Thrivent Financial for Lutherans Buys 63,751 Shares of MP Materials Corp. (NYSE:MP)

Thrivent Financial for Lutherans raised its holdings in shares of MP Materials Corp. (NYSE:MP - Free Report) by 197.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 96,106 shares of the company's stock after purchasing an additional 63,751 shares during the quarter. Thrivent Financial for Lutherans owned approximately 0.06% of MP Materials worth $1,696,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD boosted its holdings in shares of MP Materials by 2,536.8% in the first 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 during the period. Comerica Bank grew its holdings in MP Materials by 16.7% during the 1st quarter. Comerica Bank now owns 71,564 shares of the company's stock valued at $1,023,000 after buying an additional 10,264 shares in the last quarter. Virtu Financial LLC bought a new stake in shares of MP Materials during the first quarter valued at about $356,000. Teachers Retirement System of The State of Kentucky increased its position in shares of 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 buying an additional 5,200 shares during the period. Finally, Westwood Holdings Group Inc. lifted its holdings in shares of MP Materials by 65.7% in the first quarter. Westwood Holdings Group Inc. now owns 81,621 shares of the company's stock worth $1,167,000 after buying an additional 32,354 shares in the last quarter. Institutional investors own 52.55% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on MP. Canaccord Genuity Group upped their target price on shares of MP Materials from $23.00 to $26.00 and gave the stock a "buy" rating in a report on Wednesday. DA Davidson increased their price objective on MP Materials from $20.00 to $23.00 and gave the stock a "buy" rating in a research report on Tuesday, October 1st. JPMorgan Chase & Co. boosted their target price on MP Materials from $15.00 to $18.00 and gave the stock a "neutral" rating in a research report on Monday, October 21st. Robert W. Baird raised their price target on MP Materials from $20.00 to $25.00 and gave the company an "outperform" rating in a report on Friday, September 27th. Finally, Morgan Stanley boosted their price objective on MP Materials from $13.50 to $16.00 and gave the stock an "equal weight" rating in a report on Thursday, September 19th. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat, MP Materials has an average rating of "Moderate Buy" and an average target price of $22.10.

MP Materials Trading Up 1.1 %

Shares of NYSE:MP traded up $0.23 during trading on Friday, reaching $21.07. 1,079,768 shares of the company traded hands, compared to its average volume of 3,202,325. 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 Corp. has a 52-week low of $10.02 and a 52-week high of $21.70. The firm has a market capitalization of $3.44 billion, a price-to-earnings ratio of -39.02 and a beta of 2.23. The business's fifty day moving average is $18.41 and its 200-day moving average is $15.53.

MP Materials declared that its board has initiated a share repurchase program on Tuesday, September 3rd that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the company to reacquire up to 13.4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's management believes its shares are undervalued.

Insider Buying and Selling at MP Materials

In related news, CFO Ryan Corbett sold 35,000 shares of MP Materials 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 sale, the chief financial officer now owns 260,021 shares in the company, valued at $5,590,451.50. The trade was a 11.86 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO James H. Litinsky sold 300,000 shares of the business's stock in a transaction on Monday, November 18th. The shares were sold at an average price of $18.45, for a total transaction of $5,535,000.00. Following the transaction, the chief executive officer now directly owns 18,221,776 shares in the company, valued at approximately $336,191,767.20. The trade was a 1.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 650,195 shares of company stock valued at $12,631,569 in the last quarter. Company insiders own 12.60% of the company's stock.

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.