South Dakota Investment Council Acquires New Shares in MP Materials Corp. $MP

Key Points

• South Dakota Investment Council initiated a new stake in MP Materials in Q3, buying 24,109 shares valued at about $1.62 million as institutional ownership stands at 52.55%.
• Insider selling was significant: CEO James H. Litinsky sold 272,600 shares for ~$17.49M and CFO Ryan Corbett sold 38,146 shares for ~$2.29M, with insiders selling 338,146 shares (~$21.54M) in the last quarter and holding 9.5% of the stock.
• Analyst outlook remains positive with a consensus "Buy" and an average target of $78.91, even as the stock recently traded down about 5% to $58.50 and shows a market cap of $10.37 billion and a negative P/E (-112.5).

South Dakota Investment Council acquired a new stake in MP Materials Corp. (NYSE:MP - Free Report) during the third quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 24,109 shares of the company's stock, valued at approximately $1,617,000.

A number of other large investors have also recently added to or reduced their stakes in the stock. Wolff Wiese Magana LLC raised its position in shares of MP Materials by 28.1% in the third quarter. Wolff Wiese Magana LLC now owns 806 shares of the company's stock valued at $54,000 after purchasing an additional 177 shares during the period. Miracle Mile Advisors LLC boosted its holdings in shares of MP Materials by 1.0% during the 3rd quarter. Miracle Mile Advisors LLC now owns 18,162 shares of the company's stock worth $1,218,000 after buying an additional 188 shares during the period. Wedmont Private Capital grew its stake in MP Materials by 1.7% in the 3rd quarter. Wedmont Private Capital now owns 11,824 shares of the company's stock valued at $872,000 after buying an additional 195 shares during the last quarter. IMG Wealth Management Inc. raised its holdings in MP Materials by 4.7% in the 3rd quarter. IMG Wealth Management Inc. now owns 4,446 shares of the company's stock worth $298,000 after acquiring an additional 200 shares during the period. Finally, Rothschild Investment LLC lifted its position in MP Materials by 4.0% during the 3rd quarter. Rothschild Investment LLC now owns 5,252 shares of the company's stock worth $352,000 after acquiring an additional 202 shares during the last quarter. Institutional investors own 52.55% of the company's stock.

MP Materials Trading Down 5.0%

MP stock opened at $58.50 on Friday. The business has a fifty day moving average price of $60.69 and a 200 day moving average price of $63.86. The company has a debt-to-equity ratio of 0.47, a current ratio of 7.24 and a quick ratio of 6.67. MP Materials Corp. has a fifty-two week low of $18.64 and a fifty-two week high of $100.25. The stock has a market capitalization of $10.37 billion, a price-to-earnings ratio of -112.50 and a beta of 1.55.

Insider Activity

In related news, CEO James H. Litinsky sold 272,600 shares of MP Materials stock in a transaction dated 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 sale, the chief executive officer directly 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Ryan Corbett sold 38,146 shares of the company's stock in a transaction dated Tuesday, December 9th. The shares were sold at an average price of $60.00, for a total transaction of $2,288,760.00. Following the transaction, the chief financial officer owned 156,666 shares in the company, valued at approximately $9,399,960. The trade was a 19.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 338,146 shares of company stock worth $21,535,376. 9.50% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

MP has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. upgraded MP Materials from a "neutral" rating to an "overweight" rating and dropped their price objective for the stock from $75.00 to $74.00 in a research note on Friday, November 14th. William Blair reaffirmed an "outperform" rating on shares of MP Materials in a research report on Wednesday. BMO Capital Markets raised MP Materials from a "market perform" rating to an "outperform" rating and reduced their price objective for the company from $76.00 to $75.00 in a research report on Monday, November 24th. The Goldman Sachs Group initiated coverage on shares of MP Materials in a research report on Wednesday, November 19th. They set a "buy" rating and a $77.00 target price on the stock. Finally, Morgan Stanley upgraded shares of MP Materials from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $68.50 to $71.00 in a research note on Friday, December 5th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, MP Materials currently has a consensus rating of "Buy" and an average target price of $78.91.

MP Materials Company 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.

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