Intrepid Potash, Inc (IPI) Upgraded to Hold at Zacks Investment Research
Intrepid Potash, Inc (NYSE:IPI) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to 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 “
A number of other analysts have also recently weighed in on IPI. BMO Capital Markets reaffirmed a “hold” rating and set a $2.00 price target 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.
Shares of Intrepid Potash (NYSE:IPI) traded down 1.47% during mid-day trading on Tuesday, hitting $2.68. The stock had a trading volume of 1,025,168 shares. The company’s 50 day moving average price is $2.35 and its 200 day moving average price is $2.06. Intrepid Potash has a 12-month low of $0.93 and a 12-month high of $3.04. The stock’s market cap is $328.95 million.
Intrepid Potash (NYSE:IPI) last announced its quarterly earnings results on Tuesday, May 2nd. The basic materials company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by $0.06. Intrepid Potash had a negative return on equity of 14.71% and a negative net margin of 33.27%. The business had revenue of $48.30 million for the quarter, compared to analysts’ expectations of $33.18 million. During the same period last year, the company posted ($0.22) earnings per share. The firm’s revenue for the quarter was down 34.1% on a year-over-year basis. Equities research analysts predict that Intrepid Potash will post ($0.29) EPS for the current fiscal year.
In other Intrepid Potash news, SVP John G. Mansanti sold 12,669 shares of the company’s stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $2.24, for a total value of $28,378.56. Following the completion of the transaction, the senior vice president now directly owns 48,483 shares of the company’s stock, valued at approximately $108,601.92. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Robert P. Jornayvaz III acquired 13,800 shares of the firm’s stock in a transaction on Wednesday, May 31st. The stock was purchased at an average cost of $2.10 per share, with a total value of $28,980.00. Following the completion of the transaction, the insider now owns 565,390 shares in the company, valued at $1,187,319. The disclosure for this purchase can be found here. Corporate insiders own 27.20% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the stock. Thomson Horstmann & Bryant purchased a new position in Intrepid Potash during the fourth quarter worth $1,387,000. First Trust Advisors LP boosted its position in Intrepid Potash by 70.5% in the fourth quarter. First Trust Advisors LP now owns 361,534 shares of the basic materials company’s stock worth $1,067,000 after buying an additional 149,497 shares during the last quarter. Principal Financial Group Inc. boosted its position in Intrepid Potash by 4.3% in the fourth quarter. Principal Financial Group Inc. now owns 381,051 shares of the basic materials company’s stock worth $1,124,000 after buying an additional 15,799 shares during the last quarter. Royce & Associates LLC purchased a new position in Intrepid Potash during the fourth quarter worth $4,344,000. Finally, Lapides Asset Management LLC boosted its position in Intrepid Potash by 74.3% in the fourth quarter. Lapides Asset Management LLC now owns 3,312,700 shares of the basic materials company’s stock worth $9,772,000 after buying an additional 1,412,500 shares during the last quarter. 42.35% of the stock is owned by 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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