UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Raises Stake in MP Materials Corp. (NYSE:MP)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in MP Materials Corp. (NYSE:MP) by 4.3% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 462,391 shares of the company’s stock after buying an additional 19,077 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.28% of MP Materials worth $8,161,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Millennium Management LLC boosted its holdings in MP Materials by 425.5% during the second quarter. Millennium Management LLC now owns 801,328 shares of the company’s stock worth $10,201,000 after buying an additional 648,838 shares in the last quarter. Bank of Montreal Can lifted its position in shares of MP Materials by 188.1% during the 2nd quarter. Bank of Montreal Can now owns 898,960 shares of the company’s stock valued at $11,462,000 after acquiring an additional 586,906 shares during the period. Pinnacle Associates Ltd. boosted its stake in shares of MP Materials by 151.1% during the 2nd quarter. Pinnacle Associates Ltd. now owns 815,561 shares of the company’s stock worth $10,382,000 after acquiring an additional 490,767 shares in the last quarter. Regal Partners Ltd grew its holdings in shares of 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 period. Finally, Segall Bryant & Hamill LLC increased its stake in 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 purchasing an additional 306,933 shares in the last quarter. Institutional investors and hedge funds own 52.55% of the company’s stock.

Insider Buying and Selling

In other MP Materials news, CEO James H. Litinsky sold 300,000 shares of the 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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 completion of the sale, the chief financial officer now owns 260,021 shares of the company’s stock, valued at approximately $5,590,451.50. This trade represents a 11.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 884,862 shares of company stock worth $17,484,482. Corporate insiders own 12.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on MP. Robert W. Baird boosted their price objective on shares of MP Materials from $20.00 to $25.00 and gave the stock an “outperform” rating in a research report on Friday, September 27th. JPMorgan Chase & Co. upped their price target on shares of MP Materials from $15.00 to $18.00 and gave the company a “neutral” rating in a report on Monday, October 21st. Canaccord Genuity Group raised their price objective on shares of MP Materials from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. DA Davidson upped their target price on MP Materials from $20.00 to $23.00 and gave the company a “buy” rating in a research note on Tuesday, October 1st. Finally, Morgan Stanley raised their price target on 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 investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $22.10.

MP Materials Stock Performance

MP opened at $20.52 on Tuesday. The business has a 50 day moving average price of $18.87 and a two-hundred day moving average price of $15.62. 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 market capitalization of $3.35 billion, a price-to-earnings ratio of -38.00 and a beta of 2.24. 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 initiated a share buyback plan on Tuesday, September 3rd that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the company to repurchase up to 13.4% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board 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.