Wellington Management Group LLP lessened its stake in shares of MP Materials Corp. (NYSE:MP - Free Report) by 60.4% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 263,182 shares of the company's stock after selling 401,924 shares during the period. Wellington Management Group LLP owned about 0.16% of MP Materials worth $4,645,000 as of its most recent SEC filing.
Several other hedge funds have also added to or reduced their stakes in the stock. Captrust Financial Advisors raised its position in shares of MP Materials by 5.0% in the third quarter. Captrust Financial Advisors now owns 11,734 shares of the company's stock valued at $207,000 after purchasing an additional 557 shares during the period. Cutter & CO Brokerage Inc. lifted its position 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 worth $3,355,000 after acquiring an additional 910 shares in the last quarter. Aurora Investment Counsel boosted its holdings in shares of MP Materials by 1.7% in the second quarter. Aurora Investment Counsel now owns 66,153 shares of the company's stock worth $842,000 after acquiring an additional 1,122 shares during the period. Pekin Hardy Strauss Inc. grew its position in shares of MP Materials by 0.4% in the third quarter. Pekin Hardy Strauss Inc. now owns 255,495 shares of the company's stock valued at $4,509,000 after purchasing an additional 1,135 shares in the last quarter. Finally, Evergreen Capital Management LLC raised its stake in shares of MP Materials by 8.2% during the 2nd 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. Institutional investors own 52.55% of the company's stock.
Analyst Upgrades and Downgrades
Several brokerages have recently weighed in on MP. 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, November 27th. JPMorgan Chase & Co. upped their target price on shares of MP Materials from $15.00 to $18.00 and gave the stock a "neutral" rating in a report on Monday, October 21st. Robert W. Baird boosted their target price on MP Materials from $20.00 to $25.00 and gave the stock an "outperform" rating in a research report on Friday, September 27th. BMO Capital Markets lifted their price target on MP Materials from $16.00 to $18.50 and gave the company a "market perform" rating in a research report on Friday, October 25th. Finally, DA Davidson upped their price objective on shares of 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 given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $22.10.
Read Our Latest Stock Report on MP
Insider Activity at MP Materials
In other MP Materials news, CEO James H. Litinsky sold 300,000 shares of the company's stock in a transaction dated 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 owns 18,043,076 shares in the company, valued at approximately $364,830,996.72. This represents a 1.64 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Ryan Corbett sold 15,195 shares of the company's stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $18.30, for a total transaction of $278,068.50. Following the transaction, 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 position. The disclosure for this sale can be found here. Insiders sold a total of 884,862 shares of company stock valued at $17,484,482 in the last 90 days. Corporate insiders own 12.60% of the company's stock.
MP Materials Trading Down 2.2 %
Shares of MP Materials stock traded down $0.42 during trading on Tuesday, reaching $18.37. 2,563,512 shares of the stock were exchanged, compared to its average volume of 3,234,971. 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 market cap of $3.00 billion, a price-to-earnings ratio of -34.02 and a beta of 2.24. MP Materials Corp. has a 1 year low of $10.02 and a 1 year high of $24.01. The stock's fifty day moving average is $19.15 and its 200 day moving average is $15.76.
MP Materials announced that its board has initiated a stock buyback program on Tuesday, September 3rd that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the company to purchase up to 13.4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's management believes its stock is undervalued.
About MP Materials
(
Free Report)
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.
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