BNP PARIBAS ASSET MANAGEMENT Holding S.A. Has $8.92 Million Stock Holdings in MP Materials Corp. (NYSE:MP)

BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its holdings in shares of MP Materials Corp. (NYSE:MP) by 13.3% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 505,532 shares of the company’s stock after buying an additional 59,469 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A.’s holdings in MP Materials were worth $8,923,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Price T Rowe Associates Inc. MD boosted its holdings in shares of MP Materials by 2,536.8% during the 1st 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. Millennium Management LLC grew its stake in shares of MP Materials by 425.5% in the second quarter. Millennium Management LLC now owns 801,328 shares of the company’s stock worth $10,201,000 after acquiring an additional 648,838 shares during the last quarter. Bank of Montreal Can increased its position in MP Materials by 188.1% during the second quarter. Bank of Montreal Can now owns 898,960 shares of the company’s stock worth $11,462,000 after acquiring an additional 586,906 shares during the period. Pinnacle Associates Ltd. boosted its holdings in MP Materials by 151.1% in the 2nd quarter. Pinnacle Associates Ltd. now owns 815,561 shares of the company’s stock valued at $10,382,000 after purchasing an additional 490,767 shares during the period. Finally, Regal Partners Ltd boosted its holdings in MP Materials by 275.4% in the 2nd quarter. Regal Partners Ltd now owns 464,016 shares of the company’s stock valued at $5,907,000 after purchasing an additional 340,426 shares during the period. Institutional investors own 52.55% of the company’s stock.

MP Materials Stock Performance

Shares of NYSE:MP opened at $19.64 on Monday. 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 Corp. has a 1-year low of $10.02 and a 1-year high of $20.85. The stock has a market capitalization of $3.21 billion, a P/E ratio of -36.37 and a beta of 2.23. The business has a 50-day moving average price of $17.74 and a two-hundred day moving average price of $15.38.

MP Materials declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, September 3rd that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the company to buy up to 13.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In related news, CFO Ryan Corbett sold 15,195 shares of the company’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $18.30, for a total value of $278,068.50. Following the completion of the sale, the chief financial officer now owns 295,021 shares in the company, valued at approximately $5,398,884.30. This represents a 4.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO James H. Litinsky sold 300,000 shares of the firm’s 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 transaction, the chief executive officer now 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. 12.60% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. JPMorgan Chase & Co. upped their price objective on shares of MP Materials from $15.00 to $18.00 and gave the company a “neutral” rating in a research report on Monday, October 21st. Morgan Stanley raised their price objective on MP Materials from $13.50 to $16.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 19th. Deutsche Bank Aktiengesellschaft reduced their target price on MP Materials from $13.50 to $12.50 and set a “hold” rating for the company in a research report on Tuesday, August 6th. Benchmark reissued a “buy” rating and issued a $30.00 price target on shares of MP Materials in a report on Friday, August 2nd. Finally, Robert W. Baird increased their price target on shares of MP Materials from $20.00 to $25.00 and gave the stock an “outperform” rating in a research report on Friday, September 27th. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.40.

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.