Intrepid Potash (NYSE:IPI) Cut to Hold at Zacks Research

Intrepid Potash (NYSE:IPI) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Wednesday, Zacks reports.

A number of other brokerages also recently issued reports on IPI. Weiss Ratings reiterated a “hold (c)” rating on shares of Intrepid Potash in a research note on Wednesday, August 19th. Freedom Capital raised shares of Intrepid Potash to a “strong-buy” rating in a report on Friday, July 24th. Finally, UBS Group upped their price target on shares of Intrepid Potash from $26.00 to $29.00 and gave the stock a “sell” rating in a research report on Wednesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $29.00.

Intrepid Potash Stock Performance

Shares of Intrepid Potash stock opened at $33.07 on Wednesday. The stock has a market cap of $445.01 million, a P/E ratio of 16.70 and a beta of 1.31. The stock’s fifty day moving average is $36.76 and its 200 day moving average is $37.29. Intrepid Potash has a one year low of $22.55 and a one year high of $50.34.

Intrepid Potash (NYSE:IPI) last released its quarterly earnings results on Tuesday, August 4th. The basic materials company reported $0.56 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($0.22). The company had revenue of $66.69 million for the quarter, compared to the consensus estimate of $64.86 million. Intrepid Potash had a net margin of 8.94% and a return on equity of 4.74%. Analysts predict that Intrepid Potash will post 1.77 EPS for the current year.

Hedge Funds Weigh In On Intrepid Potash

A number of hedge funds have recently made changes to their positions in IPI. International Assets Investment Management LLC purchased a new stake in shares of Intrepid Potash during the first quarter worth about $37,000. Quantbot Technologies LP purchased a new position in Intrepid Potash in the 2nd quarter worth approximately $41,000. Legal & General Group Plc purchased a new position in Intrepid Potash in the 2nd quarter worth approximately $74,000. Marquette Asset Management LLC bought a new position in Intrepid Potash in the 2nd quarter worth approximately $212,000. Finally, Wesbanco Bank Inc. bought a new position in Intrepid Potash in the 1st quarter worth approximately $214,000. Institutional investors own 56.13% of the company’s stock.

About Intrepid Potash

Intrepid Potash, Inc is a mineral producer focused primarily on potash and specialty fertilizer products. The company produces muriate of potash, also known as potassium chloride, as well as Trio, a granular fertilizer that supplies potassium, magnesium and sulfate. These products are used in agricultural applications to support crop growth and improve soil nutrient levels.

Intrepid also produces and sells magnesium chloride, which is used in industrial, animal-feed and road-maintenance applications, along with other mineral products and brine-related materials.