Zurcher Kantonalbank Zurich Cantonalbank Has $1.39 Million Stock Position in MP Materials Corp. (NYSE:MP)

Zurcher Kantonalbank Zurich Cantonalbank cut its position in MP Materials Corp. (NYSE:MP) by 45.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 78,465 shares of the company’s stock after selling 66,345 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in MP Materials were worth $1,385,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Healthcare of Ontario Pension Plan Trust Fund lifted its position in MP Materials by 8.8% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 190,340 shares of the company’s stock worth $3,360,000 after buying an additional 15,407 shares in the last quarter. FMR LLC increased its holdings in shares of MP Materials by 673.5% in the third quarter. FMR LLC now owns 25,432 shares of the company’s stock valued at $449,000 after purchasing an additional 22,144 shares in the last quarter. Pekin Hardy Strauss Inc. raised its position in MP Materials by 0.4% in the 3rd quarter. Pekin Hardy Strauss Inc. now owns 255,495 shares of the company’s stock worth $4,509,000 after purchasing an additional 1,135 shares during the last quarter. Cerity Partners LLC lifted its holdings in MP Materials by 160.1% during the 3rd quarter. Cerity Partners LLC now owns 30,762 shares of the company’s stock worth $543,000 after buying an additional 18,934 shares in the last quarter. Finally, Great Valley Advisor Group Inc. boosted its position in MP Materials by 26.9% in the 3rd quarter. Great Valley Advisor Group Inc. now owns 103,155 shares of the company’s stock valued at $1,821,000 after buying an additional 21,858 shares during the last quarter. 52.55% of the stock is owned by institutional investors.

Insider Activity at MP Materials

In related news, CEO James H. Litinsky sold 300,000 shares of MP Materials stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $18.45, for a total value of $5,535,000.00. Following the sale, the chief executive officer now owns 18,221,776 shares of the company’s stock, valued at approximately $336,191,767.20. The trade was a 1.62 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Ryan Corbett sold 35,000 shares of the stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 260,021 shares of the company’s stock, valued at $5,590,451.50. This trade represents a 11.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 884,862 shares of company stock valued at $17,484,482. 12.60% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

MP has been the topic of several recent research reports. 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. BMO Capital Markets lifted their price target on shares of MP Materials from $16.00 to $18.50 and gave the stock a “market perform” rating in a research report on Friday, October 25th. DA Davidson increased their price objective on shares of MP Materials from $20.00 to $23.00 and gave the company a “buy” rating in a report on Tuesday, October 1st. Morgan Stanley lifted their target price on shares of MP Materials from $13.50 to $16.00 and gave the stock an “equal weight” rating in a report on Thursday, September 19th. Finally, Canaccord Genuity Group increased their price target on MP Materials from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, November 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 data from MarketBeat, MP Materials presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.10.

MP Materials Price Performance

Shares of NYSE MP opened at $20.01 on Friday. The company has a fifty day moving average price of $18.78 and a 200 day moving average price of $15.61. MP Materials Corp. has a 1-year low of $10.02 and a 1-year high of $24.01. The firm has a market cap of $3.27 billion, a PE ratio of -37.94 and a beta of 2.24. 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 initiated a share buyback plan on Tuesday, September 3rd that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 13.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

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.