Intrepid Potash, Inc (IPI) Lifted to “Strong-Buy” at BidaskClub
BidaskClub upgraded shares of Intrepid Potash, Inc (NYSE:IPI) from a buy rating to a strong-buy rating in a report issued on Wednesday.
A number of other research analysts also recently issued reports on IPI. Zacks Investment Research downgraded Intrepid Potash from a hold rating to a strong sell rating in a report on Wednesday, July 26th. BMO Capital Markets reiterated a hold rating and set a $2.00 price objective on shares of Intrepid Potash in a report on Friday, July 7th.
Shares of Intrepid Potash (NYSE:IPI) traded up 9.74% during midday trading on Wednesday, hitting $3.83. The company had a trading volume of 4,940,667 shares. The firm’s market capitalization is $498.80 million. The firm’s 50-day moving average is $2.55 and its 200-day moving average is $2.12. Intrepid Potash has a 12-month low of $0.93 and a 12-month high of $3.90.
Intrepid Potash (NYSE:IPI) last posted its quarterly earnings data on Wednesday, August 2nd. 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. The business had revenue of $43.90 million during the quarter, compared to the consensus estimate of $37.75 million. Intrepid Potash had a negative return on equity of 12.37% and a negative net margin of 30.56%. Intrepid Potash’s quarterly revenue was down 15.3% on a year-over-year basis. During the same period last year, the company earned ($0.17) earnings per share. On average, analysts predict that Intrepid Potash will post ($0.28) earnings per share for the current fiscal year.
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In other news, insider Robert P. Jornayvaz III acquired 50,000 shares of the firm’s stock in a transaction that occurred on Monday, May 22nd. The stock was acquired at an average cost of $2.30 per share, for a total transaction of $115,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP John G. Mansanti sold 12,669 shares of the stock in a transaction dated Friday, June 2nd. The stock was sold at an average price of $2.24, for a total value of $28,378.56. Following the transaction, the senior vice president now owns 48,483 shares of the company’s stock, valued at $108,601.92. The disclosure for this sale can be found here. Over the last quarter, insiders have purchased 1,204,531 shares of company stock valued at $3,445,642. 27.20% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Rhumbline Advisers bought a new position in Intrepid Potash during the second quarter worth $241,000. Parametric Portfolio Associates LLC increased its position in Intrepid Potash by 30.6% in the first quarter. Parametric Portfolio Associates LLC now owns 126,394 shares of the basic materials company’s stock worth $217,000 after buying an additional 29,646 shares in the last quarter. Wellington Management Group LLP increased its position 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 worth $218,000 after buying an additional 81,484 shares in the last quarter. Segantii Capital Management Ltd increased its position in Intrepid Potash by 1,134.8% in the first quarter. Segantii Capital Management Ltd now owns 138,300 shares of the basic materials company’s stock worth $238,000 after buying an additional 127,100 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. bought a new position in Intrepid Potash during the second quarter worth $361,000. Institutional investors and hedge funds own 42.41% of the company’s stock.
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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