Intrepid Potash, Inc (IPI) Trading Down 6.5%
Intrepid Potash, Inc (NYSE:IPI)’s share price dropped 6.5% on Tuesday . The stock traded as low as $3.45 and last traded at $3.48. Approximately 1,309,909 shares were traded during trading, a decline of 31% from the average daily volume of 1,889,120 shares. The stock had previously closed at $3.72.
Several equities analysts have commented on IPI shares. BidaskClub upgraded shares of Intrepid Potash from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, August 2nd. Zacks Investment Research lowered shares of Intrepid Potash from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 26th. BMO Capital Markets raised their target price on shares of Intrepid Potash from $2.00 to $3.00 and gave the stock a “market perform” rating in a report on Thursday, August 3rd. Finally, UBS AG lowered shares of Intrepid Potash from a “neutral” rating to a “sell” rating and raised their target price for the stock from $2.00 to $2.50 in a report on Monday, August 7th.
The firm’s 50 day moving average price is $3.31 and its 200 day moving average price is $2.38. The company’s market capitalization is $441.44 million.
Intrepid Potash (NYSE:IPI) last announced its earnings results on Wednesday, August 2nd. The basic materials company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.03. The business had revenue of $43.90 million for the quarter, compared to analyst estimates 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 for the quarter was down 15.3% compared to the same quarter last year. During the same period last year, the firm posted ($0.17) earnings per share. Equities research analysts forecast that Intrepid Potash, Inc will post ($0.21) earnings per share for the current fiscal year.
In other news, major shareholder Clearway Capital Management Lt purchased 592,883 shares of the business’s stock in a transaction dated Thursday, July 27th. The stock was acquired at an average price of $2.89 per share, with a total value of $1,713,431.87. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Robert P. Jornayvaz III purchased 20,000 shares of the business’s 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 purchase, the insider now directly owns 1,206,650 shares in the company, valued at $3,994,011.50. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 2,122,031 shares of company stock valued at $6,603,387. Corporate insiders own 27.30% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. Fairfax Financial Holdings Ltd Can purchased a new stake in Intrepid Potash during the 1st quarter worth about $28,500,000. Bienville Capital Management LLC increased its position in Intrepid Potash by 4,116.7% during the 1st quarter. Bienville Capital Management LLC now owns 2,560,728 shares of the basic materials company’s stock worth $4,404,000 after purchasing an additional 2,500,000 shares in the last quarter. State Street Corp increased its position in Intrepid Potash by 3,191.0% during the 2nd quarter. State Street Corp now owns 1,144,560 shares of the basic materials company’s stock worth $2,590,000 after purchasing an additional 1,109,782 shares in the last quarter. Vanguard Group Inc. increased its position in Intrepid Potash by 30.5% during the 2nd quarter. Vanguard Group Inc. now owns 4,255,979 shares of the basic materials company’s stock worth $9,619,000 after purchasing an additional 994,554 shares in the last quarter. Finally, Northern Trust Corp increased its position in Intrepid Potash by 540.0% during the 2nd quarter. Northern Trust Corp now owns 1,091,221 shares of the basic materials company’s stock worth $2,466,000 after purchasing an additional 920,720 shares in the last quarter. 47.26% of the stock is owned by institutional investors and hedge funds.
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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