Truist Financial Corp Makes New $606,000 Investment in MP Materials Corp. $MP

Truist Financial Corp purchased a new stake in shares of MP Materials Corp. (NYSE:MP) in the third quarter, HoldingsChannel reports. The institutional investor purchased 9,035 shares of the company’s stock, valued at approximately $606,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Calamos Advisors LLC bought a new position in shares of MP Materials in the third quarter worth approximately $16,726,000. Rockefeller Capital Management L.P. boosted 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 valued at $5,888,000 after buying an additional 100,915 shares during the period. Campbell & CO Investment Adviser LLC purchased a new stake in MP Materials during the 3rd quarter valued at $670,000. Concurrent Investment Advisors LLC bought a new stake in MP Materials in the 3rd quarter worth $550,000. Finally, Pier 88 Investment Partners LLC purchased a new position in shares of MP Materials in the third quarter valued at about $1,089,000. Hedge funds and other institutional investors own 52.55% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on the company. BMO Capital Markets raised MP Materials from a “market perform” rating to an “outperform” rating and cut their target price for the stock from $76.00 to $75.00 in a research note on Monday, November 24th. Deutsche Bank Aktiengesellschaft upgraded MP Materials from a “hold” rating to a “buy” rating and increased their price objective for the stock from $68.00 to $71.00 in a report on Monday, November 10th. Morgan Stanley raised MP Materials from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $68.50 to $71.00 in a research note on Friday, December 5th. William Blair started coverage on MP Materials in a research note on Tuesday, January 13th. They issued an “outperform” rating for the company. Finally, Bank of America boosted their price objective on shares of MP Materials from $78.00 to $112.00 and gave the company a “buy” rating in a research report on Wednesday, October 15th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $78.91.

MP Materials Stock Down 2.6%

Shares of MP Materials stock opened at $60.69 on Thursday. 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 twelve month low of $18.64 and a twelve month high of $100.25. The company has a market cap of $10.76 billion, a price-to-earnings ratio of -85.48 and a beta of 1.60. The company’s 50 day moving average is $59.96 and its 200 day moving average is $64.96.

Insider Activity at MP Materials

In other MP Materials news, CEO James H. Litinsky sold 272,600 shares of the stock in a transaction dated Thursday, January 8th. The shares were sold at an average price of $64.17, for a total transaction of $17,492,742.00. Following the completion of the transaction, the chief executive officer owned 12,805,965 shares of the company’s stock, valued at $821,758,774.05. This represents a 2.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Ryan Corbett sold 38,146 shares of the firm’s stock in a transaction dated Tuesday, December 9th. The shares were sold at an average price of $60.00, for a total value of $2,288,760.00. Following the transaction, the chief financial officer owned 156,666 shares of the company’s stock, valued at approximately $9,399,960. The trade was a 19.58% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 991,557 shares of company stock worth $62,785,202. Company insiders own 9.50% of the company’s stock.

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.