Rhumbline Advisers Grows Stake in MP Materials Corp. $MP

Rhumbline Advisers boosted its stake in MP Materials Corp. (NYSE:MP) by 26.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 343,098 shares of the company’s stock after buying an additional 72,247 shares during the quarter. Rhumbline Advisers owned approximately 0.19% of MP Materials worth $23,012,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of MP. Caxton Associates LLP purchased a new position in shares of MP Materials in the second quarter valued at approximately $132,238,000. Invesco Ltd. lifted its holdings in MP Materials by 14.3% in the 2nd quarter. Invesco Ltd. now owns 3,033,612 shares of the company’s stock valued at $100,928,000 after purchasing an additional 378,510 shares in the last quarter. BNP Paribas Financial Markets lifted its holdings in MP Materials by 76.3% in the 2nd quarter. BNP Paribas Financial Markets now owns 2,921,542 shares of the company’s stock valued at $97,200,000 after purchasing an additional 1,264,243 shares in the last quarter. Reaves W H & Co. Inc. boosted its stake in MP Materials by 168.4% during the 3rd quarter. Reaves W H & Co. Inc. now owns 2,589,908 shares of the company’s stock worth $173,705,000 after purchasing an additional 1,624,908 shares during the last quarter. Finally, National Bank of Canada FI grew its holdings in shares of MP Materials by 19,314.3% during the second quarter. National Bank of Canada FI now owns 2,013,462 shares of the company’s stock worth $66,987,000 after buying an additional 2,003,091 shares in the last quarter. 52.55% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft upgraded shares of MP Materials from a “hold” rating to a “buy” rating and boosted their price target for the stock from $68.00 to $71.00 in a research report on Monday, November 10th. William Blair began coverage on MP Materials in a report on Tuesday, January 13th. They set an “outperform” rating on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MP Materials in a report on Thursday, January 22nd. DA Davidson reissued a “buy” rating and set a $82.00 price objective on shares of MP Materials in a research note on Thursday, November 20th. Finally, Wall Street Zen cut MP Materials from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, MP Materials currently has an average rating of “Buy” and a consensus price target of $78.91.

MP Materials Trading Up 1.2%

MP opened at $58.00 on Tuesday. The stock has a market capitalization of $10.28 billion, a PE ratio of -81.69 and a beta of 1.60. MP Materials Corp. has a one year low of $18.64 and a one year high of $100.25. The company has a debt-to-equity ratio of 0.47, a quick ratio of 7.51 and a current ratio of 8.05. The business’s 50 day moving average price is $59.72 and its 200 day moving average price is $64.90.

Insiders Place Their Bets

In other MP Materials news, CEO James H. Litinsky sold 385,000 shares of the stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $62.94, for a total transaction of $24,231,900.00. Following the completion of the transaction, the chief executive officer owned 13,105,965 shares of the company’s stock, valued at $824,889,437.10. This trade represents a 2.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Ryan Corbett sold 38,146 shares of the business’s stock in a transaction that occurred on Tuesday, December 9th. The shares were sold at an average price of $60.00, for a total transaction of $2,288,760.00. Following the completion of the sale, the chief financial officer directly owned 156,666 shares in the company, valued at $9,399,960. This trade represents a 19.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 971,557 shares of company stock valued at $61,630,802. Company insiders own 12.60% of the company’s stock.

MP Materials Profile

MP Materials Corporation operates as a vertically integrated producer of rare earth materials in North America. The company owns and manages the Mountain Pass Rare Earth Mine and Processing Facility in California, the only commercially viable rare earth mining and processing site in the United States. MP Materials extracts, separates and refines critical rare earth elements—such as neodymium, praseodymium, and cerium—which are essential inputs for permanent magnets used in electric vehicles, wind turbines, and various defense applications.

The Mountain Pass mine first began commercial rare earth production in the 1950s and was later operated by Molycorp until its bankruptcy in 2015.