A. D. Beadell Investment Counsel Inc. Takes Position in MP Materials Corp. (NYSE:MP)

A. D. Beadell Investment Counsel Inc. acquired a new position in shares of MP Materials Corp. (NYSE:MP) in the 2nd quarter, Holdings Channel reports. The fund acquired 9,340 shares of the company’s stock, valued at approximately $213,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Natixis Advisors L.P. boosted its holdings in MP Materials by 22.9% in the 1st quarter. Natixis Advisors L.P. now owns 18,394 shares of the company’s stock valued at $1,055,000 after purchasing an additional 3,430 shares during the period. Bank of Montreal Can lifted its stake in shares of 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 buying an additional 7,124 shares during the period. MetLife Investment Management LLC grew its position in MP Materials by 53.4% during the first quarter. MetLife Investment Management LLC now owns 41,394 shares of the company’s stock worth $2,374,000 after buying an additional 14,406 shares in the last quarter. Rhumbline Advisers increased its stake in MP Materials by 8.9% during 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 during the period. Finally, BlackRock Inc. raised its holdings in MP Materials by 29.1% in the 1st 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. Institutional investors own 59.41% of the company’s stock.

Wall Street Analysts Forecast Growth

MP has been the subject of a number of recent research reports. Morgan Stanley cut their target price on MP Materials from $35.00 to $34.00 in a research note on Wednesday, June 21st. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of MP Materials from $26.00 to $24.00 in a research note on Friday, July 14th. Northland Securities upgraded shares of MP Materials from a “market perform” rating to an “outperform” rating in a research report on Wednesday, September 6th. DA Davidson cut their price target on shares of MP Materials from $42.00 to $39.00 in a research note on Tuesday, July 11th. Finally, JPMorgan Chase & Co. began coverage on MP Materials in a research report on Thursday, August 31st. They set an “overweight” rating and a $27.00 target price for the company. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $34.14.

MP Materials Price Performance

Shares of NYSE MP traded down $0.50 during mid-day trading on Tuesday, hitting $20.33. 1,349,694 shares of the stock were exchanged, compared to its average volume of 2,558,538. The company has a market cap of $3.61 billion, a P/E ratio of 21.94, a PEG ratio of 3.02 and a beta of 2.66. The company has a debt-to-equity ratio of 0.50, a quick ratio of 15.26 and a current ratio of 16.15. MP Materials Corp. has a twelve month low of $19.18 and a twelve month high of $36.67. The stock’s fifty day simple moving average is $22.42 and its two-hundred day simple moving average is $23.66.

MP Materials (NYSE:MP) last released its quarterly earnings results on Thursday, August 3rd. The company reported $0.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.05 by $0.02. The firm had revenue of $64.02 million during the quarter, compared to analysts’ expectations of $60.44 million. MP Materials had a return on equity of 14.63% and a net margin of 46.38%. As a group, analysts forecast that MP Materials Corp. will post 0.46 EPS for the current fiscal year.

MP Materials Profile

MP Materials Corp., together with its subsidiaries, produces rare earth materials in the Western Hemisphere. 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.