Geode Capital Management LLC Reduces Stock Position in MP Materials Corp. (NYSE:MP)

Geode Capital Management LLC cut its stake in MP Materials Corp. (NYSE:MP) by 10.0% in the 3rd quarter, Holdings Channel.com reports. The firm owned 1,990,595 shares of the company’s stock after selling 221,239 shares during the quarter. Geode Capital Management LLC’s holdings in MP Materials were worth $35,144,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MP. Millennium Management LLC boosted its holdings in MP Materials by 425.5% in the 2nd quarter. Millennium Management LLC now owns 801,328 shares of the company’s stock valued at $10,201,000 after purchasing an additional 648,838 shares during the period. Bank of Montreal Can boosted its stake in MP Materials by 188.1% during the second quarter. Bank of Montreal Can now owns 898,960 shares of the company’s stock valued at $11,462,000 after buying an additional 586,906 shares during the period. Pinnacle Associates Ltd. grew its position in MP Materials by 151.1% during the second quarter. Pinnacle Associates Ltd. now owns 815,561 shares of the company’s stock worth $10,382,000 after buying an additional 490,767 shares in the last quarter. Regal Partners Ltd increased its stake in MP Materials by 275.4% in the 2nd quarter. Regal Partners Ltd now owns 464,016 shares of the company’s stock worth $5,907,000 after acquiring an additional 340,426 shares during the last quarter. Finally, Segall Bryant & Hamill LLC raised its holdings in shares of MP Materials by 32.7% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 1,245,796 shares of the company’s stock valued at $21,988,000 after acquiring an additional 306,933 shares in the last quarter. 52.55% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CEO James H. Litinsky sold 234,667 shares of the stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $20.68, for a total transaction of $4,852,913.56. Following the completion of the sale, the chief executive officer now directly owns 17,608,409 shares in the company, valued at approximately $364,141,898.12. This represents a 1.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Ryan Corbett sold 15,195 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $18.30, for a total value of $278,068.50. Following the transaction, the chief financial officer now owns 295,021 shares in the company, valued at approximately $5,398,884.30. This represents a 4.90 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 884,862 shares of company stock valued at $17,484,482 in the last ninety days. Company insiders own 12.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Morgan Stanley boosted their price objective on MP Materials from $13.50 to $16.00 and gave the stock an “equal weight” rating in a report on Thursday, September 19th. BMO Capital Markets increased their price target on shares of MP Materials from $16.00 to $18.50 and gave the stock a “market perform” rating in a report on Friday, October 25th. DA Davidson lifted their price objective on shares of MP Materials from $20.00 to $23.00 and gave the stock a “buy” rating in a report on Tuesday, October 1st. Canaccord Genuity Group increased their target price on MP Materials from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Finally, JPMorgan Chase & Co. lifted their price target on MP Materials from $15.00 to $18.00 and gave the stock a “neutral” rating in a research note on Monday, October 21st. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $22.10.

MP Materials Stock Up 1.5 %

MP opened at $16.54 on Thursday. The company has a market cap of $2.70 billion, a P/E ratio of -30.63 and a beta of 2.24. MP Materials Corp. has a 12 month low of $10.02 and a 12 month high of $24.01. The business’s 50-day moving average price is $18.98 and its 200-day moving average price is $15.80. The company has a current ratio of 6.93, a quick ratio of 6.13 and a debt-to-equity ratio of 0.88.

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

MP Materials Company 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.