Mutual of America Capital Management LLC Sells 58,263 Shares of MP Materials Corp. (NYSE:MP)

Mutual of America Capital Management LLC lessened its position in MP Materials Corp. (NYSE:MP - Free Report) by 76.0% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 18,406 shares of the company's stock after selling 58,263 shares during the period. Mutual of America Capital Management LLC's holdings in MP Materials were worth $325,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in shares of MP Materials by 1.7% during the first quarter. Vanguard Group Inc. now owns 13,861,266 shares of the company's stock worth $198,216,000 after buying an additional 225,554 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of MP Materials by 2,536.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,661,887 shares of the company's stock worth $23,767,000 after acquiring an additional 1,598,861 shares in the last quarter. Comerica Bank raised its holdings in shares of MP Materials by 16.7% in the first quarter. Comerica Bank now owns 71,564 shares of the company's stock valued at $1,023,000 after purchasing an additional 10,264 shares during the last quarter. Virtu Financial LLC acquired a new position in MP Materials during the first quarter worth $356,000. Finally, Teachers Retirement System of The State of Kentucky boosted its position in MP Materials by 12.4% during the first 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 last quarter. 52.55% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

MP has been the subject of a number of research analyst reports. Benchmark reiterated a "buy" rating and set a $30.00 price target on shares of MP Materials in a report on Friday, August 2nd. 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 report on Friday, September 27th. Deutsche Bank Aktiengesellschaft dropped their price target on MP Materials from $13.50 to $12.50 and set a "hold" rating on the stock in a research note on Tuesday, August 6th. BMO Capital Markets upped their price objective on shares of MP Materials from $16.00 to $18.50 and gave the company a "market perform" rating in a report on Friday, October 25th. Finally, Canaccord Genuity Group increased their price objective on shares of MP Materials from $23.00 to $26.00 and gave the company a "buy" rating in a research report on Wednesday. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $22.10.

MP Materials Stock Up 1.1 %

NYSE:MP traded up $0.23 during trading hours on Friday, reaching $21.07. 1,078,938 shares of the company were exchanged, compared to its average volume of 3,202,321. The business has a 50 day moving average of $18.13 and a 200 day moving average of $15.48. 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.

MP Materials announced that its Board of Directors has approved a share buyback plan on Tuesday, September 3rd that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 13.4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's management believes its stock is undervalued.

Insider Transactions at MP Materials

In related news, CEO James H. Litinsky sold 300,000 shares of the company's stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 18,221,776 shares in the company, valued at $336,191,767.20. This represents a 1.62 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Ryan Corbett sold 15,195 shares of MP Materials stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $18.30, for a total value of $278,068.50. Following the completion of the transaction, the chief financial officer now owns 295,021 shares in the company, valued at approximately $5,398,884.30. This represents a 4.90 % decrease in their position. The disclosure for this sale can be found here. 12.60% of the stock is currently owned by insiders.

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.