MP Materials Corp. $MP Shares Sold by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans decreased its holdings in MP Materials Corp. (NYSE:MP) by 63.8% in the 3rd quarter, Holdings Channel reports. The firm owned 34,110 shares of the company’s stock after selling 60,141 shares during the period. Thrivent Financial for Lutherans’ holdings in MP Materials were worth $2,288,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Calamos Advisors LLC purchased a new position in shares of MP Materials during the third quarter worth about $16,726,000. Rockefeller Capital Management L.P. lifted its position in MP Materials by 132.7% during the 2nd quarter. Rockefeller Capital Management L.P. now owns 176,984 shares of the company’s stock worth $5,888,000 after acquiring an additional 100,915 shares during the period. 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 purchased a new stake in shares of MP Materials during the third quarter worth approximately $1,089,000. 52.55% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently weighed in on MP. William Blair began coverage on shares of MP Materials in a research report on Tuesday, January 13th. They issued an “outperform” rating on the stock. DA Davidson restated a “buy” rating and issued a $82.00 target price on shares of MP Materials in a research note on Thursday, November 20th. TD Securities upgraded shares of MP Materials to a “strong-buy” rating in a research note on Monday. JPMorgan Chase & Co. upgraded shares of MP Materials from a “neutral” rating to an “overweight” rating and reduced their price objective for the company from $75.00 to $74.00 in a research report on Friday, November 14th. Finally, The Goldman Sachs Group initiated coverage on MP Materials in a report on Wednesday, November 19th. They issued a “buy” rating and a $77.00 price objective on the stock. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $78.91.

MP Materials Stock Performance

Shares of MP opened at $62.40 on Wednesday. The company has a quick ratio of 7.51, a current ratio of 8.05 and a debt-to-equity ratio of 0.47. MP Materials Corp. has a 52-week low of $18.64 and a 52-week high of $100.25. The company has a 50-day simple moving average of $59.92 and a 200-day simple moving average of $64.99. The company has a market capitalization of $11.06 billion, a PE ratio of -87.89 and a beta of 1.60.

Insider Transactions at MP Materials

In other news, CEO James H. Litinsky sold 385,000 shares of MP Materials stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $62.94, for a total transaction of $24,231,900.00. Following the completion of the sale, the chief executive officer directly owned 13,105,965 shares in the company, valued at approximately $824,889,437.10. This trade represents a 2.85% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Ryan Corbett sold 38,146 shares of the company’s stock in a transaction that occurred on Tuesday, December 9th. The stock was sold at an average price of $60.00, for a total value of $2,288,760.00. Following the completion of the sale, the chief financial officer owned 156,666 shares in the company, valued at approximately $9,399,960. This represents a 19.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 991,557 shares of company stock valued at $62,785,202. 12.60% of the stock is currently owned by corporate insiders.

MP Materials Profile

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.