MP Materials Corp. (NYSE:MP) Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lessened its holdings in MP Materials Corp. (NYSE:MP) by 8.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 28,725 shares of the company’s stock after selling 2,798 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in MP Materials were worth $507,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of the business. Verity Asset Management Inc. increased its holdings in MP Materials by 8.2% during the 3rd quarter. Verity Asset Management Inc. now owns 98,113 shares of the company’s stock valued at $1,732,000 after acquiring an additional 7,424 shares in the last quarter. Principal Financial Group Inc. raised its holdings in MP Materials by 35.7% in the third quarter. Principal Financial Group Inc. now owns 604,892 shares of the company’s stock valued at $10,676,000 after buying an additional 159,200 shares during the period. Janney Montgomery Scott LLC increased its holdings in 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 boosted its holdings in MP Materials by 38.5% in the 3rd quarter. Creative Financial Designs Inc. ADV now owns 9,666 shares of the company’s stock worth $171,000 after acquiring an additional 2,689 shares during the period. Finally, New York State Teachers Retirement System increased its stake in MP Materials by 2.6% during the 3rd quarter. New York State Teachers Retirement System now owns 93,100 shares of the company’s stock worth $1,643,000 after buying an additional 2,331 shares during the period. Hedge funds and other institutional investors own 52.55% of the company’s stock.

MP Materials Stock Performance

Shares of MP opened at $18.03 on Wednesday. MP Materials Corp. has a 52-week low of $10.02 and a 52-week high of $20.85. The firm has a market capitalization of $2.94 billion, a PE ratio of -33.38 and a beta of 2.23. The firm has a 50-day moving average price of $17.43 and a 200 day moving average price of $15.32. The company has a quick ratio of 6.13, a current ratio of 6.93 and a debt-to-equity ratio of 0.88.

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

Insider Activity

In other MP Materials news, CFO Ryan Corbett sold 15,195 shares of the company’s stock in a transaction on Monday, November 18th. The stock was 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 of the company’s stock, valued at approximately $5,398,884.30. This represents a 4.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO James H. Litinsky sold 300,000 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $18.45, for a total value of $5,535,000.00. Following the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders own 12.60% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Morgan Stanley upped their price target on shares of MP Materials from $13.50 to $16.00 and gave the company an “equal weight” rating in a report on Thursday, September 19th. DA Davidson boosted their price objective on MP Materials from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Tuesday, October 1st. JPMorgan Chase & Co. increased their target price on MP Materials from $15.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday, October 21st. Benchmark reissued a “buy” rating and set a $30.00 price target on shares of MP Materials in a report on Friday, August 2nd. Finally, Robert W. Baird increased their price objective on shares of MP Materials from $20.00 to $25.00 and gave the stock an “outperform” rating in a report on Friday, September 27th. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $21.40.

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.