MP Materials Corp. (NYSE:MP) Holdings Lifted by Healthcare of Ontario Pension Plan Trust Fund

Healthcare of Ontario Pension Plan Trust Fund increased its position in shares of MP Materials Corp. (NYSE:MP) by 8.8% during the third quarter, Holdings Channel.com reports. The fund owned 190,340 shares of the company’s stock after acquiring an additional 15,407 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund’s holdings in MP Materials were worth $3,360,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Price T Rowe Associates Inc. MD increased its holdings in shares of MP Materials by 2,536.8% in 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 buying an additional 1,598,861 shares in the last quarter. Comerica Bank raised 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 worth $1,023,000 after purchasing an additional 10,264 shares during the period. Virtu Financial LLC purchased a new stake in shares of MP Materials during the first quarter valued at $356,000. Teachers Retirement System of The State of Kentucky boosted its position in shares of MP Materials by 12.4% in the 1st 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 during the period. Finally, CWM LLC increased its stake in MP Materials by 425.5% in the 2nd quarter. CWM LLC now owns 9,827 shares of the company’s stock worth $125,000 after purchasing an additional 7,957 shares in the last quarter. 52.55% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

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 stock was sold at an average price of $18.30, for a total value of $278,068.50. Following the completion of the sale, 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 position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO James H. Litinsky sold 300,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $20.22, for a total transaction of $6,066,000.00. Following the transaction, the chief executive officer now directly owns 18,043,076 shares in the company, valued at approximately $364,830,996.72. The trade was a 1.64 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 650,195 shares of company stock valued at $12,631,569 in the last three months. Insiders own 12.60% of the company’s stock.

MP Materials Price Performance

Shares of NYSE:MP opened at $21.07 on Friday. The firm has a market cap of $3.44 billion, a price-to-earnings ratio of -39.02 and a beta of 2.23. MP Materials Corp. has a 1 year low of $10.02 and a 1 year high of $21.70. The company has a current ratio of 6.93, a quick ratio of 6.13 and a debt-to-equity ratio of 0.88. The business has a fifty day simple moving average of $18.41 and a 200 day simple moving average of $15.53.

MP Materials declared that its board has approved a stock buyback program on Tuesday, September 3rd that allows the company to buyback $300.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 13.4% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of analysts have commented on MP shares. Robert W. Baird upped their price objective on shares of MP Materials from $20.00 to $25.00 and gave the company an “outperform” rating in a research note on Friday, September 27th. Morgan Stanley raised 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 note on Thursday, September 19th. JPMorgan Chase & Co. boosted their target price on shares of MP Materials from $15.00 to $18.00 and gave the company a “neutral” rating in a research note on Monday, October 21st. DA Davidson raised their target price on MP Materials from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Tuesday, October 1st. Finally, Canaccord Genuity Group upped their price target on MP Materials from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Wednesday. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $22.10.

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.