Principal Financial Group Inc. Grows Stock Holdings in MP Materials Corp. (NYSE:MP)

Principal Financial Group Inc. boosted its holdings in shares of MP Materials Corp. (NYSE:MP - Free Report) by 35.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 604,892 shares of the company's stock after acquiring an additional 159,200 shares during the period. Principal Financial Group Inc. owned 0.37% of MP Materials worth $10,676,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. Price T Rowe Associates Inc. MD increased its position in shares of 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 valued at $23,767,000 after acquiring an additional 1,598,861 shares in the last quarter. Millennium Management LLC raised its holdings in MP Materials by 425.5% in the 2nd quarter. Millennium Management LLC now owns 801,328 shares of the company's stock worth $10,201,000 after purchasing an additional 648,838 shares during the period. Bank of Montreal Can lifted its position in shares of MP Materials by 188.1% during the 2nd quarter. Bank of Montreal Can now owns 898,960 shares of the company's stock valued at $11,462,000 after buying an additional 586,906 shares in the last quarter. Pinnacle Associates Ltd. lifted its holdings in MP Materials by 151.1% during the second quarter. Pinnacle Associates Ltd. now owns 815,561 shares of the company's stock valued at $10,382,000 after purchasing an additional 490,767 shares in the last quarter. Finally, Regal Partners Ltd lifted its stake in shares of MP Materials by 275.4% during the 2nd quarter. Regal Partners Ltd now owns 464,016 shares of the company's stock valued at $5,907,000 after buying an additional 340,426 shares in the last quarter. Institutional investors own 52.55% of the company's stock.

MP Materials Trading Up 0.4 %

NYSE:MP traded up $0.07 during midday trading on Monday, hitting $18.35. 1,825,912 shares of the company traded hands, compared to its average volume of 3,245,574. The firm has a market capitalization of $3.03 billion, a P/E ratio of -33.85 and a beta of 2.23. The firm's fifty day moving average is $17.25 and its 200-day moving average is $15.29. MP Materials Corp. has a 12-month low of $10.02 and a 12-month high of $20.85. 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 authorized a stock repurchase program on Tuesday, September 3rd that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 13.4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board believes its stock is undervalued.

Analysts Set New Price Targets

MP has been the topic of several research analyst reports. Morgan Stanley boosted their price objective on MP Materials from $13.50 to $16.00 and gave the company an "equal weight" rating in a research report on Thursday, September 19th. BMO Capital Markets boosted their price target on MP Materials from $16.00 to $18.50 and gave the stock a "market perform" rating in a report on Friday, October 25th. Robert W. Baird increased their price objective on shares of MP Materials from $20.00 to $25.00 and gave the company an "outperform" rating in a report on Friday, September 27th. JPMorgan Chase & Co. boosted 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. Finally, DA Davidson raised their target price on shares of MP Materials from $20.00 to $23.00 and gave the company a "buy" rating in a research note on Tuesday, October 1st. Four analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, MP Materials currently has an average rating of "Moderate Buy" and a consensus target price of $21.40.

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.