State Street Corp Has $117.94 Million Stock Position in MP Materials Corp. (NYSE:MP)

State Street Corp lessened its holdings in shares of MP Materials Corp. (NYSE:MP - Free Report) by 14.5% in the third quarter, according to its most recent filing with the SEC. The firm owned 6,682,289 shares of the company's stock after selling 1,131,820 shares during the quarter. State Street Corp owned about 4.04% of MP Materials worth $117,942,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Baillie Gifford & Co. boosted its stake in MP Materials by 2.8% during the 2nd quarter. Baillie Gifford & Co. now owns 2,819,743 shares of the company's stock valued at $35,895,000 after purchasing an additional 76,288 shares in the last quarter. Victory Capital Management Inc. grew its holdings in MP Materials by 1.2% during the third quarter. Victory Capital Management Inc. now owns 2,359,092 shares of the company's stock worth $41,638,000 after acquiring an additional 28,697 shares during the period. Dimensional Fund Advisors LP raised its position in MP Materials by 3.1% in the second quarter. Dimensional Fund Advisors LP now owns 2,355,982 shares of the company's stock worth $29,993,000 after acquiring an additional 71,454 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in MP Materials by 1.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,733,517 shares of the company's stock valued at $22,068,000 after acquiring an additional 26,119 shares during the last quarter. Finally, Segall Bryant & Hamill LLC boosted its position in shares of MP Materials by 32.7% during the 3rd quarter. Segall Bryant & Hamill LLC now owns 1,245,796 shares of the company's stock valued at $21,988,000 after purchasing an additional 306,933 shares in the last quarter. Institutional investors own 52.55% of the company's stock.

MP Materials Stock Down 3.0 %

MP Materials stock traded down $0.58 during trading hours on Monday, hitting $18.79. The company had a trading volume of 2,333,776 shares, compared to its average volume of 3,237,725. MP Materials Corp. has a fifty-two week low of $10.02 and a fifty-two week high of $24.01. The company has a debt-to-equity ratio of 0.88, a current ratio of 6.93 and a quick ratio of 6.13. The firm has a market capitalization of $3.07 billion, a P/E ratio of -34.80 and a beta of 2.24. The firm's fifty day moving average is $19.13 and its 200-day moving average is $15.75.

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

Insider Transactions at MP Materials

In related news, CFO Ryan Corbett sold 35,000 shares of the firm's stock in a transaction on Friday, November 29th. The shares were sold at an average price of $21.50, for a total value of $752,500.00. Following the transaction, the chief financial officer now directly owns 260,021 shares in the company, valued at approximately $5,590,451.50. This trade represents a 11.86 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO James H. Litinsky sold 234,667 shares of MP Materials stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $20.68, for a total value of $4,852,913.56. Following the completion of the transaction, the chief executive officer now owns 17,608,409 shares in the company, valued at $364,141,898.12. The trade was a 1.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 884,862 shares of company stock valued at $17,484,482. 12.60% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts recently commented on MP shares. Morgan Stanley raised their target price on shares of 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. raised their price objective on MP Materials from $15.00 to $18.00 and gave the stock a "neutral" rating in a research note on Monday, October 21st. Canaccord Genuity Group boosted their target price on MP Materials from $23.00 to $26.00 and gave the stock a "buy" rating in a research report on Wednesday, November 27th. DA Davidson increased their price target on MP Materials from $20.00 to $23.00 and gave the company a "buy" rating in a research report on Tuesday, October 1st. Finally, BMO Capital Markets boosted their price objective on MP Materials from $16.00 to $18.50 and gave the stock a "market perform" rating in a report on Friday, October 25th. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $22.10.

About MP Materials

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.