Amalgamated Bank Trims Stock Position in MP Materials Corp. (NYSE:MP)

Amalgamated Bank lowered its stake in shares of MP Materials Corp. (NYSE:MP) by 42.5% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 38,693 shares of the company’s stock after selling 28,611 shares during the period. Amalgamated Bank’s holdings in MP Materials were worth $683,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of MP. Janney Montgomery Scott LLC increased its stake in shares of MP Materials by 6.5% in the 3rd quarter. Janney Montgomery Scott LLC now owns 51,601 shares of the company’s stock valued at $911,000 after purchasing an additional 3,149 shares in the last quarter. Creative Financial Designs Inc. ADV increased its stake in shares of MP Materials by 38.5% in the 3rd quarter. Creative Financial Designs Inc. ADV now owns 9,666 shares of the company’s stock valued at $171,000 after purchasing an additional 2,689 shares in the last quarter. New York State Teachers Retirement System increased its stake in shares of MP Materials by 2.6% in the 3rd quarter. New York State Teachers Retirement System now owns 93,100 shares of the company’s stock valued at $1,643,000 after purchasing an additional 2,331 shares in the last quarter. Bernzott Capital Advisors increased its stake in shares of MP Materials by 43.4% in the 3rd quarter. Bernzott Capital Advisors now owns 689,270 shares of the company’s stock valued at $12,166,000 after purchasing an additional 208,586 shares in the last quarter. Finally, Cutter & CO Brokerage Inc. increased its stake in shares of MP Materials by 0.5% in the 3rd quarter. Cutter & CO Brokerage Inc. now owns 190,098 shares of the company’s stock valued at $3,355,000 after purchasing an additional 910 shares in the last quarter. Hedge funds and other institutional investors own 52.55% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. Canaccord Genuity Group cut their price target on MP Materials from $20.00 to $19.00 and set a “buy” rating for the company in a research note on Tuesday, August 27th. Morgan Stanley lifted their price target on MP Materials from $13.50 to $16.00 and gave the company an “equal weight” rating in a research note on Thursday, September 19th. Robert W. Baird boosted their price objective on MP Materials from $20.00 to $25.00 and gave the stock an “outperform” rating in a research note on Friday, September 27th. Deutsche Bank Aktiengesellschaft cut their price objective on MP Materials from $13.50 to $12.50 and set a “hold” rating for the company in a research note on Tuesday, August 6th. Finally, JPMorgan Chase & Co. boosted their price objective 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 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 a consensus rating of “Moderate Buy” and a consensus price target of $21.40.

MP Materials Trading Down 1.6 %

Shares of MP Materials stock opened at $18.27 on Friday. The stock has a market cap of $3.02 billion, a P/E ratio of -33.83 and a beta of 2.23. The stock’s 50 day simple moving average is $17.25 and its 200-day simple moving average is $15.30. MP Materials Corp. has a 1-year low of $10.02 and a 1-year high of $20.85. 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 declared that its board has approved a share repurchase plan on Tuesday, September 3rd that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 13.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its stock is undervalued.

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.