Intrepid Potash (NYSE:IPI) had its target price lifted by BMO Capital Markets from $3.25 to $4.00 in a research report released on Wednesday morning. They currently have a market perform rating on the basic materials company’s stock.
IPI has been the subject of several other reports. Zacks Investment Research raised shares of Intrepid Potash from a sell rating to a hold rating in a report on Thursday, September 6th. ValuEngine downgraded shares of Intrepid Potash from a hold rating to a sell rating in a report on Thursday, September 6th. Finally, Stephens set a $7.00 price target on shares of Intrepid Potash and gave the company a buy rating in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company’s stock. The company has an average rating of Hold and an average target price of $4.81.
Shares of Intrepid Potash stock traded down $0.07 during trading on Wednesday, hitting $4.00. 1,007,614 shares of the company were exchanged, compared to its average volume of 685,239. The company has a market capitalization of $524.43 million, a P/E ratio of -22.22 and a beta of 0.74. Intrepid Potash has a fifty-two week low of $3.12 and a fifty-two week high of $5.31. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.23 and a quick ratio of 1.53.
Intrepid Potash (NYSE:IPI) last released its quarterly earnings data on Tuesday, October 30th. The basic materials company reported $0.03 EPS for the quarter, hitting analysts’ consensus estimates of $0.03. The company had revenue of $36.53 million during the quarter, compared to the consensus estimate of $35.85 million. Intrepid Potash had a net margin of 1.59% and a return on equity of 0.03%. The firm’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same period last year, the firm earned ($0.02) EPS. As a group, research analysts expect that Intrepid Potash will post 0.11 EPS for the current fiscal year.
In related news, insider Robert P. Jornayvaz III bought 10,000 shares of the company’s stock in a transaction on Wednesday, August 15th. The stock was bought at an average cost of $3.24 per share, with a total value of $32,400.00. Following the completion of the purchase, the insider now owns 1,206,650 shares in the company, valued at approximately $3,909,546. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Robert P. Jornayvaz III bought 20,000 shares of the company’s stock in a transaction on Tuesday, August 7th. The stock was bought at an average cost of $3.40 per share, with a total value of $68,000.00. Following the completion of the purchase, the insider now owns 1,206,650 shares of the company’s stock, valued at approximately $4,102,610. The disclosure for this purchase can be found here. Insiders have purchased a total of 970,634 shares of company stock valued at $3,460,298 over the last three months. 27.30% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. raised its stake in shares of Intrepid Potash by 7.1% in the second quarter. BlackRock Inc. now owns 6,872,214 shares of the basic materials company’s stock worth $28,175,000 after acquiring an additional 453,297 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Intrepid Potash by 20.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 5,977,548 shares of the basic materials company’s stock worth $24,508,000 after buying an additional 997,116 shares during the period. Laurion Capital Management LP acquired a new stake in shares of Intrepid Potash during the 2nd quarter worth approximately $9,164,000. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Intrepid Potash by 3.5% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,982,161 shares of the basic materials company’s stock worth $8,127,000 after buying an additional 67,274 shares during the period. Finally, Millennium Management LLC acquired a new stake in shares of Intrepid Potash during the 2nd quarter worth approximately $6,819,000. 45.07% of the stock is owned by 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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