Intrepid Potash, Inc (NYSE:IPI) Upgraded by Zacks Investment Research to Buy
Intrepid Potash, Inc (NYSE:IPI) was upgraded by Zacks Investment Research from a “sell” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The firm currently has a $3.75 target price on the basic materials company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 9.33% from the company’s current price.
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 “
Other research analysts also recently issued reports about the stock. BMO Capital Markets reissued a “hold” rating and set a $2.00 price objective on shares of Intrepid Potash in a research report on Friday, July 7th. BidaskClub raised shares of Intrepid Potash from a “hold” rating to a “buy” rating in a research report on Wednesday, July 12th. Finally, UBS AG downgraded shares of Intrepid Potash from a “neutral” rating to a “sell” rating and boosted their price objective for the company from $2.00 to $2.50 in a research report on Monday.
Intrepid Potash (NYSE IPI) traded up 1.78% during midday trading on Wednesday, reaching $3.43. 3,163,829 shares of the company’s stock were exchanged. Intrepid Potash has a 12-month low of $0.93 and a 12-month high of $3.93. The company’s market cap is $434.02 million. The firm has a 50-day moving average price of $2.65 and a 200 day moving average price of $2.15.
Intrepid Potash (NYSE:IPI) last issued its quarterly earnings data on Wednesday, August 2nd. The basic materials company reported ($0.03) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.06) by $0.03. The business had revenue of $43.90 million for the quarter, compared to the consensus estimate of $37.75 million. Intrepid Potash had a negative net margin of 30.56% and a negative return on equity of 12.37%. The company’s quarterly revenue was down 15.3% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.17) EPS. On average, analysts expect that Intrepid Potash will post ($0.26) EPS for the current fiscal year.
In other Intrepid Potash news, insider Robert P. Jornayvaz III bought 20,000 shares of Intrepid Potash stock in a transaction dated Monday, August 7th. The shares were purchased at an average cost of $3.31 per share, with a total value of $66,200.00. Following the transaction, the insider now directly owns 1,206,650 shares of the company’s stock, valued at $3,994,011.50. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Clearway Capital Management Lt bought 592,883 shares of Intrepid Potash stock in a transaction dated Thursday, July 27th. The stock was acquired at an average cost of $2.89 per share, for a total transaction of $1,713,431.87. The disclosure for this purchase can be found here. Insiders bought a total of 1,232,031 shares of company stock worth $3,535,917 over the last ninety days. Insiders own 27.20% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. Radnor Capital Management LLC increased its stake in Intrepid Potash by 87.1% in the second quarter. Radnor Capital Management LLC now owns 46,400 shares of the basic materials company’s stock worth $105,000 after buying an additional 21,600 shares in the last quarter. Parametric Portfolio Associates LLC increased its stake 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 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 worth $218,000 after buying an additional 81,484 shares in the last quarter. Segantii Capital Management Ltd increased its stake 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, Rhumbline Advisers acquired a new stake in Intrepid Potash during the second quarter worth $241,000. 42.41% of the stock is currently owned by hedge funds and other institutional investors.
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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