Public Sector Pension Investment Board Invests $4.58 Million in MP Materials Corp. (NYSE:MP)

Public Sector Pension Investment Board bought a new stake in shares of MP Materials Corp. (NYSE:MP) in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 259,700 shares of the company’s stock, valued at approximately $4,584,000. Public Sector Pension Investment Board owned approximately 0.16% of MP Materials as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. GAMMA Investing LLC grew its holdings in shares of MP Materials by 136.0% during the 3rd quarter. GAMMA Investing LLC now owns 2,230 shares of the company’s stock worth $39,000 after acquiring an additional 1,285 shares during the period. Nisa Investment Advisors LLC grew its stake in MP Materials by 3,803.8% in the second quarter. Nisa Investment Advisors LLC now owns 4,060 shares of the company’s stock worth $52,000 after purchasing an additional 3,956 shares during the period. Signaturefd LLC grew its stake in MP Materials by 817.5% in the third quarter. Signaturefd LLC now owns 3,661 shares of the company’s stock worth $65,000 after purchasing an additional 3,262 shares during the period. Point72 Hong Kong Ltd bought a new position in MP Materials in the second quarter worth $72,000. Finally, KBC Group NV lifted its position in MP Materials by 35.7% during the third quarter. KBC Group NV now owns 4,733 shares of the company’s stock valued at $84,000 after buying an additional 1,246 shares during the period. Hedge funds and other institutional investors own 52.55% of the company’s stock.

Wall Street Analyst Weigh In

MP has been the subject of several research reports. JPMorgan Chase & Co. increased their price target on shares of 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 lifted their target price on shares of MP Materials from $23.00 to $26.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Morgan Stanley raised 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 target price on MP Materials from $16.00 to $18.50 and gave the stock a “market perform” rating in a report on Friday, October 25th. Finally, Robert W. Baird increased their target price on MP Materials from $20.00 to $25.00 and gave the stock an “outperform” rating in a research note on Friday, September 27th. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $22.10.

MP Materials Stock Up 1.1 %

MP stock opened at $21.07 on Monday. The company has a market cap of $3.44 billion, a price-to-earnings ratio of -39.02 and a beta of 2.23. The company has a debt-to-equity ratio of 0.88, a quick ratio of 6.13 and a current ratio of 6.93. The business’s 50-day moving average is $18.41 and its two-hundred day moving average is $15.51. MP Materials Corp. has a fifty-two week low of $10.02 and a fifty-two week high of $21.70.

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

Insiders Place Their Bets

In other MP Materials news, CEO James H. Litinsky sold 300,000 shares of the stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $20.22, for a total value of $6,066,000.00. Following the completion of the sale, the chief executive officer now owns 18,043,076 shares in the company, valued at approximately $364,830,996.72. This represents a 1.64 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Ryan Corbett sold 35,000 shares of the business’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $21.50, for a total value of $752,500.00. Following the completion of the transaction, the chief financial officer now directly owns 260,021 shares in the company, valued at approximately $5,590,451.50. This represents a 11.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 650,195 shares of company stock worth $12,631,569. 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.