Zacks Investment Research Downgrades Intrepid Potash, Inc (NYSE:IPI) to Strong Sell
Intrepid Potash, Inc (NYSE:IPI) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Wednesday.
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 “
Several other research firms have also commented on IPI. BidaskClub upgraded shares of Intrepid Potash from a “hold” rating to a “buy” rating in a research report on Wednesday, July 12th. BMO Capital Markets reiterated a “hold” rating and issued a $2.00 price objective on shares of Intrepid Potash in a research report on Friday, July 7th.
Intrepid Potash (IPI) traded up 1.74% during mid-day trading on Wednesday, hitting $2.93. 1,254,985 shares of the stock were exchanged. The company has a 50 day moving average price of $2.46 and a 200 day moving average price of $2.09. Intrepid Potash has a 52-week low of $0.93 and a 52-week high of $3.04. The firm’s market cap is $359.63 million.
Intrepid Potash (NYSE:IPI) last released its quarterly earnings data on Tuesday, May 2nd. The basic materials company reported ($0.15) EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to analysts’ expectations of $33.18 million. During the same quarter in the prior year, the firm earned ($0.22) earnings per share. Intrepid Potash’s quarterly revenue was down 34.1% on a year-over-year basis. On average, analysts anticipate that Intrepid Potash will post ($0.29) EPS for the current year.
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In other news, major shareholder Clearway Capital Management Lt bought 300,000 shares of Intrepid Potash stock in a transaction on Friday, July 21st. The shares were bought at an average cost of $2.83 per share, for a total transaction of $849,000.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Robert P. Jornayvaz III bought 50,000 shares of Intrepid Potash stock in a transaction on Monday, May 22nd. The stock was purchased at an average price of $2.30 per share, for a total transaction of $115,000.00. The disclosure for this purchase can be found here. Insiders purchased a total of 363,800 shares of company stock worth $992,980 over the last quarter. Insiders own 27.20% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP raised its position in Intrepid Potash by 40.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 936,918 shares of the basic materials company’s stock worth $1,949,000 after buying an additional 267,978 shares during the period. FMR LLC raised its position in Intrepid Potash by 203.7% in the fourth quarter. FMR LLC now owns 4,866,500 shares of the basic materials company’s stock worth $10,123,000 after buying an additional 3,263,900 shares during the period. Bank of New York Mellon Corp raised its position in Intrepid Potash by 1.4% in the first quarter. Bank of New York Mellon Corp now owns 568,163 shares of the basic materials company’s stock worth $977,000 after buying an additional 7,793 shares during the period. Ameriprise Financial Inc. raised its position in Intrepid Potash by 50.1% in the first quarter. Ameriprise Financial Inc. now owns 847,566 shares of the basic materials company’s stock worth $1,458,000 after buying an additional 282,913 shares during the period. Finally, Parametric Portfolio Associates LLC raised its position in Intrepid Potash by 30.6% in the first quarter. Parametric Portfolio Associates LLC now owns 126,394 shares of the basic materials company’s stock worth $217,000 after buying an additional 29,646 shares during the period. Institutional investors own 42.40% 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-related products. Its products are potash and Trio.
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