Amalgamated Bank Sells 28,611 Shares of MP Materials Corp. (NYSE:MP)

Amalgamated Bank decreased its holdings in MP Materials Corp. (NYSE:MP) by 42.5% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 38,693 shares of the company’s stock after selling 28,611 shares during the period. Amalgamated Bank’s holdings in MP Materials were worth $683,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in MP. 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. Nisa Investment Advisors LLC lifted its stake in shares of MP Materials by 3,803.8% in the 2nd quarter. Nisa Investment Advisors LLC now owns 4,060 shares of the company’s stock valued at $52,000 after purchasing an additional 3,956 shares during the last quarter. Signaturefd LLC lifted its stake in shares of MP Materials by 817.5% in the 3rd quarter. Signaturefd LLC now owns 3,661 shares of the company’s stock valued at $65,000 after purchasing an additional 3,262 shares during the last quarter. Point72 Hong Kong Ltd purchased a new stake in shares of MP Materials in the second quarter worth approximately $72,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of MP Materials in the second quarter worth approximately $100,000. Institutional investors own 52.55% of the company’s stock.

MP Materials Stock Down 1.6 %

Shares of NYSE MP opened at $18.27 on Friday. The company has a current ratio of 6.93, a quick ratio of 6.13 and a debt-to-equity ratio of 0.88. The stock has a market capitalization of $3.02 billion, a PE ratio of -33.83 and a beta of 2.23. MP Materials Corp. has a 12-month low of $10.02 and a 12-month high of $20.85. The stock’s fifty day simple moving average is $17.25 and its two-hundred day simple moving average is $15.30.

MP Materials announced that its board has authorized a share buyback program on Tuesday, September 3rd that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the company to buy up to 13.4% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on MP. JPMorgan Chase & Co. increased their price target on MP Materials from $15.00 to $18.00 and gave the stock a “neutral” rating in a report on Monday, October 21st. Deutsche Bank Aktiengesellschaft reduced their price objective on MP Materials from $13.50 to $12.50 and set a “hold” rating on the stock in a report on Tuesday, August 6th. Robert W. Baird raised their price objective on MP Materials from $20.00 to $25.00 and gave the stock an “outperform” rating in a report on Friday, September 27th. 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 report on Thursday, September 19th. Finally, BMO Capital Markets raised their price objective on MP Materials from $16.00 to $18.50 and gave the stock a “market perform” rating in a report on Friday, October 25th. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock presently 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.