Shares of Intrepid Potash, Inc (NYSE:IPI) fell 6.5% during mid-day trading on Tuesday . The stock traded as low as $3.45 and last traded at $3.48. 1,309,909 shares traded hands during trading, a decline of 31% from the average session volume of 1,889,120 shares. The stock had previously closed at $3.72.

Several brokerages have issued reports on IPI. BMO Capital Markets reaffirmed a “hold” rating and set a $2.00 target price on shares of Intrepid Potash in a research report on Friday, July 7th. Zacks Investment Research raised Intrepid Potash from a “sell” rating to a “hold” rating in a research report on Tuesday, July 18th. BidaskClub raised Intrepid Potash from a “hold” rating to a “buy” rating in a research report on Wednesday, July 12th. Finally, UBS AG cut Intrepid Potash from a “neutral” rating to a “sell” rating and increased their target price for the company from $2.00 to $2.50 in a research report on Monday, August 7th.

The company’s 50 day moving average is $3.26 and its 200 day moving average is $2.36. The firm’s market capitalization is $426.73 million.

Intrepid Potash (NYSE:IPI) last issued its earnings results on Wednesday, August 2nd. The basic materials company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.03. The firm had revenue of $43.90 million during 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 revenue was down 15.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.17) earnings per share. Equities research analysts expect that Intrepid Potash, Inc will post ($0.21) earnings per share for the current year.

In related news, insider Robert P. Jornayvaz III acquired 20,000 shares of the firm’s stock in a transaction on Monday, August 7th. The stock was bought at an average price of $3.31 per share, for a total transaction of $66,200.00. Following the completion of the purchase, the insider now directly owns 1,206,650 shares of the company’s stock, valued at approximately $3,994,011.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Clearway Capital Management Lt acquired 300,000 shares of the firm’s stock in a transaction on Friday, July 21st. The stock was bought at an average price of $2.83 per share, with a total value of $849,000.00. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 2,122,031 shares of company stock valued at $6,603,387. Insiders own 27.30% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Radnor Capital Management LLC boosted 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 valued at $105,000 after acquiring an additional 21,600 shares in the last quarter. Wells Fargo & Company MN boosted its stake in Intrepid Potash by 12.3% in the second quarter. Wells Fargo & Company MN now owns 57,809 shares of the basic materials company’s stock valued at $131,000 after acquiring an additional 6,336 shares in the last quarter. New York State Common Retirement Fund acquired a new position in Intrepid Potash in the second quarter valued at $132,000. Nationwide Fund Advisors boosted its stake in Intrepid Potash by 324.6% in the second quarter. Nationwide Fund Advisors now owns 69,865 shares of the basic materials company’s stock valued at $158,000 after acquiring an additional 53,410 shares in the last quarter. Finally, Brandywine Global Investment Management LLC boosted its stake in Intrepid Potash by 176.2% in the second quarter. Brandywine Global Investment Management LLC now owns 69,823 shares of the basic materials company’s stock valued at $158,000 after acquiring an additional 44,543 shares in the last quarter. Institutional investors own 47.26% of the company’s stock.

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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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