MP Materials Corp. (NYSE:MP) Shares Sold by State Street Corp

State Street Corp trimmed its holdings in shares of MP Materials Corp. (NYSE:MP) by 14.5% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 6,682,289 shares of the company’s stock after selling 1,131,820 shares during the period. State Street Corp’s holdings in MP Materials were worth $117,942,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in MP. Baillie Gifford & Co. lifted its stake in MP Materials by 2.8% in the 2nd quarter. Baillie Gifford & Co. now owns 2,819,743 shares of the company’s stock valued at $35,895,000 after buying an additional 76,288 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of MP Materials by 1.2% during the third quarter. Victory Capital Management Inc. now owns 2,359,092 shares of the company’s stock valued at $41,638,000 after acquiring an additional 28,697 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of MP Materials by 3.1% in the second quarter. Dimensional Fund Advisors LP now owns 2,355,982 shares of the company’s stock valued at $29,993,000 after acquiring an additional 71,454 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of MP Materials by 1.5% in the second quarter. Bank of New York Mellon Corp now owns 1,733,517 shares of the company’s stock worth $22,068,000 after acquiring an additional 26,119 shares during the last quarter. Finally, Segall Bryant & Hamill LLC increased its position in shares of MP Materials by 32.7% during the third quarter. Segall Bryant & Hamill LLC now owns 1,245,796 shares of the company’s stock worth $21,988,000 after purchasing an additional 306,933 shares in the last quarter. Hedge funds and other institutional investors own 52.55% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Robert W. Baird raised their price objective on MP Materials from $20.00 to $25.00 and gave the company an “outperform” rating in a report on Friday, September 27th. BMO Capital Markets raised their price target on shares of MP Materials from $16.00 to $18.50 and gave the stock a “market perform” rating in a research note on Friday, October 25th. JPMorgan Chase & Co. upped their price objective on shares of MP Materials from $15.00 to $18.00 and gave the company a “neutral” rating in a research note on Monday, October 21st. Canaccord Genuity Group increased their price objective on shares of MP Materials from $23.00 to $26.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Finally, Morgan Stanley boosted their target price on MP Materials from $13.50 to $16.00 and gave the stock an “equal weight” rating in a report on Thursday, September 19th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $22.10.

MP Materials Stock Down 1.2 %

Shares of NYSE MP opened at $19.37 on Monday. The company has a market capitalization of $3.16 billion, a P/E ratio of -35.87 and a beta of 2.24. The company has a debt-to-equity ratio of 0.88, a current ratio of 6.93 and a quick ratio of 6.13. The company has a 50 day simple moving average of $19.11 and a 200-day simple moving average of $15.73. MP Materials Corp. has a 1 year low of $10.02 and a 1 year high of $24.01.

MP Materials declared that its Board of Directors has approved a stock buyback plan on Tuesday, September 3rd that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the company to reacquire up to 13.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other MP Materials news, CFO Ryan Corbett sold 35,000 shares of the business’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $21.50, for a total value of $752,500.00. Following the sale, the chief financial officer now owns 260,021 shares of the company’s stock, valued at $5,590,451.50. The trade was a 11.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO James H. Litinsky sold 300,000 shares of the business’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $18.45, for a total value of $5,535,000.00. Following the completion of the sale, the chief executive officer now owns 18,221,776 shares in the company, valued at $336,191,767.20. This represents a 1.62 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 884,862 shares of company stock worth $17,484,482. 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.