Public Sector Pension Investment Board Makes New Investment in MP Materials Corp. (NYSE:MP)

Public Sector Pension Investment Board acquired a new stake in MP Materials Corp. (NYSE:MP) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 259,700 shares of the company’s stock, valued at approximately $4,584,000.

Several other institutional investors have also modified their holdings of the stock. Baillie Gifford & Co. lifted its holdings in shares of MP Materials by 2.8% in the 2nd quarter. Baillie Gifford & Co. now owns 2,819,743 shares of the company’s stock worth $35,895,000 after acquiring an additional 76,288 shares during the last quarter. Victory Capital Management Inc. boosted its position in shares of MP Materials by 1.2% during the third quarter. Victory Capital Management Inc. now owns 2,359,092 shares of the company’s stock valued at $41,638,000 after buying an additional 28,697 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of MP Materials by 3.1% in the second quarter. Dimensional Fund Advisors LP now owns 2,355,982 shares of the company’s stock worth $29,993,000 after buying an additional 71,454 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of MP Materials by 1.5% in the second quarter. Bank of New York Mellon Corp now owns 1,733,517 shares of the company’s stock worth $22,068,000 after buying an additional 26,119 shares during the period. Finally, Segall Bryant & Hamill LLC lifted its stake in shares of MP Materials by 32.7% during the 3rd quarter. Segall Bryant & Hamill LLC now owns 1,245,796 shares of the company’s stock worth $21,988,000 after acquiring an additional 306,933 shares during the last quarter. 52.55% of the stock is owned by institutional investors.

MP Materials Stock Up 1.1 %

MP stock opened at $21.07 on Monday. The stock has a market capitalization of $3.44 billion, a PE ratio of -39.02 and a beta of 2.23. MP Materials Corp. has a 52 week low of $10.02 and a 52 week high of $21.70. 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 of $18.41 and a 200 day moving average of $15.51.

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

Insider Transactions at MP Materials

In related news, CFO Ryan Corbett sold 15,195 shares of the firm’s stock in a transaction dated 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 directly owns 295,021 shares of the company’s stock, valued at $5,398,884.30. This trade represents a 4.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO James H. Litinsky sold 300,000 shares of the firm’s 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 sale, the chief executive officer now directly owns 18,221,776 shares in the company, valued at $336,191,767.20. The trade was a 1.62 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 650,195 shares of company stock worth $12,631,569. Company insiders own 12.60% of the company’s stock.

Analyst Upgrades and Downgrades

MP has been the topic of several recent analyst reports. BMO Capital Markets raised their price target on shares of MP Materials from $16.00 to $18.50 and gave the stock a “market perform” rating in a research note on Friday, October 25th. 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 research note on Thursday, September 19th. Canaccord Genuity Group increased their price objective on MP Materials from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Robert W. Baird lifted their target price on MP Materials from $20.00 to $25.00 and gave the company an “outperform” rating in a research report on Friday, September 27th. Finally, DA Davidson increased their price target on MP Materials from $20.00 to $23.00 and gave the stock 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 issued a buy rating to the company’s stock. According to data from MarketBeat.com, MP Materials currently has an average rating of “Moderate Buy” and an average price target of $22.10.

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.