Intrepid Potash Inc. (IPI) Downgraded to “Sell” at Zacks Investment Research
Intrepid Potash Inc. (NYSE:IPI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday.
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 equities analysts have also recently issued reports about the company. Credit Agricole SA raised Intrepid Potash from an “underperform” rating to an “outperform” rating in a report on Tuesday, May 10th. Morgan Stanley reissued a “sell” rating and issued a $1.00 target price on shares of Intrepid Potash in a report on Thursday, June 16th. Finally, Cowen and Company cut Intrepid Potash from a “market perform” rating to an “underperform” rating in a report on Thursday, April 14th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $2.44.
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Intrepid Potash (NYSE:IPI) traded up 1.3299% during mid-day trading on Tuesday, hitting $0.9829. The stock had a trading volume of 500,924 shares. The firm’s market cap is $73.79 million. Intrepid Potash has a 1-year low of $0.65 and a 1-year high of $6.23. The stock has a 50 day moving average of $1.20 and a 200-day moving average of $1.27.
Intrepid Potash (NYSE:IPI) last issued its earnings results on Tuesday, August 2nd. The company reported ($0.17) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.15) by $0.02. Intrepid Potash had a negative return on equity of 9.92% and a negative net margin of 251.86%. The company earned $51.84 million during the quarter, compared to analyst estimates of $51.04 million. During the same period in the previous year, the company posted ($0.08) earnings per share. The company’s quarterly revenue was down 29.7% on a year-over-year basis. Analysts predict that Intrepid Potash will post ($0.61) EPS for the current fiscal year.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. First Trust Advisors LP raised its position in shares of Intrepid Potash by 70.5% in the fourth quarter. First Trust Advisors LP now owns 361,534 shares of the company’s stock worth $1,067,000 after buying an additional 149,497 shares during the last quarter. Royce & Associates LLC purchased a new position in shares of Intrepid Potash during the fourth quarter worth approximately $4,344,000. Lapides Asset Management LLC raised its position in shares of Intrepid Potash by 74.3% in the fourth quarter. Lapides Asset Management LLC now owns 3,312,700 shares of the company’s stock worth $9,772,000 after buying an additional 1,412,500 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Intrepid Potash by 15.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 773,703 shares of the company’s stock worth $2,282,000 after buying an additional 105,945 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. raised its position in shares of Intrepid Potash by 10.4% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 340,311 shares of the company’s stock worth $1,004,000 after buying an additional 31,942 shares during the last quarter. Hedge funds and other institutional investors own 41.70% of the company’s stock.
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 containing products segment. Its products are potash and Trio.
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