Amalgamated Bank Has $683,000 Stake in MP Materials Corp. (NYSE:MP)

Amalgamated Bank trimmed its holdings in MP Materials Corp. (NYSE:MP - Free Report) by 42.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 38,693 shares of the company's stock after selling 28,611 shares during the period. Amalgamated Bank's holdings in MP Materials were worth $683,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in MP. Price T Rowe Associates Inc. MD grew its stake in MP Materials by 2,536.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,661,887 shares of the company's stock worth $23,767,000 after buying an additional 1,598,861 shares in the last quarter. Millennium Management LLC raised its position in MP Materials by 425.5% during the second quarter. Millennium Management LLC now owns 801,328 shares of the company's stock valued at $10,201,000 after purchasing an additional 648,838 shares in the last quarter. Bank of Montreal Can lifted its stake in MP Materials by 188.1% during the second quarter. Bank of Montreal Can now owns 898,960 shares of the company's stock worth $11,462,000 after purchasing an additional 586,906 shares during the last quarter. Pinnacle Associates Ltd. lifted its stake in MP Materials by 151.1% during the second quarter. Pinnacle Associates Ltd. now owns 815,561 shares of the company's stock worth $10,382,000 after purchasing an additional 490,767 shares during the last quarter. Finally, Regal Partners Ltd boosted 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 valued at $5,907,000 after purchasing an additional 340,426 shares in the last quarter. 52.55% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

MP has been the subject of several recent analyst reports. BMO Capital Markets upped their price objective on MP Materials from $16.00 to $18.50 and gave the stock a "market perform" rating in a research report on Friday, October 25th. DA Davidson increased their target price on shares of MP Materials from $20.00 to $23.00 and gave the stock a "buy" rating in a report on Tuesday, October 1st. Benchmark reaffirmed a "buy" rating and set a $30.00 price target on shares of MP Materials in a report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of MP Materials from $13.50 to $12.50 and set a "hold" rating for the company in a research note on Tuesday, August 6th. Finally, Robert W. Baird boosted their target price on shares of MP Materials from $20.00 to $25.00 and gave the stock an "outperform" rating in a research note on Friday, September 27th. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $21.40.

MP Materials Trading Down 1.6 %

Shares of NYSE:MP traded down $0.29 during mid-day trading on Friday, reaching $18.28. 2,118,953 shares of the company's stock were exchanged, compared to its average volume of 3,251,967. The company has a debt-to-equity ratio of 0.88, a quick ratio of 6.13 and a current ratio of 6.93. MP Materials Corp. has a twelve month low of $10.02 and a twelve month high of $20.85. The firm has a market capitalization of $3.02 billion, a price-to-earnings ratio of -33.83 and a beta of 2.23. The business's fifty day moving average price is $17.25 and its 200-day moving average price is $15.30.

MP Materials announced that its Board of Directors has approved 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 purchase up to 13.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

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.