Teachers Retirement System of The State of Kentucky Reduces Holdings in MP Materials Corp. (NYSE:MP)

Teachers Retirement System of The State of Kentucky lowered its position in MP Materials Corp. (NYSE:MP) by 21.2% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 37,162 shares of the company’s stock after selling 10,017 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in MP Materials were worth $656,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. GAMMA Investing LLC boosted its position in MP Materials by 136.0% during the third quarter. GAMMA Investing LLC now owns 2,230 shares of the company’s stock worth $39,000 after purchasing an additional 1,285 shares during the period. Nisa Investment Advisors LLC boosted its holdings in MP Materials by 3,803.8% in the 2nd quarter. Nisa Investment Advisors LLC now owns 4,060 shares of the company’s stock worth $52,000 after buying an additional 3,956 shares during the period. Signaturefd LLC grew its stake in 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 buying an additional 3,262 shares in the last quarter. Point72 Hong Kong Ltd bought a new stake in MP Materials during the 2nd quarter valued at $72,000. Finally, KBC Group NV lifted its position in shares of MP Materials by 35.7% during the third quarter. KBC Group NV now owns 4,733 shares of the company’s stock worth $84,000 after acquiring an additional 1,246 shares in the last quarter. 52.55% of the stock is currently owned by institutional investors.

Insider Transactions at MP Materials

In related news, CEO James H. Litinsky sold 300,000 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now owns 18,221,776 shares in the company, valued at $336,191,767.20. The trade was a 1.62 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Ryan Corbett sold 35,000 shares of the stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $21.50, for a total transaction of $752,500.00. Following the transaction, the chief financial officer now owns 260,021 shares in the company, valued at $5,590,451.50. The trade was a 11.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 884,862 shares of company stock valued at $17,484,482. Insiders own 12.60% of the company’s stock.

Wall Street Analysts Forecast Growth

MP has been the subject of several recent research reports. DA Davidson lifted their price target on MP Materials from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Tuesday, October 1st. Robert W. Baird lifted their target price on MP Materials from $20.00 to $25.00 and gave the company an “outperform” rating in a report on Friday, September 27th. BMO Capital Markets increased their price target on shares of MP Materials from $16.00 to $18.50 and gave the stock a “market perform” rating in a report on Friday, October 25th. Morgan Stanley boosted their price objective on shares of MP Materials from $13.50 to $16.00 and gave the company an “equal weight” rating in a research note on Thursday, September 19th. Finally, Canaccord Genuity Group upped their target price on shares of MP Materials from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.10.

MP Materials Price Performance

MP stock opened at $16.73 on Thursday. The firm has a 50 day simple moving average of $19.15 and a two-hundred day simple moving average of $15.77. The stock has a market cap of $2.73 billion, a PE ratio of -30.98 and a beta of 2.24. MP Materials Corp. has a one year low of $10.02 and a one year high of $24.01. The company has a debt-to-equity ratio of 0.88, a current ratio of 6.93 and a quick ratio of 6.13.

MP Materials announced that its board has initiated a stock repurchase plan on Tuesday, September 3rd that allows the company to buyback $300.00 million in shares. This buyback authorization allows the company to repurchase up to 13.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

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.