Mutual of America Capital Management LLC Sells 58,263 Shares of MP Materials Corp. (NYSE:MP)

Mutual of America Capital Management LLC trimmed its holdings in MP Materials Corp. (NYSE:MP) by 76.0% during the third quarter, Holdings Channel reports. The institutional investor owned 18,406 shares of the company’s stock after selling 58,263 shares during the quarter. Mutual of America Capital Management LLC’s holdings in MP Materials were worth $325,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in MP. Vanguard Group Inc. lifted its position in shares of MP Materials by 1.7% during the first quarter. Vanguard Group Inc. now owns 13,861,266 shares of the company’s stock valued at $198,216,000 after purchasing an additional 225,554 shares in 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 valued at $23,767,000 after purchasing an additional 1,598,861 shares in the last quarter. Comerica Bank lifted its position in shares of MP Materials by 16.7% during the first quarter. Comerica Bank now owns 71,564 shares of the company’s stock valued at $1,023,000 after purchasing an additional 10,264 shares in the last quarter. Virtu Financial LLC bought a new position in shares of MP Materials during the first quarter valued at about $356,000. Finally, Teachers Retirement System of The State of Kentucky lifted its position 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 in the last quarter. 52.55% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

MP has been the topic of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft dropped their price target on shares of MP Materials from $13.50 to $12.50 and set a “hold” rating on the stock in a research report on Tuesday, August 6th. 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 research report on Tuesday, October 1st. Canaccord Genuity Group lifted their price objective on shares of MP Materials from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday. BMO Capital Markets lifted their price objective on shares of MP Materials from $16.00 to $18.50 and gave the stock a “market perform” rating in a research report on Friday, October 25th. Finally, Morgan Stanley lifted their price objective on shares of MP Materials from $13.50 to $16.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 19th. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, MP Materials has an average rating of “Moderate Buy” and a consensus target price of $22.10.

Insider Transactions at MP Materials

In related news, CFO Ryan Corbett sold 15,195 shares of the business’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 transaction, the chief financial officer now owns 295,021 shares of the company’s stock, valued at approximately $5,398,884.30. The trade was a 4.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO James H. Litinsky sold 300,000 shares of the business’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 transaction of $5,535,000.00. Following the transaction, the chief executive officer now directly owns 18,221,776 shares of the company’s stock, valued at approximately $336,191,767.20. This represents a 1.62 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 12.60% of the company’s stock.

MP Materials Price Performance

MP opened at $20.84 on Friday. The company has a market capitalization of $3.40 billion, a price-to-earnings ratio of -38.59 and a beta of 2.23. The company has a quick ratio of 6.13, a current ratio of 6.93 and a debt-to-equity ratio of 0.88. The firm has a 50-day moving average price of $18.13 and a 200-day moving average price of $15.48. MP Materials Corp. has a twelve month low of $10.02 and a twelve month high of $21.26.

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