Oppenheimer & Co. Inc. Reduces Stock Position in MP Materials Corp. (NYSE:MP)

Oppenheimer & Co. Inc. trimmed its position in MP Materials Corp. (NYSE:MP) by 25.5% during the third quarter, Holdings Channel.com reports. The firm owned 42,411 shares of the company’s stock after selling 14,526 shares during the period. Oppenheimer & Co. Inc.’s holdings in MP Materials were worth $749,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of MP. Cutter & CO Brokerage Inc. lifted its stake in shares of MP Materials by 0.5% during the third quarter. Cutter & CO Brokerage Inc. now owns 190,098 shares of the company’s stock valued at $3,355,000 after buying an additional 910 shares during the period. Elkhorn Partners Limited Partnership lifted its stake in shares of MP Materials by 15.9% during the 1st quarter. Elkhorn Partners Limited Partnership now owns 8,000 shares of the company’s stock worth $114,000 after purchasing an additional 1,100 shares during the period. Aurora Investment Counsel boosted its holdings in shares of MP Materials by 1.7% during the second quarter. Aurora Investment Counsel now owns 66,153 shares of the company’s stock worth $842,000 after purchasing an additional 1,122 shares during the last quarter. Evergreen Capital Management LLC grew its position in shares of MP Materials by 8.2% in the second quarter. Evergreen Capital Management LLC now owns 16,207 shares of the company’s stock valued at $206,000 after purchasing an additional 1,228 shares during the period. Finally, Private Advisor Group LLC increased its stake in MP Materials by 0.4% in the second quarter. Private Advisor Group LLC now owns 365,973 shares of the company’s stock valued at $4,659,000 after purchasing an additional 1,280 shares during the last quarter. 52.55% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MP. Robert W. Baird raised their price target on MP Materials from $20.00 to $25.00 and gave the stock an “outperform” rating in a research note on Friday, September 27th. Morgan Stanley lifted 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. JPMorgan Chase & Co. increased their price objective on MP Materials from $15.00 to $18.00 and gave the stock a “neutral” rating in a report on Monday, October 21st. BMO Capital Markets lifted their price objective on shares of MP Materials from $16.00 to $18.50 and gave the company a “market perform” rating in a research note on Friday, October 25th. Finally, DA Davidson lifted their price target on shares of MP Materials from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Tuesday, October 1st. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $21.40.

Insider Activity

In other MP Materials news, CFO Ryan Corbett sold 15,195 shares of the stock in a transaction on Monday, November 18th. The stock was sold at an average price of $18.30, for a total transaction of $278,068.50. Following the sale, the chief financial officer now owns 295,021 shares in the company, valued at $5,398,884.30. This represents a 4.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO James H. Litinsky sold 300,000 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $18.45, for a total transaction 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 ownership of the stock. The disclosure for this sale can be found here. 12.60% of the stock is owned by company insiders.

MP Materials Stock Down 1.8 %

Shares of NYSE:MP opened at $18.03 on Wednesday. The firm has a market cap of $2.94 billion, a P/E ratio of -33.38 and a beta of 2.23. The business has a fifty day simple moving average of $17.43 and a 200 day simple moving average 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 Corp. has a 12-month low of $10.02 and a 12-month high of $20.85.

MP Materials announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, September 3rd that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the company to purchase up to 13.4% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors 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.