Intrepid Potash (NYSE:IPI) Hits New 52-Week High Following Strong Earnings

Intrepid Potash, Inc. (NYSE:IPI)’s share price reached a new 52-week high during mid-day trading on Tuesday following a stronger than expected earnings report. The company traded as high as $38.15 and last traded at $37.68, with a volume of 341963 shares. The stock had previously closed at $32.57.

The basic materials company reported $0.39 EPS for the quarter, beating the consensus estimate of ($0.12) by $0.51. Intrepid Potash had a negative net margin of 16.86% and a negative return on equity of 1.32%. The business had revenue of $97.76 million for the quarter, compared to analysts’ expectations of $72.34 million.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on IPI shares. UBS Group cut their price objective on shares of Intrepid Potash from $20.00 to $19.00 and set a “sell” rating for the company in a research report on Wednesday, April 16th. StockNews.com raised shares of Intrepid Potash from a “sell” rating to a “hold” rating in a research note on Tuesday.

Insider Buying and Selling

In other Intrepid Potash news, major shareholder Robert P. Jornayvaz III sold 8,984 shares of the firm’s stock in a transaction that occurred on Wednesday, March 26th. The stock was sold at an average price of $30.56, for a total value of $274,551.04. Following the completion of the transaction, the insider now directly owns 1,105,545 shares in the company, valued at $33,785,455.20. This trade represents a 0.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In the last three months, insiders sold 170,171 shares of company stock valued at $4,617,835. 18.00% of the stock is owned by corporate insiders.

Institutional Trading of Intrepid Potash

Hedge funds have recently made changes to their positions in the business. American Century Companies Inc. lifted its position in shares of Intrepid Potash by 0.3% during the 4th quarter. American Century Companies Inc. now owns 185,844 shares of the basic materials company’s stock valued at $4,074,000 after acquiring an additional 577 shares during the period. Glenorchy Capital Ltd grew its position in Intrepid Potash by 1.1% during the 4th quarter. Glenorchy Capital Ltd now owns 62,928 shares of the basic materials company’s stock worth $1,379,000 after acquiring an additional 714 shares during the last quarter. SG Americas Securities LLC increased its stake in shares of Intrepid Potash by 14.0% in the fourth quarter. SG Americas Securities LLC now owns 6,743 shares of the basic materials company’s stock valued at $148,000 after buying an additional 830 shares during the period. New York State Teachers Retirement System acquired a new stake in Intrepid Potash in the first quarter valued at $29,000. Finally, Goehring & Rozencwajg Associates LLC raised its position in shares of Intrepid Potash by 0.6% during the fourth quarter. Goehring & Rozencwajg Associates LLC now owns 209,362 shares of the basic materials company’s stock worth $4,803,000 after acquiring an additional 1,272 shares during the last quarter. 56.13% of the stock is owned by institutional investors and hedge funds.

Intrepid Potash Stock Performance

The stock’s 50 day moving average price is $29.09 and its 200 day moving average price is $26.77. The company has a market capitalization of $504.59 million, a P/E ratio of -11.31 and a beta of 1.80.

About Intrepid Potash

Intrepid Potash, Inc, together with its subsidiaries, engages in the extraction and production of the potash in the United States and internationally. It operates through three segments: Potash, Trio, and Oilfield Solutions. The company offers muriate of potash for various markets, such as agricultural market as a fertilizer input; the industrial market as a component in drilling and fracturing fluids for oil and gas wells, as well as an input to other industrial processes; and the animal feed market as a nutrient supplement.