Advisors Asset Management Inc. raised stock position in MP Materials Corp. (NYSE:MP)

Advisors Asset Management Inc. raised its stake in shares of MP Materials Corp. (NYSE: MP – Receive Rating) to 97.6% during the second quarter, HoldingsChannel.com reports. The institutional investor held 16,096 shares of the company’s stock after receiving an additional 7,949 shares during the quarter. Advisors Asset Management Inc. Key’s holdings in MP Materials were worth $516,000, as of the most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently modified their holdings in the business. Blackrock Inc. raised its stake in MP Materials to 29.1% during the first quarter. After receiving an additional 1,441,580 shares during this period, BlackRock Inc. holds 6,398,647 shares of the company worth $366,898,000. State Street Corp raised its stake in MP Materials to 56.2% during the first quarter. State Street Corp holds 4,806,550 shares of the company valued at $275,608,000 after acquiring an additional 1,729,193 shares during the period. Invesco Ltd increased its stake in MP Materials to 61.1% during the first quarter. Invesco Limited holds 2,208,928 shares of the company valued at $126,661,000, after acquiring an additional 838,085 shares during the period. Van ECK Associates Corp raised its stake in MP Materials by 8.8% during the first quarter. Van ECK Associates Corp holds 1,993,147 shares of the company’s stock, valued at $114,287,000, after acquiring an additional 160,885 shares during the period. Finally, Renaissance Technologies LLC increased its stake in MP Materials to 925.3% during the first quarter. Renaissance Technologies LLC holds 1,568,700 shares of the company valued at $89,949,000 after acquiring an additional 1,415,700 shares during the period. 71.49% of the stock is currently held by hedge funds and other institutional investors.

MP Materials Business up 0.6%

Shares of MP opened Friday at $32.68. The firm’s 50-day moving average price is $30.61 and its 200-day moving average price is $33.49. The firm has a market capitalization of $5.80 billion, a price-to-earnings ratio of 23.01, a PEG ratio of 1.60, and a beta of 2.69. The company’s current ratio is 18.15, quick ratio is 17.33 and debt-to-equity ratio is 0.55. The MP Materials Corp 1-Year Low is $26.19 and 1-Year High is $60.19.

Analysts set new price targets

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Several analysts have rated the stock recently. Canaccord Genuity Group reduced its target price on shares of MP Materials from $47.00 to $40.00 in a report on Wednesday, September 28. Cowen reduced its price target on shares of MP Materials to $40.00 in a report on Thursday, October 20. Morgan Stanley cut its price target on shares of MP Materials from $46.00 to $45.50 and set an “overweight” rating on the stock in a report on Friday, September 16. Finally, Robert W. Baird raised the price target on shares of MP Materials from $45.00 to $55.00 in a report on Friday, August 5. According to MarketBeat.com, seven investment analysts have rated the stock with a buy rating, the company currently has an average rating of “Buy” and a consensus price target of $47.39.

insiders place their bets

In other MP Materials news, Director Daniel Allen Gould sold 146,935 shares of MP Materials stock in a transaction on Thursday, Sept. 8. Shares were sold at an average price of $32.04 for a total value of $4,707,797.40. Following completion of the transaction, the Director now directly owns 1,159,250 shares of Company stock valued at $37,142,370. The sale was disclosed in a filing with the Securities and Exchange Commission, which can be accessed via this link. In other news, Director Financial L.P. QVT sold 23,600 shares of the business’s stock in a transaction that occurred on Monday, Aug 22. The shares were sold at an average price of $34.43 for a total transaction of $812,548.00. Following completion of the transaction, the Director now directly owns 1,288,458 shares of Company stock valued at $44,361,608.94. The transaction was disclosed in a filing with the Securities and Exchange Commission, which can be accessed through the SEC website. Additionally, Director Daniel Allen Gould sold 146,935 shares of the business’s stock in a transaction that occurred on Thursday, Sep 8. The shares were sold at an average price of $32.04 for a total transaction of $4,707,797.40. Following the sale, the director now holds 1,159,250 shares of the company’s stock, valued at $37,142,370. Disclosure of this sale can be found here. Over the past ninety days, insiders sold 765,016 shares of company stock valued at $26,628,508. Insiders hold 41.30% of the company’s shares.

MP Content Profile

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MP Materials Corporation owns and operates rare earth mining and processing facilities. It owns and operates the Mountain Pass Rare Earth Mine in the Western Hemisphere. The company owns 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.

Further reading

Want to see what other hedge fund MPs are holding? MP Materials Corp. (NYSE:MP – Get Rating) Visit HoldingsChannel.com to get the latest 13F filings and insider trades.

Institutional Ownership by Quarter for MP Materials (NYSE:MP)

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