Peregrine Capital Management LLC Boosts Holdings in MP Materials Corp. (NYSE:MP)

Peregrine Capital Management LLC grew its holdings in MP Materials Corp. (NYSE:MP) by 35.3% in the 4th quarter, HoldingsChannel reports. The firm owned 27,622 shares of the company’s stock after purchasing an additional 7,200 shares during the quarter. Peregrine Capital Management LLC’s holdings in MP Materials were worth $548,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in MP. Natixis Advisors L.P. raised its holdings in MP Materials by 22.9% in the first quarter. Natixis Advisors L.P. now owns 18,394 shares of the company’s stock valued at $1,055,000 after acquiring an additional 3,430 shares in the last quarter. Bank of Montreal Can raised its holdings in MP Materials by 18.5% in the first quarter. Bank of Montreal Can now owns 45,673 shares of the company’s stock valued at $2,576,000 after acquiring an additional 7,124 shares in the last quarter. MetLife Investment Management LLC raised its holdings in MP Materials by 53.4% in the first quarter. MetLife Investment Management LLC now owns 41,394 shares of the company’s stock valued at $2,374,000 after acquiring an additional 14,406 shares in the last quarter. Rhumbline Advisers raised its holdings in MP Materials by 8.9% in the first quarter. Rhumbline Advisers now owns 84,009 shares of the company’s stock valued at $4,817,000 after acquiring an additional 6,843 shares in the last quarter. Finally, BlackRock Inc. raised its holdings in MP Materials by 29.1% in the first quarter. BlackRock Inc. now owns 6,398,647 shares of the company’s stock valued at $366,898,000 after acquiring an additional 1,441,580 shares in the last quarter. Hedge funds and other institutional investors own 52.55% of the company’s stock.

MP Materials Stock Performance

Shares of MP opened at $17.29 on Friday. The company has a current ratio of 10.42, a quick ratio of 9.54 and a debt-to-equity ratio of 0.50. The firm has a market cap of $3.08 billion, a PE ratio of 133.01 and a beta of 2.41. The company’s 50 day simple moving average is $15.29 and its 200-day simple moving average is $16.55. MP Materials Corp. has a 12-month low of $12.68 and a 12-month high of $28.71.

MP Materials (NYSE:MP) last posted its quarterly earnings data on Thursday, February 22nd. The company reported ($0.05) earnings per share for the quarter, meeting 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 analyst estimates of $47.40 million. As a group, equities analysts predict that MP Materials Corp. will post -0.13 EPS for the current year.

Analyst Ratings Changes

Several analysts recently weighed in on MP shares. Canaccord Genuity Group reduced their target price on shares of MP Materials from $23.00 to $22.00 and set a “buy” rating on the stock in a report on Wednesday, March 13th. Jefferies Financial Group cut their price objective 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. cut their price objective 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. Deutsche Bank Aktiengesellschaft cut their price objective on shares of MP Materials from $17.00 to $15.00 and set a “hold” rating on the stock in a report on Thursday. Finally, Morgan Stanley cut shares of MP Materials from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $26.00 to $15.50 in a report on Wednesday, March 13th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $25.19.

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.