Wellington Management Group LLP Cuts Stake in MP Materials Corp. (NYSE:MP)

Wellington Management Group LLP trimmed its stake in MP Materials Corp. (NYSE:MP) by 60.4% in the third quarter, Holdings Channel.com reports. The firm owned 263,182 shares of the company’s stock after selling 401,924 shares during the quarter. Wellington Management Group LLP’s holdings in MP Materials were worth $4,645,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of MP. Segall Bryant & Hamill LLC grew its holdings in shares of MP Materials by 32.7% during the 3rd quarter. Segall Bryant & Hamill LLC now owns 1,245,796 shares of the company’s stock worth $21,988,000 after purchasing an additional 306,933 shares during the period. Quest Partners LLC lifted its position in MP Materials by 806.0% during the 3rd quarter. Quest Partners LLC now owns 42,944 shares of the company’s stock worth $758,000 after acquiring an additional 38,204 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in MP Materials by 35.7% in the 3rd quarter. Principal Financial Group Inc. now owns 604,892 shares of the company’s stock worth $10,676,000 after acquiring an additional 159,200 shares during the period. XTX Topco Ltd acquired a new stake in MP Materials in the second quarter valued at approximately $959,000. Finally, Thrivent Financial for Lutherans raised its stake in shares of MP Materials by 197.0% during the third quarter. Thrivent Financial for Lutherans now owns 96,106 shares of the company’s stock valued at $1,696,000 after purchasing an additional 63,751 shares during the period. Institutional investors and hedge funds own 52.55% of the company’s stock.

MP Materials Price Performance

Shares of NYSE MP opened at $18.79 on Tuesday. The business has a 50 day simple moving average of $19.13 and a 200-day simple moving average of $15.75. MP Materials Corp. has a twelve month low of $10.02 and a twelve month high of $24.01. The company has a market capitalization of $3.07 billion, a price-to-earnings ratio of -34.80 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 authorized a stock 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 stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on MP. Robert W. Baird upped their target price on shares of MP Materials from $20.00 to $25.00 and gave the company an “outperform” rating in a research note on Friday, September 27th. Morgan Stanley raised their target price on MP Materials from $13.50 to $16.00 and gave the company an “equal weight” rating in a research note on Thursday, September 19th. Canaccord Genuity Group boosted their price target on MP Materials from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. JPMorgan Chase & Co. lifted their price objective on MP Materials from $15.00 to $18.00 and gave the stock a “neutral” rating in a report on Monday, October 21st. Finally, DA Davidson increased their target price on MP Materials from $20.00 to $23.00 and gave the company a “buy” rating in a research note on Tuesday, October 1st. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.10.

Insider Buying and Selling at MP Materials

In related news, CEO James H. Litinsky sold 234,667 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $20.68, for a total value of $4,852,913.56. Following the sale, the chief executive officer now owns 17,608,409 shares of the company’s stock, valued at approximately $364,141,898.12. This trade represents a 1.32 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Ryan Corbett sold 35,000 shares of the business’s 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 owns 260,021 shares of the company’s stock, valued at $5,590,451.50. This represents a 11.86 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 884,862 shares of company stock worth $17,484,482 over the last 90 days. Insiders own 12.60% of the company’s stock.

MP Materials 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.