Intrepid Potash, Inc (NYSE:IPI) Shares Up 2.8% After Strong Earnings
Intrepid Potash, Inc (NYSE:IPI) shares shot up 2.8% during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $3.59 and last traded at $3.66, with a volume of 3,559,907 shares changing hands. The stock had previously closed at $3.56.
The basic materials company reported ($0.03) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.06) by $0.03. Intrepid Potash had a negative net margin of 30.56% and a negative return on equity of 12.37%. The company had revenue of $43.90 million during the quarter, compared to the consensus estimate of $37.75 million. During the same period in the prior year, the firm earned ($0.17) earnings per share. Intrepid Potash’s revenue was down 15.3% on a year-over-year basis.
A number of research firms recently issued reports on IPI. BMO Capital Markets increased their price target on shares of Intrepid Potash from $2.00 to $3.00 and gave the stock a “market perform” rating in a research note on Thursday. Zacks Investment Research raised shares of Intrepid Potash from a “sell” rating to a “hold” rating in a research note on Tuesday, July 18th. Finally, BidaskClub raised shares of Intrepid Potash from a “hold” rating to a “buy” rating in a research note on Wednesday, July 12th.
In other Intrepid Potash news, major shareholder Clearway Capital Management Lt acquired 215,707 shares of the business’s stock in a transaction on Tuesday, August 1st. The shares were acquired at an average price of $2.98 per share, for a total transaction of $642,806.86. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP John G. Mansanti sold 12,669 shares of the company’s stock in a transaction dated Friday, June 2nd. The stock was sold at an average price of $2.24, for a total transaction of $28,378.56. Following the completion of the sale, the senior vice president now owns 48,483 shares in the company, valued at approximately $108,601.92. The disclosure for this sale can be found here. Over the last three months, insiders purchased 1,204,531 shares of company stock valued at $3,445,642. 27.20% of the stock is owned by insiders.
Large investors have recently made changes to their positions in the company. Fairfax Financial Holdings Ltd Can bought a new stake in shares of Intrepid Potash during the first quarter valued at approximately $28,500,000. FMR LLC raised its stake in shares of 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. Bienville Capital Management LLC raised its stake in shares of Intrepid Potash by 4,116.7% in the first quarter. Bienville Capital Management LLC now owns 2,560,728 shares of the basic materials company’s stock valued at $4,404,000 after buying an additional 2,500,000 shares in the last quarter. Great Lakes Advisors LLC raised its stake in shares of Intrepid Potash by 35.4% in the first quarter. Great Lakes Advisors LLC now owns 1,439,761 shares of the basic materials company’s stock valued at $2,476,000 after buying an additional 376,384 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Intrepid Potash by 46.7% in the first quarter. Dimensional Fund Advisors LP now owns 1,374,702 shares of the basic materials company’s stock valued at $2,364,000 after buying an additional 437,784 shares in the last quarter. Institutional investors and hedge funds own 42.41% of the company’s stock.
The company’s 50 day moving average is $2.55 and its 200 day moving average is $2.12. The company’s market cap is $484.63 million.
About Intrepid Potash
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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