Granite Investment Partners LLC Sells 377,624 Shares of MP Materials Corp. $MP

Granite Investment Partners LLC reduced its position in MP Materials Corp. (NYSE:MP) by 84.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 67,713 shares of the company’s stock after selling 377,624 shares during the quarter. Granite Investment Partners LLC’s holdings in MP Materials were worth $4,542,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Wolff Wiese Magana LLC boosted its holdings in MP Materials by 28.1% in the 3rd quarter. Wolff Wiese Magana LLC now owns 806 shares of the company’s stock worth $54,000 after buying an additional 177 shares during the period. Miracle Mile Advisors LLC raised its holdings in MP Materials by 1.0% during the third quarter. Miracle Mile Advisors LLC now owns 18,162 shares of the company’s stock valued at $1,218,000 after acquiring an additional 188 shares during the period. Wedmont Private Capital lifted its position in shares of MP Materials by 1.7% in the third quarter. Wedmont Private Capital now owns 11,824 shares of the company’s stock valued at $872,000 after acquiring an additional 195 shares in the last quarter. IMG Wealth Management Inc. boosted its stake in shares of MP Materials by 4.7% in the third quarter. IMG Wealth Management Inc. now owns 4,446 shares of the company’s stock worth $298,000 after acquiring an additional 200 shares during the period. Finally, Rothschild Investment LLC grew its position in shares of MP Materials by 4.0% during the third quarter. Rothschild Investment LLC now owns 5,252 shares of the company’s stock worth $352,000 after purchasing an additional 202 shares in the last quarter. 52.55% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at MP Materials

In other MP Materials news, CFO Ryan Corbett sold 38,146 shares of the company’s stock in a transaction that occurred on Tuesday, December 9th. The stock was sold at an average price of $60.00, for a total transaction of $2,288,760.00. Following the sale, the chief financial officer directly owned 156,666 shares in the company, valued at $9,399,960. This represents a 19.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO James H. Litinsky sold 272,600 shares of the firm’s stock in a transaction dated Thursday, January 8th. The stock was sold at an average price of $64.17, for a total transaction of $17,492,742.00. Following the completion of the sale, the chief executive officer owned 12,805,965 shares of the company’s stock, valued at $821,758,774.05. This trade represents a 2.08% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 723,146 shares of company stock worth $45,767,276 over the last three months. 12.60% of the stock is currently owned by insiders.

MP Materials Trading Up 0.8%

MP stock opened at $55.80 on Tuesday. The firm has a fifty day moving average price of $59.65 and a 200 day moving average price of $64.54. MP Materials Corp. has a fifty-two week low of $18.64 and a fifty-two week high of $100.25. The company has a debt-to-equity ratio of 0.47, a quick ratio of 7.51 and a current ratio of 8.05. The firm has a market cap of $9.89 billion, a PE ratio of -78.59 and a beta of 1.60.

Wall Street Analyst Weigh In

A number of research firms recently commented on MP. Weiss Ratings reissued a “sell (d-)” rating on shares of MP Materials in a report on Thursday, January 22nd. TD Securities upgraded shares of MP Materials to a “strong-buy” rating in a research report on Monday, February 9th. Deutsche Bank Aktiengesellschaft raised shares of MP Materials from a “hold” rating to a “buy” rating and boosted their target price for the stock from $68.00 to $71.00 in a report on Monday, November 10th. Wall Street Zen cut shares of MP Materials from a “hold” rating to a “sell” rating in a research note on Saturday, November 15th. Finally, The Goldman Sachs Group assumed coverage on shares of MP Materials in a research note on Wednesday, November 19th. They issued a “buy” rating and a $77.00 price target on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $78.91.

MP Materials Profile

MP Materials Corporation operates as a vertically integrated producer of rare earth materials in North America. The company owns and manages the Mountain Pass Rare Earth Mine and Processing Facility in California, the only commercially viable rare earth mining and processing site in the United States. MP Materials extracts, separates and refines critical rare earth elements—such as neodymium, praseodymium, and cerium—which are essential inputs for permanent magnets used in electric vehicles, wind turbines, and various defense applications.

The Mountain Pass mine first began commercial rare earth production in the 1950s and was later operated by Molycorp until its bankruptcy in 2015.