MP Materials Corp. (NYSE:MP) Shares Bought by BNP PARIBAS ASSET MANAGEMENT Holding S.A.

BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its holdings in MP Materials Corp. (NYSE:MP) by 13.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 505,532 shares of the company’s stock after purchasing an additional 59,469 shares during the quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. owned 0.31% of MP Materials worth $8,923,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in shares of MP Materials by 1.7% during the first quarter. Vanguard Group Inc. now owns 13,861,266 shares of the company’s stock worth $198,216,000 after purchasing an additional 225,554 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position 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 buying an additional 1,598,861 shares during the period. Silvercrest Asset Management Group LLC lifted its stake in MP Materials by 3.9% in the first quarter. Silvercrest Asset Management Group LLC now owns 222,680 shares of the company’s stock valued at $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 first quarter. Elkhorn Partners Limited Partnership now owns 8,000 shares of the company’s stock valued at $114,000 after acquiring an additional 1,100 shares during the period. Finally, Comerica Bank grew its position in shares of MP Materials by 16.7% during the first quarter. Comerica Bank now owns 71,564 shares of the company’s stock worth $1,023,000 after acquiring an additional 10,264 shares during the last quarter. 52.55% of the stock is currently owned by institutional investors and hedge funds.

MP Materials Price Performance

Shares of NYSE:MP opened at $19.64 on Monday. The firm’s 50 day moving average is $17.74 and its two-hundred day moving average is $15.38. MP Materials Corp. has a 52 week low of $10.02 and a 52 week high of $20.85. The firm has a market capitalization of $3.21 billion, a P/E ratio of -36.37 and a beta of 2.23. 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 announced that its Board of Directors has authorized a stock buyback plan 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 plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Activity at MP Materials

In other MP Materials 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 transaction of $278,068.50. Following the transaction, the chief financial officer now owns 295,021 shares of the company’s stock, valued at approximately $5,398,884.30. This trade represents a 4.90 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO James H. Litinsky sold 300,000 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now owns 18,221,776 shares of the company’s stock, valued at $336,191,767.20. This trade represents a 1.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 12.60% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

MP has been the topic of a number of recent research reports. Morgan Stanley boosted their target price on MP Materials from $13.50 to $16.00 and gave the company an “equal weight” rating in a report on Thursday, September 19th. Canaccord Genuity Group reduced their price objective on MP Materials from $20.00 to $19.00 and set a “buy” rating for the company in a report on Tuesday, August 27th. JPMorgan Chase & Co. upped their price target on shares of MP Materials from $15.00 to $18.00 and gave the company a “neutral” rating in a report on Monday, October 21st. Benchmark reissued a “buy” rating and issued a $30.00 target price on shares of MP Materials in a research note on Friday, August 2nd. Finally, BMO Capital Markets lifted their price objective on MP Materials from $16.00 to $18.50 and gave the company a “market perform” rating in a research report on Friday, October 25th. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $21.40.

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.