Cooperman Leon G Sells 240,000 Shares of MP Materials Corp. $MP

Cooperman Leon G trimmed its holdings in MP Materials Corp. (NYSE:MP) by 7.4% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 3,000,000 shares of the company’s stock after selling 240,000 shares during the period. MP Materials accounts for approximately 6.3% of Cooperman Leon G’s portfolio, making the stock its 4th largest position. Cooperman Leon G owned about 1.69% of MP Materials worth $201,210,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Calamos Advisors LLC purchased a new stake in MP Materials during the 3rd quarter valued at approximately $16,726,000. Rockefeller Capital Management L.P. grew its stake in shares of MP Materials by 132.7% in the 2nd quarter. Rockefeller Capital Management L.P. now owns 176,984 shares of the company’s stock valued at $5,888,000 after purchasing an additional 100,915 shares during the last quarter. Campbell & CO Investment Adviser LLC purchased a new position in shares of MP Materials in the 3rd quarter valued at approximately $670,000. Concurrent Investment Advisors LLC acquired a new position in shares of MP Materials in the third quarter valued at approximately $550,000. Finally, Pier 88 Investment Partners LLC acquired a new position in shares of MP Materials in the third quarter valued at approximately $1,089,000. Institutional investors and hedge funds own 52.55% of the company’s stock.

Analysts Set New Price Targets

MP has been the subject of several recent research reports. DA Davidson reaffirmed a “buy” rating and set a $82.00 price target on shares of MP Materials in a report on Wednesday. Weiss Ratings reissued a “sell (d-)” rating on shares of MP Materials in a research note on Thursday, January 22nd. Morgan Stanley upgraded shares of MP Materials from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $68.50 to $71.00 in a research report on Friday, December 5th. TD Securities upgraded shares of MP Materials to a “strong-buy” rating in a research note on Monday, February 9th. Finally, William Blair reaffirmed an “outperform” rating on shares of MP Materials in a report on Wednesday, March 4th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, MP Materials presently has an average rating of “Buy” and an average target price of $78.91.

Insiders Place Their Bets

In other news, CEO James H. Litinsky sold 272,600 shares of the firm’s stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $64.17, for a total value of $17,492,742.00. Following the completion of the transaction, the chief executive officer owned 12,805,965 shares in the company, valued at $821,758,774.05. This trade represents a 2.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 9.50% of the company’s stock.

MP Materials Stock Performance

NYSE MP opened at $57.19 on Friday. The business has a 50 day moving average price of $61.65 and a 200 day moving average price of $63.42. The company has a market capitalization of $10.14 billion, a P/E ratio of -109.98 and a beta of 1.55. MP Materials Corp. has a 1-year low of $18.64 and a 1-year high of $100.25. The company has a debt-to-equity ratio of 0.47, a current ratio of 7.24 and a quick ratio of 6.67.

About MP Materials

MP Materials Corporation operates as a vertically integrated producer of rare earth materials in North America. The company owns and manages the Mountain Pass Rare Earth Mine and Processing Facility in California, the only commercially viable rare earth mining and processing site in the United States. MP Materials extracts, separates and refines critical rare earth elements—such as neodymium, praseodymium, and cerium—which are essential inputs for permanent magnets used in electric vehicles, wind turbines, and various defense applications.

The Mountain Pass mine first began commercial rare earth production in the 1950s and was later operated by Molycorp until its bankruptcy in 2015.