MP Materials Corp. (NYSE:MP) Shares Sold by MetLife Investment Management LLC

MetLife Investment Management LLC lowered its stake in shares of MP Materials Corp. (NYSE:MP - Free Report) by 96.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,294 shares of the company's stock after selling 68,166 shares during the quarter. MetLife Investment Management LLC's holdings in MP Materials were worth $40,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in MP. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in MP Materials by 8.8% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 190,340 shares of the company's stock worth $3,360,000 after acquiring an additional 15,407 shares in the last quarter. FMR LLC boosted its holdings in MP Materials by 673.5% in the third quarter. FMR LLC now owns 25,432 shares of the company's stock worth $449,000 after acquiring an additional 22,144 shares in the last quarter. Pekin Hardy Strauss Inc. boosted its holdings in MP Materials by 0.4% in the third quarter. Pekin Hardy Strauss Inc. now owns 255,495 shares of the company's stock worth $4,509,000 after acquiring an additional 1,135 shares in the last quarter. Cerity Partners LLC boosted its holdings in MP Materials by 160.1% in the third quarter. Cerity Partners LLC now owns 30,762 shares of the company's stock worth $543,000 after acquiring an additional 18,934 shares in the last quarter. Finally, Great Valley Advisor Group Inc. boosted its holdings in MP Materials by 26.9% in the third quarter. Great Valley Advisor Group Inc. now owns 103,155 shares of the company's stock worth $1,821,000 after acquiring an additional 21,858 shares in the last quarter. Institutional investors own 52.55% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Morgan Stanley lifted their target price on MP Materials from $13.50 to $16.00 and gave the stock an "equal weight" rating in a report on Thursday, September 19th. JPMorgan Chase & Co. lifted their target price on MP Materials from $15.00 to $18.00 and gave the stock a "neutral" rating in a report on Monday, October 21st. Canaccord Genuity Group lifted their target price on MP Materials from $23.00 to $26.00 and gave the stock a "buy" rating in a report on Wednesday, November 27th. BMO Capital Markets lifted their target price on MP Materials from $16.00 to $18.50 and gave the stock a "market perform" rating in a report on Friday, October 25th. Finally, Robert W. Baird lifted their target price on MP Materials from $20.00 to $25.00 and gave the stock an "outperform" rating in a report on Friday, September 27th. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $22.10.

MP Materials Stock Down 0.5 %

NYSE MP traded down $0.09 during trading hours on Wednesday, hitting $19.45. 1,977,508 shares of the company were exchanged, compared to its average volume of 3,249,974. The company has a 50 day moving average of $18.97 and a two-hundred day moving average of $15.66. 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 52-week low of $10.02 and a 52-week high of $24.01. The firm has a market cap of $3.17 billion, a price-to-earnings ratio of -36.24 and a beta of 2.24.

MP Materials announced that its Board of Directors has initiated a share repurchase plan on Tuesday, September 3rd that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the company to repurchase up to 13.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's leadership believes its shares are undervalued.

Insiders Place Their Bets

In other news, CFO Ryan Corbett sold 35,000 shares of the stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $21.50, for a total value of $752,500.00. Following the transaction, the chief financial officer now owns 260,021 shares in the company, valued at approximately $5,590,451.50. This represents a 11.86 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO James H. Litinsky sold 300,000 shares of the company's stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $18.45, for a total value of $5,535,000.00. Following the completion of 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 trade represents a 1.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 884,862 shares of company stock worth $17,484,482 in the last quarter. 12.60% of the stock is owned by company insiders.

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.