the company’s stock valued at $1,351,000 after purchasing an additional 60,000 shares during the period. Baillie Gifford & Co. raised its position in shares of MP Materials by 26.2% during the 4th quarter. Baillie Gifford & Co. now owns 2,960,001 shares of the company’s stock valued at $58,756,000 after purchasing an additional 614,088 shares during the period. Finally, Kennedy Capital Management LLC bought a new stake in shares of MP Materials during the 3rd quarter valued at $1,996,000. 52.55% of the stock is currently owned by institutional investors.

MP Materials Stock Performance

MP Materials stock opened at $15.91 on Tuesday. The company’s 50-day moving average price is $15.26 and its 200-day moving average price is $16.42. MP Materials Corp. has a twelve month low of $12.68 and a twelve month high of $26.53. The company has a quick ratio of 9.54, a current ratio of 10.42 and a debt-to-equity ratio of 0.50. The company has a market cap of $2.83 billion, a PE ratio of 122.39 and a beta of 2.42.

MP Materials (NYSE:MP) last posted its earnings results on Thursday, February 22nd. The company reported ($0.05) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.05). MP Materials had a net margin of 9.59% and a return on equity of 3.86%. The firm had revenue of $41.21 million for the quarter, compared to the consensus estimate of $47.40 million. On average, equities research analysts forecast that MP Materials Corp. will post -0.13 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently commented on MP. Canaccord Genuity Group decreased their price objective on shares of MP Materials from $23.00 to $22.00 and set a “buy” rating on the stock in a research report on Wednesday, March 13th. Morgan Stanley downgraded shares of MP Materials from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $26.00 to $15.50 in a report on Wednesday, March 13th. Jefferies Financial Group reduced their price target on shares of MP Materials from $36.00 to $28.00 and set a “buy” rating on the stock in a report on Tuesday, March 19th. JPMorgan Chase & Co. reduced their price target on shares of MP Materials from $22.00 to $20.00 and set an “overweight” rating on the stock in a report on Friday, February 23rd. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on shares of MP Materials from $17.00 to $15.00 and set a “hold” rating on the stock in a report on Thursday, April 11th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, MP Materials has a consensus rating of “Moderate Buy” and a consensus target price of $24.21.

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.