Intrepid Potash, Inc (IPI) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Intrepid Potash, Inc (NYSE:IPI) from a sell rating to a hold rating in a research note released on Tuesday morning.
According to Zacks, “INTREPID POTASH, Inc. is the largest producer of potash in the U.S. and is dedicated to the production and marketing of potash and langbeinite, another mineral containing potassium. Intrepid owns five active potash production facilities — three in New Mexico and two in Utah “
Several other brokerages also recently issued reports on IPI. BidaskClub raised shares of Intrepid Potash from a hold rating to a buy rating in a research note on Wednesday, July 12th. BMO Capital Markets reissued a hold rating and issued a $2.00 price objective on shares of Intrepid Potash in a research note on Friday, July 7th.
Shares of Intrepid Potash (IPI) traded down 1.39% during midday trading on Tuesday, reaching $2.83. The company’s stock had a trading volume of 786,549 shares. The company’s market cap is $347.36 million. Intrepid Potash has a 12 month low of $0.93 and a 12 month high of $3.04. The company’s 50-day moving average price is $2.39 and its 200-day moving average price is $2.07.
Intrepid Potash (NYSE:IPI) last announced its quarterly earnings data on Tuesday, May 2nd. The basic materials company reported ($0.15) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.09) by $0.06. The firm had revenue of $48.30 million during the quarter, compared to the consensus estimate of $33.18 million. Intrepid Potash had a negative return on equity of 14.71% and a negative net margin of 33.27%. The firm’s revenue for the quarter was down 34.1% on a year-over-year basis. During the same period in the previous year, the business earned ($0.22) EPS. On average, equities analysts anticipate that Intrepid Potash will post ($0.29) EPS for the current fiscal year.
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In related news, insider Robert P. Jornayvaz III purchased 50,000 shares of the firm’s stock in a transaction dated Monday, May 22nd. The stock was purchased at an average price of $2.30 per share, with a total value of $115,000.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP John G. Mansanti sold 12,669 shares of Intrepid Potash stock in a transaction that occurred on Friday, June 2nd. The shares were sold at an average price of $2.24, for a total transaction of $28,378.56. Following the sale, the senior vice president now directly owns 48,483 shares of the company’s stock, valued at approximately $108,601.92. The disclosure for this sale can be found here. 27.20% of the stock is owned by company insiders.
Several hedge funds have recently bought and sold shares of the stock. Royce & Associates LP increased its stake in Intrepid Potash by 7.7% in the first quarter. Royce & Associates LP now owns 339,406 shares of the basic materials company’s stock valued at $584,000 after buying an additional 24,406 shares in the last quarter. California Public Employees Retirement System increased its stake in Intrepid Potash by 10.9% in the first quarter. California Public Employees Retirement System now owns 974,500 shares of the basic materials company’s stock valued at $1,676,000 after buying an additional 96,100 shares in the last quarter. FMR LLC increased its stake in Intrepid Potash by 10.8% in the first quarter. FMR LLC now owns 5,392,100 shares of the basic materials company’s stock valued at $9,274,000 after buying an additional 525,600 shares in the last quarter. Wellington Management Group LLP increased its stake in Intrepid Potash by 180.0% in the first quarter. Wellington Management Group LLP now owns 126,757 shares of the basic materials company’s stock valued at $218,000 after buying an additional 81,484 shares in the last quarter. Finally, Schroder Investment Management Group bought a new stake in Intrepid Potash during the first quarter valued at $1,472,000. 42.35% of the stock is owned by hedge funds and other institutional investors.
Intrepid Potash Company Profile
Intrepid Potash, Inc is a producer of muriate of potash (potassium chloride or potash) and langbeinite (sulfate of potash magnesia) in the United States, which it markets and sells as Trio. The Company operates in the extraction, production and sale of potassium-related products. Its products are potash and Trio.
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