Zacks Investment Research downgraded shares of Intrepid Potash (NYSE:IPI) from a hold rating to a sell rating in a report released on Wednesday, September 12th.
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 “
IPI has been the topic of a number of other reports. ValuEngine lowered Intrepid Potash from a hold rating to a sell rating in a research report on Thursday, September 6th. BMO Capital Markets decreased their price target on Intrepid Potash from $4.00 to $3.25 and set a market perform rating on the stock in a research report on Monday, August 6th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus target price of $4.13.
NYSE IPI traded down $0.05 during trading hours on Wednesday, reaching $3.53. 311,481 shares of the company’s stock were exchanged, compared to its average volume of 985,071. The firm has a market cap of $470.67 million, a PE ratio of -19.61 and a beta of 0.98. Intrepid Potash has a one year low of $3.12 and a one year high of $5.31. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.47 and a quick ratio of 1.53.
Intrepid Potash (NYSE:IPI) last released its quarterly earnings results on Thursday, August 2nd. The basic materials company reported ($0.01) EPS for the quarter, missing the Zacks’ consensus estimate of $0.04 by ($0.05). The business had revenue of $54.00 million for the quarter, compared to the consensus estimate of $43.08 million. Intrepid Potash had a negative return on equity of 1.15% and a negative net margin of 1.47%. The firm’s revenue was up 20.0% on a year-over-year basis. During the same quarter last year, the company earned ($0.05) earnings per share. As a group, equities analysts expect that Intrepid Potash will post 0.1 earnings per share for the current year.
In other news, insider Robert P. Jornayvaz III acquired 10,000 shares of Intrepid Potash stock in a transaction on Wednesday, August 15th. The shares were purchased at an average price of $3.24 per share, with a total value of $32,400.00. Following the acquisition, the insider now owns 1,206,650 shares in the company, valued at $3,909,546. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Robert P. Jornayvaz III acquired 20,000 shares of Intrepid Potash stock in a transaction on Tuesday, August 7th. The shares were purchased at an average cost of $3.40 per share, for a total transaction of $68,000.00. Following the acquisition, the insider now owns 1,206,650 shares in the company, valued at approximately $4,102,610. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 47,700 shares of company stock worth $159,224. 27.70% of the stock is owned by corporate insiders.
Large investors have recently bought and sold shares of the business. Macquarie Group Ltd. acquired a new position in Intrepid Potash during the 2nd quarter worth $108,000. BlueMountain Capital Management LLC acquired a new position in Intrepid Potash during the 2nd quarter worth $125,000. Metropolitan Life Insurance Co. NY lifted its holdings in Intrepid Potash by 152.2% during the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 33,008 shares of the basic materials company’s stock worth $135,000 after buying an additional 19,919 shares in the last quarter. Global X Management Co. LLC acquired a new position in Intrepid Potash during the 1st quarter worth $140,000. Finally, Bank of America Corp DE lifted its holdings in Intrepid Potash by 96.9% during the 2nd quarter. Bank of America Corp DE now owns 41,056 shares of the basic materials company’s stock worth $167,000 after buying an additional 20,204 shares in the last quarter. 45.56% of the stock is currently owned by hedge funds and other institutional investors.
About Intrepid Potash
Intrepid Potash, Inc produces and sells potash and langbeinite products in the United States and internationally. It operates through two segments, Potash and Trio. The Potash segment offers muriate of potash or potassium chloride for use as a fertilizer input in the agricultural market; as a component in drilling and fracturing fluids for oil and gas wells, as well as an input to other industrial processes in the industrial market; and as a nutrient supplement in the animal feed market.
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