Principal Financial Group Inc. Buys 159,200 Shares of MP Materials Corp. (NYSE:MP)

Principal Financial Group Inc. raised its stake in shares of MP Materials Corp. (NYSE:MP) by 35.7% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 604,892 shares of the company’s stock after purchasing an additional 159,200 shares during the period. Principal Financial Group Inc. owned 0.37% of MP Materials worth $10,676,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. GAMMA Investing LLC boosted its stake in MP Materials by 136.0% during the third quarter. GAMMA Investing LLC now owns 2,230 shares of the company’s stock valued at $39,000 after buying an additional 1,285 shares during the last quarter. Signaturefd LLC raised its holdings in shares of MP Materials by 817.5% during the 3rd quarter. Signaturefd LLC now owns 3,661 shares of the company’s stock worth $65,000 after acquiring an additional 3,262 shares in the last quarter. Nisa Investment Advisors LLC boosted its position in shares of MP Materials by 3,803.8% during the 2nd quarter. Nisa Investment Advisors LLC now owns 4,060 shares of the company’s stock valued at $52,000 after acquiring an additional 3,956 shares during the last quarter. Point72 Hong Kong Ltd purchased a new position in shares of MP Materials in the second quarter valued at $72,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in MP Materials in the second quarter worth $100,000. Hedge funds and other institutional investors own 52.55% of the company’s stock.

MP Materials Price Performance

Shares of MP stock opened at $18.28 on Monday. The stock has a 50 day moving average price of $17.25 and a 200 day moving average price of $15.29. MP Materials Corp. has a 52-week low of $10.02 and a 52-week high of $20.85. 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 firm has a market capitalization of $3.02 billion, a P/E ratio of -33.85 and a beta of 2.23.

MP Materials announced that its Board of Directors has initiated a share buyback plan on Tuesday, September 3rd that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the company to purchase up to 13.4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

Several research firms have commented on MP. DA Davidson increased their price objective on shares of MP Materials from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Tuesday, October 1st. Morgan Stanley lifted their price target 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. Canaccord Genuity Group decreased their price objective 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. JPMorgan Chase & Co. lifted their target price on MP Materials from $15.00 to $18.00 and gave the stock a “neutral” rating in a report on Monday, October 21st. Finally, Deutsche Bank Aktiengesellschaft cut their target price on MP Materials from $13.50 to $12.50 and set a “hold” rating on the stock in a research report on Tuesday, August 6th. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $21.40.

About MP Materials

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.