Intrepid Potash, Inc (NYSE:IPI) had its price target lifted by BMO Capital Markets from $3.00 to $4.00 in a research report sent to investors on Tuesday. They currently have a market perform rating on the basic materials company’s stock.
A number of other research firms have also commented on IPI. Zacks Investment Research raised Intrepid Potash from a sell rating to a buy rating and set a $3.75 price target for the company in a research report on Wednesday, August 9th. BidaskClub raised Intrepid Potash from a hold rating to a buy rating in a research report on Wednesday, July 12th. Finally, UBS Group AG (USA) lowered Intrepid Potash from a neutral rating to a sell rating and upped their price target for the company from $2.00 to $2.50 in a research report on Monday, August 7th.
Shares of Intrepid Potash (NYSE IPI) traded up $0.09 during midday trading on Tuesday, hitting $4.00. 718,031 shares of the stock were exchanged, compared to its average volume of 1,278,172. The company has a current ratio of 4.71, a quick ratio of 1.21 and a debt-to-equity ratio of 0.15.
Intrepid Potash (NYSE:IPI) last released its earnings results on Monday, October 30th. The basic materials company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.02. Intrepid Potash had a negative return on equity of 8.09% and a negative net margin of 22.88%. The company had revenue of $32.06 million during the quarter, compared to analyst estimates of $33.15 million. During the same quarter in the previous year, the company posted ($0.22) EPS. Intrepid Potash’s revenue for the quarter was down 26.5% on a year-over-year basis. research analysts predict that Intrepid Potash will post -0.2 EPS for the current year.
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In other news, major shareholder Clearway Capital Management Lt bought 17,100 shares of Intrepid Potash stock in a transaction on Friday, August 18th. The shares were purchased at an average price of $3.20 per share, for a total transaction of $54,720.00. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Robert P. Jornayvaz III bought 20,000 shares of Intrepid Potash stock in a transaction on Monday, August 7th. The shares were purchased at an average price of $3.31 per share, for a total transaction of $66,200.00. Following the acquisition, the insider now directly owns 1,206,650 shares in the company, valued at approximately $3,994,011.50. The disclosure for this purchase can be found here. Insiders have acquired a total of 981,300 shares of company stock valued at $3,301,725 in the last ninety days. 27.30% of the stock is currently owned by corporate insiders.
Hedge funds have recently bought and sold shares of the business. Saratoga Research & Investment Management purchased a new position in shares of Intrepid Potash during the 3rd quarter worth approximately $157,000. Thompson Davis & CO. Inc. purchased a new position in shares of Intrepid Potash during the 3rd quarter worth approximately $184,000. State Board of Administration of Florida Retirement System grew its holdings in shares of Intrepid Potash by 226.5% during the 3rd quarter. State Board of Administration of Florida Retirement System now owns 42,683 shares of the basic materials company’s stock worth $186,000 after acquiring an additional 29,610 shares during the period. Radnor Capital Management LLC grew its holdings in shares of Intrepid Potash by 87.1% during the 2nd quarter. Radnor Capital Management LLC now owns 46,400 shares of the basic materials company’s stock worth $105,000 after acquiring an additional 21,600 shares during the period. Finally, Wells Fargo & Company MN grew its holdings in shares of Intrepid Potash by 12.3% during the 2nd quarter. Wells Fargo & Company MN now owns 57,809 shares of the basic materials company’s stock worth $131,000 after acquiring an additional 6,336 shares during the period. Hedge funds and other institutional investors own 47.30% 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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