Voya Investment Management Expands Stake in MP Materials Corp.

Voya Investment Management LLC has increased its stake in MP Materials Corp. (NYSE: MP) by 11.5% during the third quarter of 2023. According to the latest 13F filing with the Securities and Exchange Commission (SEC), Voya now holds 692,479 shares of MP Materials, following the acquisition of an additional 71,399 shares during the quarter. This investment is valued at approximately $46.4 million, representing about 0.39% of the company’s total stock.

Several other institutional investors have also made significant moves regarding their holdings in MP Materials. For instance, Caxton Associates LLP established a new position valued at $132.2 million in the second quarter. National Bank of Canada FI dramatically increased its stake by 19,314.3%, now owning 2,013,462 shares worth $67 million after purchasing over 2 million shares. Similarly, Driehaus Capital Management LLC and BNP Paribas Financial Markets have also expanded their investments in the company.

As institutional investors collectively hold 52.55% of MP Materials, the company is drawing significant interest from the investment community.

MP Materials Stock Performance and Analyst Ratings

On December 5, 2023, MP Materials shares opened at $53.96. The firm has a market capitalization of $9.56 billion and a debt-to-equity ratio of 0.47. Over the past year, the stock has experienced a low of $15.56 and a high of $100.25. Analysts have varied opinions on the stock, with several brokerages issuing reports recently.

JPMorgan Chase & Co. upgraded MP Materials from a “neutral” to an “overweight” rating while adjusting their price target from $75.00 to $74.00. Similarly, Morgan Stanley raised its rating from “equal weight” to “overweight” and increased its target price from $68.50 to $71.00. In contrast, Weiss Ratings maintained a “sell” rating on the stock.

The consensus among analysts indicates a “Moderate Buy” rating, with an average price target of $78.91 based on data from MarketBeat.com.

Insider Transactions and Company Overview

Recent insider transactions reveal that CEO James H. Litinsky sold 385,000 shares of MP Materials on December 5, 2023, at an average price of $62.94, totaling approximately $24.2 million. Following this sale, Litinsky retains 13,105,965 shares, valued at around $824.9 million. Additionally, CFO Ryan Corbett sold 38,146 shares on December 9, 2023, for a total of $2.3 million.

In total, insiders have sold 691,557 shares valued at approximately $43.5 million over the last quarter, while insiders currently own 9.50% of the company’s stock.

MP Materials operates as a vertically integrated producer of rare earth materials in North America, managing the Mountain Pass Rare Earth Mine in California. This facility is the only commercially viable site for rare earth mining and processing in the United States. The company focuses on extracting and refining critical elements essential for various industries, including electric vehicles and defense applications.

As MP Materials continues to navigate a dynamic market, its growing institutional investment and recent analyst upgrades could signal a promising outlook for the company.