Advisors Asset Management Inc. Increases Stock Position in MP Materials Corp. (NYSE:MP)

Advisors Asset Management Inc. lifted its holdings in shares of MP Materials Corp. (NYSE:MPGet Rating) by 97.6% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 16,096 shares of the company’s stock after acquiring an additional 7,949 shares during the quarter. Advisors Asset Management Inc.’s holdings in MP Materials were worth $516,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the business. BlackRock Inc. increased its holdings in MP Materials by 29.1% during the 1st quarter. BlackRock Inc. now owns 6,398,647 shares of the company’s stock worth $366,898,000 after acquiring an additional 1,441,580 shares during the period. State Street Corp increased its holdings in MP Materials by 56.2% during the 1st quarter. State Street Corp now owns 4,806,550 shares of the company’s stock worth $275,608,000 after acquiring an additional 1,729,193 shares during the period. Invesco Ltd. increased its holdings in MP Materials by 61.1% during the 1st quarter. Invesco Ltd. now owns 2,208,928 shares of the company’s stock worth $126,661,000 after acquiring an additional 838,085 shares during the period. Van ECK Associates Corp increased its holdings in MP Materials by 8.8% during the 1st quarter. Van ECK Associates Corp now owns 1,993,147 shares of the company’s stock worth $114,287,000 after acquiring an additional 160,885 shares during the period. Finally, Renaissance Technologies LLC increased its holdings in MP Materials by 925.3% during the 1st quarter. Renaissance Technologies LLC now owns 1,568,700 shares of the company’s stock worth $89,949,000 after acquiring an additional 1,415,700 shares during the period. 71.49% of the stock is currently owned by hedge funds and other institutional investors.

MP Materials Trading Up 0.6 %

Shares of MP opened at $32.68 on Friday. The firm’s 50-day moving average price is $30.61 and its 200-day moving average price is $33.49. The firm has a market capitalization of $5.80 billion, a price-to-earnings ratio of 23.01, a PEG ratio of 1.60 and a beta of 2.69. The company has a current ratio of 18.15, a quick ratio of 17.33 and a debt-to-equity ratio of 0.55. MP Materials Corp. has a 1-year low of $26.19 and a 1-year high of $60.19.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Canaccord Genuity Group decreased their target price on shares of MP Materials from $47.00 to $40.00 in a report on Wednesday, September 28th. Cowen decreased their price target on shares of MP Materials to $40.00 in a report on Thursday, October 20th. Morgan Stanley decreased their price target on shares of MP Materials from $46.00 to $45.50 and set an “overweight” rating on the stock in a report on Friday, September 16th. Finally, Robert W. Baird increased their price target on shares of MP Materials from $45.00 to $55.00 in a report on Friday, August 5th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $47.39.

Insiders Place Their Bets

In other MP Materials news, Director Daniel Allen Gold sold 146,935 shares of MP Materials stock in a transaction dated Thursday, September 8th. The shares were sold at an average price of $32.04, for a total value of $4,707,797.40. Following the completion of the transaction, the director now directly owns 1,159,250 shares of the company’s stock, valued at $37,142,370. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Financial Lp Qvt sold 23,600 shares of the business’s stock in a transaction that occurred on Monday, August 22nd. The shares were sold at an average price of $34.43, for a total transaction of $812,548.00. Following the completion of the transaction, the director now directly owns 1,288,458 shares of the company’s stock, valued at $44,361,608.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Daniel Allen Gold sold 146,935 shares of the business’s stock in a transaction that occurred on Thursday, September 8th. The shares were sold at an average price of $32.04, for a total transaction of $4,707,797.40. Following the sale, the director now owns 1,159,250 shares of the company’s stock, valued at $37,142,370. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 765,016 shares of company stock valued at $26,628,508. Insiders own 41.30% of the company’s stock.

MP Materials Profile

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MP Materials Corp. owns and operates rare earth mining and processing facilities. It owns and operates the Mountain Pass Rare Earth mine located in the Western Hemisphere. The company 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.

Further Reading

Want to see what other hedge funds are holding MP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for MP Materials Corp. (NYSE:MPGet Rating).

Institutional Ownership by Quarter for MP Materials (NYSE:MP)

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