Larson Financial Group LLC Sells 7,839 Shares of MP Materials Corp. (NYSE:MP)

Larson Financial Group LLC trimmed its position in shares of MP Materials Corp. (NYSE:MP) by 83.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,529 shares of the company’s stock after selling 7,839 shares during the quarter. Larson Financial Group LLC’s holdings in MP Materials were worth $27,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of MP. Segall Bryant & Hamill LLC raised its holdings in shares of MP Materials by 32.7% in the third quarter. Segall Bryant & Hamill LLC now owns 1,245,796 shares of the company’s stock valued at $21,988,000 after buying an additional 306,933 shares during the last quarter. Quest Partners LLC increased its position in MP Materials by 806.0% in the 3rd quarter. Quest Partners LLC now owns 42,944 shares of the company’s stock valued at $758,000 after acquiring an additional 38,204 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of MP Materials by 35.7% in the third quarter. Principal Financial Group Inc. now owns 604,892 shares of the company’s stock worth $10,676,000 after acquiring an additional 159,200 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of MP Materials by 2,536.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,661,887 shares of the company’s stock worth $23,767,000 after purchasing an additional 1,598,861 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky grew its stake in shares of MP Materials by 12.4% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 47,179 shares of the company’s stock valued at $675,000 after purchasing an additional 5,200 shares during the last quarter. Institutional investors and hedge funds own 52.55% of the company’s stock.

MP Materials Stock Performance

Shares of NYSE:MP opened at $21.07 on Friday. The company has a market capitalization of $3.44 billion, a price-to-earnings ratio of -39.02 and a beta of 2.23. The firm’s 50 day simple moving average is $18.41 and its 200 day simple moving average is $15.53. The company has a debt-to-equity ratio of 0.88, a current ratio of 6.93 and a quick ratio of 6.13. MP Materials Corp. has a fifty-two week low of $10.02 and a fifty-two week high of $21.70.

MP Materials declared that its board has authorized a stock repurchase program on Tuesday, September 3rd that permits the company to buyback $300.00 million in shares. This buyback authorization permits the company to repurchase up to 13.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several research analysts recently weighed in on MP shares. JPMorgan Chase & Co. boosted their price objective on shares of MP Materials from $15.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday, October 21st. DA Davidson upped their price target on MP Materials from $20.00 to $23.00 and gave the company a “buy” rating in a research note on Tuesday, October 1st. Robert W. Baird lifted their price objective on MP Materials from $20.00 to $25.00 and gave the stock an “outperform” rating in a research report on Friday, September 27th. Morgan Stanley upped their target price on shares of MP Materials from $13.50 to $16.00 and gave the company an “equal weight” rating in a research report on Thursday, September 19th. Finally, Canaccord Genuity Group lifted their price target on shares of MP Materials from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $22.10.

Insiders Place Their Bets

In other MP Materials news, CEO James H. Litinsky sold 300,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $20.22, for a total transaction of $6,066,000.00. Following the sale, the chief executive officer now directly owns 18,043,076 shares in the company, valued at approximately $364,830,996.72. This trade represents a 1.64 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Ryan Corbett sold 35,000 shares of the company’s stock in a transaction on Friday, November 29th. The stock was sold at an average price of $21.50, for a total transaction of $752,500.00. Following the completion of the transaction, the chief financial officer now directly owns 260,021 shares of the company’s stock, valued at approximately $5,590,451.50. The trade was a 11.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 650,195 shares of company stock worth $12,631,569. Company insiders own 12.60% of the company’s stock.

MP Materials 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.