Corsair Capital Management L.P. Sells 84,502 Shares of Intrepid Potash, Inc. (IPI)

Corsair Capital Management L.P. reduced its stake in Intrepid Potash, Inc. (NYSE:IPI) by 10.5% during the 3rd quarter, Holdings Channel reports. The firm owned 717,132 shares of the basic materials company’s stock after selling 84,502 shares during the period. Corsair Capital Management L.P.’s holdings in Intrepid Potash were worth $2,575,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of IPI. Engineers Gate Manager LP bought a new position in shares of Intrepid Potash in the 2nd quarter worth $433,000. Russell Investments Group Ltd. acquired a new stake in Intrepid Potash during the 2nd quarter worth $252,000. Swiss National Bank acquired a new stake in Intrepid Potash during the 2nd quarter worth $699,000. GSA Capital Partners LLP acquired a new stake in Intrepid Potash during the 2nd quarter worth $681,000. Finally, Royce & Associates LP raised its stake in Intrepid Potash by 57.8% during the 2nd quarter. Royce & Associates LP now owns 1,587,455 shares of the basic materials company’s stock worth $6,509,000 after buying an additional 581,500 shares during the period. Institutional investors and hedge funds own 43.73% of the company’s stock.

IPI opened at $3.22 on Friday. Intrepid Potash, Inc. has a 1 year low of $3.07 and a 1 year high of $5.31. The company has a current ratio of 3.23, a quick ratio of 1.47 and a debt-to-equity ratio of 0.12.

Intrepid Potash (NYSE:IPI) last released its quarterly earnings results on Tuesday, October 30th. The basic materials company reported $0.03 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.03. Intrepid Potash had a return on equity of 0.03% and a net margin of 1.59%. The firm had revenue of $36.53 million for the quarter, compared to the consensus estimate of $35.85 million. During the same quarter last year, the business posted ($0.02) EPS. The company’s revenue for the quarter was up 7.3% on a year-over-year basis. Analysts predict that Intrepid Potash, Inc. will post 0.06 earnings per share for the current fiscal year.

Several analysts recently commented on the company. Stephens set a $7.00 price objective on Intrepid Potash and gave the stock a “buy” rating in a research note on Tuesday, October 30th. Zacks Investment Research raised Intrepid Potash from a “sell” rating to a “hold” rating in a research note on Thursday, October 25th. TheStreet raised Intrepid Potash from a “d+” rating to a “c-” rating in a research note on Monday, November 12th. BMO Capital Markets raised their price objective on Intrepid Potash from $3.25 to $4.00 and gave the stock a “market perform” rating in a research note on Wednesday, October 31st. Finally, ValuEngine downgraded Intrepid Potash from a “hold” rating to a “sell” rating in a research note on Thursday, September 6th. One analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $4.81.

In related news, EVP James N. Whyte sold 88,088 shares of Intrepid Potash stock in a transaction dated Friday, November 9th. The stock was sold at an average price of $4.27, for a total value of $376,135.76. Following the sale, the executive vice president now owns 298,838 shares of the company’s stock, valued at $1,276,038.26. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Clearway Capital Management Lt bought 306,467 shares of the stock in a transaction that occurred on Wednesday, October 17th. The stock was bought at an average cost of $3.55 per share, for a total transaction of $1,087,957.85. The disclosure for this purchase can be found here. Company insiders own 27.30% of the company’s stock.

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Intrepid Potash Profile

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.

Further Reading: Why is insider trading harmful?

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Institutional Ownership by Quarter for Intrepid Potash (NYSE:IPI)

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