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

Pekin Hardy Strauss Inc. increased its holdings in shares of MP Materials Corp. (NYSE:MP) by 0.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 255,495 shares of the company’s stock after purchasing an additional 1,135 shares during the period. Pekin Hardy Strauss Inc. owned approximately 0.15% of MP Materials worth $4,509,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Cutter & CO Brokerage Inc. lifted its holdings in shares of MP Materials by 0.5% in the 3rd quarter. Cutter & CO Brokerage Inc. now owns 190,098 shares of the company’s stock valued at $3,355,000 after buying an additional 910 shares during the period. Elkhorn Partners Limited Partnership raised its position in MP Materials by 15.9% during 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 in the last quarter. Aurora Investment Counsel lifted its holdings in MP Materials by 1.7% in the second quarter. Aurora Investment Counsel now owns 66,153 shares of the company’s stock valued at $842,000 after acquiring an additional 1,122 shares during the period. Evergreen Capital Management LLC boosted its position in MP Materials by 8.2% in the 2nd quarter. Evergreen Capital Management LLC now owns 16,207 shares of the company’s stock worth $206,000 after purchasing an additional 1,228 shares in the last quarter. Finally, KBC Group NV grew its stake in shares of MP Materials by 35.7% during the 3rd quarter. KBC Group NV now owns 4,733 shares of the company’s stock worth $84,000 after purchasing an additional 1,246 shares during the period. 52.55% of the stock is currently owned by institutional investors and hedge funds.

MP Materials Stock Up 4.9 %

NYSE MP opened at $19.64 on Friday. The business has a fifty day moving average price of $17.74 and a 200 day moving average price of $15.38. 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 company has a market cap of $3.21 billion, a P/E ratio of -36.37 and a beta of 2.23. MP Materials Corp. has a one year low of $10.02 and a one year high of $20.85.

MP Materials announced that its board has authorized a stock buyback plan on Tuesday, September 3rd that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the company to buy up to 13.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.

Insider Activity

In other MP Materials news, CFO Ryan Corbett sold 15,195 shares of MP Materials stock in a transaction on Monday, November 18th. The stock was sold at an average price of $18.30, for a total value of $278,068.50. Following the sale, the chief financial officer now owns 295,021 shares in the company, valued at $5,398,884.30. The trade was a 4.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO James H. Litinsky sold 300,000 shares of the company’s stock in a transaction 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 transaction, the chief executive officer now directly owns 18,221,776 shares in the company, valued at approximately $336,191,767.20. This trade represents a 1.62 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 12.60% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on MP shares. JPMorgan Chase & Co. boosted their target price on shares of MP Materials from $15.00 to $18.00 and gave the company a “neutral” rating in a research note on Monday, October 21st. Canaccord Genuity Group dropped their target price on MP Materials from $20.00 to $19.00 and set a “buy” rating on the stock in a research report on Tuesday, August 27th. Morgan Stanley upped their price target on MP Materials from $13.50 to $16.00 and gave the stock an “equal weight” rating in a report on Thursday, September 19th. Deutsche Bank Aktiengesellschaft dropped their price objective on MP Materials from $13.50 to $12.50 and set a “hold” rating on the stock in a report on Tuesday, August 6th. Finally, BMO Capital Markets upped their target price on MP Materials from $16.00 to $18.50 and gave the stock a “market perform” rating in a research note on Friday, October 25th. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average 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.