Sumitomo Mitsui Trust Group Inc. Cuts Holdings in MP Materials Corp. (NYSE:MP)

Sumitomo Mitsui Trust Group Inc. lessened its stake in MP Materials Corp. (NYSE:MP) by 8.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 28,725 shares of the company’s stock after selling 2,798 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in MP Materials were worth $507,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of MP. Cutter & CO Brokerage Inc. boosted its stake in MP Materials by 0.5% during the third quarter. Cutter & CO Brokerage Inc. now owns 190,098 shares of the company’s stock worth $3,355,000 after acquiring an additional 910 shares in the last quarter. Elkhorn Partners Limited Partnership lifted its stake in MP Materials by 15.9% in the 1st quarter. Elkhorn Partners Limited Partnership now owns 8,000 shares of the company’s stock worth $114,000 after purchasing an additional 1,100 shares in the last quarter. Aurora Investment Counsel grew its stake in shares of MP Materials by 1.7% in the 2nd quarter. Aurora Investment Counsel now owns 66,153 shares of the company’s stock worth $842,000 after buying an additional 1,122 shares in the last quarter. Evergreen Capital Management LLC lifted its position in MP Materials by 8.2% in the second quarter. Evergreen Capital Management LLC now owns 16,207 shares of the company’s stock worth $206,000 after buying an additional 1,228 shares during the last quarter. Finally, Private Advisor Group LLC grew its stake in shares of MP Materials by 0.4% during the second quarter. Private Advisor Group LLC now owns 365,973 shares of the company’s stock valued at $4,659,000 after buying an additional 1,280 shares during the last quarter. 52.55% of the stock is owned by institutional investors.

Insider Buying and Selling at MP Materials

In other news, CFO Ryan Corbett sold 15,195 shares of the firm’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $18.30, for a total value of $278,068.50. Following the sale, the chief financial officer now directly owns 295,021 shares in the company, valued at approximately $5,398,884.30. This trade represents a 4.90 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO James H. Litinsky sold 300,000 shares of the company’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 directly owns 18,221,776 shares of the company’s stock, valued at approximately $336,191,767.20. This 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 currently owned by corporate insiders.

Wall Street Analyst Weigh In

MP has been the topic of a number of recent research reports. BMO Capital Markets increased their price target on MP Materials from $16.00 to $18.50 and gave the stock a “market perform” rating in a research report on Friday, October 25th. JPMorgan Chase & Co. lifted their price target on 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 reduced their target price on MP Materials from $20.00 to $19.00 and set a “buy” rating for the company in a report on Tuesday, August 27th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of MP Materials from $13.50 to $12.50 and set a “hold” rating for the company in a report on Tuesday, August 6th. Finally, Robert W. Baird raised their price objective 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’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $21.40.

MP Materials Stock Down 1.8 %

Shares of MP opened at $18.03 on Wednesday. MP Materials Corp. has a 1 year low of $10.02 and a 1 year high of $20.85. The company’s 50-day simple moving average is $17.43 and its 200-day simple moving average is $15.32. The stock has a market capitalization of $2.94 billion, a PE ratio of -33.38 and a beta of 2.23. The company has a debt-to-equity ratio of 0.88, a quick ratio of 6.13 and a current ratio of 6.93.

MP Materials declared that its Board of Directors has approved a share repurchase plan on Tuesday, September 3rd that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 13.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is 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.