KCM Investment Advisors LLC Increases Stock Position in MP Materials Corp. (NYSE:MP)

KCM Investment Advisors LLC boosted its stake in shares of MP Materials Corp. (NYSE:MP) by 5.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,945 shares of the company’s stock after buying an additional 1,550 shares during the quarter. KCM Investment Advisors LLC’s holdings in MP Materials were worth $529,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of MP. Price T Rowe Associates Inc. MD boosted its stake in MP Materials by 2,536.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,661,887 shares of the company’s stock worth $23,767,000 after buying an additional 1,598,861 shares during the period. Millennium Management LLC boosted its stake in shares of MP Materials by 425.5% in the second quarter. Millennium Management LLC now owns 801,328 shares of the company’s stock valued at $10,201,000 after purchasing an additional 648,838 shares during the period. Bank of Montreal Can boosted its stake in shares of MP Materials by 188.1% in the second quarter. Bank of Montreal Can now owns 898,960 shares of the company’s stock valued at $11,462,000 after purchasing an additional 586,906 shares during the period. Pinnacle Associates Ltd. boosted its stake in shares of MP Materials by 151.1% in the second quarter. Pinnacle Associates Ltd. now owns 815,561 shares of the company’s stock valued at $10,382,000 after purchasing an additional 490,767 shares during the period. Finally, Regal Partners Ltd boosted its stake in shares of MP Materials by 275.4% in the second quarter. Regal Partners Ltd now owns 464,016 shares of the company’s stock valued at $5,907,000 after purchasing an additional 340,426 shares during the period. Hedge funds and other institutional investors own 52.55% of the company’s stock.

MP Materials Stock Down 1.6 %

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

MP Materials declared that its Board of Directors has initiated a share repurchase program on Tuesday, September 3rd that allows the company to buyback $300.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 13.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

MP has been the subject of several recent research reports. Robert W. Baird raised their price objective on shares of MP Materials from $20.00 to $25.00 and gave the company an “outperform” rating in a research note on Friday, September 27th. Morgan Stanley raised their target price on shares of MP Materials from $13.50 to $16.00 and gave the company an “equal weight” rating in a report on Thursday, September 19th. BMO Capital Markets raised their target price on shares of MP Materials from $16.00 to $18.50 and gave the company a “market perform” rating in a report on Friday, October 25th. Canaccord Genuity Group reduced their target price on shares of MP Materials from $20.00 to $19.00 and set a “buy” rating on the stock in a report on Tuesday, August 27th. Finally, DA Davidson raised their target price on shares of MP Materials from $20.00 to $23.00 and gave the company a “buy” rating in a report on Tuesday, October 1st. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus 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.