MP Materials Corp. (NYSE:MP) Shares Purchased by Pekin Hardy Strauss Inc.

Pekin Hardy Strauss Inc. boosted its position in shares of MP Materials Corp. (NYSE:MP) by 0.4% in the 3rd quarter, HoldingsChannel reports. The fund owned 255,495 shares of the company’s stock after acquiring an additional 1,135 shares during the period. Pekin Hardy Strauss Inc.’s holdings in MP Materials were worth $4,509,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of MP Materials by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 13,861,266 shares of the company’s stock worth $198,216,000 after acquiring an additional 225,554 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in 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 worth $23,767,000 after purchasing an additional 1,598,861 shares in the last quarter. Silvercrest Asset Management Group LLC lifted its position in shares of MP Materials by 3.9% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 222,680 shares of the company’s stock worth $3,184,000 after buying an additional 8,341 shares during the last quarter. Elkhorn Partners Limited Partnership boosted its holdings in shares of MP Materials by 15.9% in the 1st quarter. Elkhorn Partners Limited Partnership now owns 8,000 shares of the company’s stock valued at $114,000 after buying an additional 1,100 shares in the last quarter. Finally, Comerica Bank grew its position in shares of MP Materials by 16.7% in 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 during the last quarter. 52.55% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on MP. JPMorgan Chase & Co. boosted their price target on shares of MP Materials from $15.00 to $18.00 and gave the company a “neutral” rating in a research report on Monday, October 21st. Benchmark reissued a “buy” rating and issued a $30.00 target price on shares of MP Materials in a report on Friday, August 2nd. DA Davidson raised their price target on MP Materials from $20.00 to $23.00 and gave the stock a “buy” rating in a research note on Tuesday, October 1st. BMO Capital Markets boosted their price objective on MP Materials from $16.00 to $18.50 and gave the company a “market perform” rating in a research note on Friday, October 25th. Finally, Deutsche Bank Aktiengesellschaft decreased their price objective on MP Materials from $13.50 to $12.50 and set a “hold” rating for the company in a report on Tuesday, August 6th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $21.40.

Insider Activity at MP Materials

In related news, CFO Ryan Corbett sold 15,195 shares of the firm’s 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 sale, the chief financial officer now owns 295,021 shares in the company, valued at $5,398,884.30. This trade represents a 4.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO James H. Litinsky sold 300,000 shares of MP Materials stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $18.45, for a total value 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 disclosure for this sale can be found here. 12.60% of the stock is currently owned by insiders.

MP Materials Trading Up 4.9 %

Shares of MP stock opened at $19.64 on Friday. MP Materials Corp. has a twelve month low of $10.02 and a twelve 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. The business’s 50 day moving average is $17.74 and its two-hundred day moving average is $15.38. The company has a market capitalization of $3.21 billion, a P/E ratio of -36.37 and a beta of 2.23.

MP Materials declared that its board has initiated a stock buyback program on Tuesday, September 3rd that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the company to buy up to 13.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

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.