US Bancorp DE Sells 7,157 Shares of MP Materials Corp. (NYSE:MP)

US Bancorp DE reduced its stake in shares of MP Materials Corp. (NYSE:MP) by 34.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 13,759 shares of the company’s stock after selling 7,157 shares during the quarter. US Bancorp DE’s holdings in MP Materials were worth $243,000 at the end of the most recent quarter.

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

MP Materials Stock Down 3.7 %

Shares of NYSE:MP opened at $19.11 on Thursday. MP Materials Corp. has a 1 year low of $10.02 and a 1 year high of $20.85. The stock’s fifty day moving average price is $16.97 and its 200-day moving average price is $15.23. The company has a quick ratio of 6.13, a current ratio of 6.93 and a debt-to-equity ratio of 0.88.

MP Materials declared that its board has initiated a share buyback program on Tuesday, September 3rd that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 13.4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

MP has been the topic of several research analyst reports. BMO Capital Markets boosted their price target on shares of MP Materials from $16.00 to $18.50 and gave the company a “market perform” rating in a research report on Friday, October 25th. DA Davidson boosted their target price on shares of MP Materials from $20.00 to $23.00 and gave the company a “buy” rating in a report on Tuesday, October 1st. Deutsche Bank Aktiengesellschaft cut their price objective on shares of MP Materials from $13.50 to $12.50 and set a “hold” rating on the stock in a report on Tuesday, August 6th. Benchmark reissued a “buy” rating and issued a $30.00 price target on shares of MP Materials in a research report on Friday, August 2nd. Finally, Robert W. Baird raised their price objective on MP Materials from $20.00 to $25.00 and gave the company an “outperform” rating in a research report on Friday, September 27th. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target 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.