Victory Capital Management Inc. Acquires 28,697 Shares of MP Materials Corp. (NYSE:MP)

Victory Capital Management Inc. raised its holdings in MP Materials Corp. (NYSE:MP) by 1.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,359,092 shares of the company’s stock after buying an additional 28,697 shares during the period. Victory Capital Management Inc.’s holdings in MP Materials were worth $41,638,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in the business. Cutter & CO Brokerage Inc. lifted its stake in shares of MP Materials by 0.5% in the third quarter. Cutter & CO Brokerage Inc. now owns 190,098 shares of the company’s stock valued at $3,355,000 after buying an additional 910 shares in the last quarter. Elkhorn Partners Limited Partnership boosted its holdings in MP Materials by 15.9% during the first quarter. Elkhorn Partners Limited Partnership now owns 8,000 shares of the company’s stock worth $114,000 after purchasing an additional 1,100 shares during the last quarter. Aurora Investment Counsel boosted its holdings in MP Materials by 1.7% during the second quarter. Aurora Investment Counsel now owns 66,153 shares of the company’s stock worth $842,000 after purchasing an additional 1,122 shares during the last quarter. Evergreen Capital Management LLC boosted its holdings in MP Materials by 8.2% during the second quarter. Evergreen Capital Management LLC now owns 16,207 shares of the company’s stock worth $206,000 after purchasing an additional 1,228 shares during the last quarter. Finally, Private Advisor Group LLC boosted its holdings in MP Materials by 0.4% during the second quarter. Private Advisor Group LLC now owns 365,973 shares of the company’s stock worth $4,659,000 after purchasing an additional 1,280 shares during the last quarter. 52.55% of the stock is owned by institutional investors.

MP Materials Stock Performance

NYSE MP opened at $18.27 on Friday. The company’s 50 day moving average is $17.25 and its 200-day moving average is $15.30. MP Materials Corp. has a 12-month low of $10.02 and a 12-month high of $20.85. The company has a quick ratio of 6.13, a current ratio of 6.93 and a debt-to-equity ratio of 0.88. The firm has a market cap of $3.02 billion, a P/E ratio of -33.83 and a beta of 2.23.

MP Materials announced that its board has initiated a stock repurchase plan on Tuesday, September 3rd that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 13.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft cut their price target on shares of MP Materials from $13.50 to $12.50 and set a “hold” rating on the stock in a report on Tuesday, August 6th. Robert W. Baird boosted their price target on shares of MP Materials from $20.00 to $25.00 and gave the stock an “outperform” rating in a report on Friday, September 27th. BMO Capital Markets boosted their price target on shares of MP Materials from $16.00 to $18.50 and gave the stock a “market perform” rating in a report on Friday, October 25th. JPMorgan Chase & Co. boosted their price target on shares of MP Materials from $15.00 to $18.00 and gave the stock a “neutral” rating in a report on Monday, October 21st. Finally, Benchmark reiterated a “buy” rating and issued a $30.00 target price on shares of MP Materials in a research note on Friday, August 2nd. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, MP Materials presently has a consensus rating of “Moderate Buy” and an average price target of $21.40.

About MP Materials

MP Materials Corp., together with its subsidiaries, produces rare earth materials. The company owns and operates the Mountain Pass Rare Earth mine and processing facility in North America. It holds 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.