KBC Group NV Grows Stock Position in MP Materials Corp. (NYSE:MP)

KBC Group NV lifted its stake in MP Materials Corp. (NYSE:MP) by 35.7% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,733 shares of the company’s stock after buying an additional 1,246 shares during the quarter. KBC Group NV’s holdings in MP Materials were worth $84,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. GAMMA Investing LLC grew its position in shares of MP Materials by 136.0% during the 3rd quarter. GAMMA Investing LLC now owns 2,230 shares of the company’s stock valued at $39,000 after acquiring an additional 1,285 shares during the period. Nisa Investment Advisors LLC grew its holdings in MP Materials by 3,803.8% in the second quarter. Nisa Investment Advisors LLC now owns 4,060 shares of the company’s stock valued at $52,000 after purchasing an additional 3,956 shares during the period. Signaturefd LLC increased its position in shares of MP Materials by 817.5% in the third quarter. Signaturefd LLC now owns 3,661 shares of the company’s stock valued at $65,000 after buying an additional 3,262 shares in the last quarter. Point72 Hong Kong Ltd acquired a new position in shares of MP Materials during the 2nd quarter worth approximately $72,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of MP Materials during the 2nd quarter valued at approximately $100,000. 52.55% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at MP Materials

In other news, CFO Ryan Corbett sold 15,195 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $18.30, for a total transaction of $278,068.50. Following the completion of the sale, the chief financial officer now owns 295,021 shares in the company, valued at $5,398,884.30. This trade represents a 4.90 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO James H. Litinsky sold 300,000 shares of the company’s stock in a transaction that occurred 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 transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders own 12.60% of the company’s stock.

MP Materials Stock Performance

Shares of MP Materials stock opened at $19.66 on Friday. The business’s 50 day moving average price is $17.74 and its 200 day moving average price is $15.39. The company has a market cap of $3.21 billion, a price-to-earnings ratio of -36.41 and a beta of 2.23. The company has a debt-to-equity ratio of 0.88, a quick ratio of 6.13 and a current ratio of 6.93. MP Materials Corp. has a one year low of $10.02 and a one year high of $20.85.

MP Materials announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, September 3rd that authorizes the company to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 13.4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on MP shares. DA Davidson boosted their price target 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. Robert W. Baird raised their price target on shares of MP Materials from $20.00 to $25.00 and gave the company an “outperform” rating in a research note on Friday, September 27th. BMO Capital Markets lifted their price objective on MP Materials from $16.00 to $18.50 and gave the stock a “market perform” rating in a report on Friday, October 25th. Benchmark reissued a “buy” rating and set a $30.00 target price on shares of MP Materials in a report on Friday, August 2nd. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on MP Materials from $13.50 to $12.50 and set a “hold” rating for the company in a research report on Tuesday, August 6th. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, MP Materials has an average rating of “Moderate Buy” and an average target price of $21.40.

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.