Intrepid Potash (NYSE:IPI) Trading Down 4.3% – Here’s Why

Intrepid Potash, Inc (NYSE:IPI)’s stock price fell 4.3% during trading on Wednesday . The company traded as low as $39.52 and last traded at $39.5310. 51,813 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 299,963 shares. The stock had previously closed at $41.31.

Analysts Set New Price Targets

Several brokerages have commented on IPI. Weiss Ratings upgraded Intrepid Potash from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, May 8th. UBS Group increased their price target on Intrepid Potash from $25.00 to $26.00 and gave the company a “sell” rating in a report on Thursday, May 14th. Two research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus target price of $26.00.

Intrepid Potash Price Performance

The firm has a fifty day simple moving average of $40.69 and a 200 day simple moving average of $33.64. The company has a market cap of $534.25 million, a price-to-earnings ratio of 37.54 and a beta of 1.25.

Intrepid Potash (NYSE:IPI) last announced its quarterly earnings results on Wednesday, May 6th. The basic materials company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.48 by $0.14. Intrepid Potash had a return on equity of 4.53% and a net margin of 4.68%.The company had revenue of $98.69 million for the quarter, compared to the consensus estimate of $88.30 million. Analysts expect that Intrepid Potash, Inc will post 1.62 earnings per share for the current year.

Insider Buying and Selling at Intrepid Potash

In other news, Director Lori A. Lancaster sold 4,800 shares of the stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $45.24, for a total value of $217,152.00. Following the completion of the sale, the director directly owned 10,540 shares of the company’s stock, valued at approximately $476,829.60. This represents a 31.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Intrepid Potash

Several hedge funds have recently modified their holdings of the business. Royal Bank of Canada boosted its position in shares of Intrepid Potash by 2,612.1% in the first quarter. Royal Bank of Canada now owns 8,489 shares of the basic materials company’s stock valued at $363,000 after acquiring an additional 8,176 shares during the period. Empowered Funds LLC boosted its position in shares of Intrepid Potash by 8.3% in the first quarter. Empowered Funds LLC now owns 88,353 shares of the basic materials company’s stock valued at $3,779,000 after acquiring an additional 6,785 shares during the period. Quantinno Capital Management LP boosted its position in shares of Intrepid Potash by 27.8% in the first quarter. Quantinno Capital Management LP now owns 29,215 shares of the basic materials company’s stock valued at $1,250,000 after acquiring an additional 6,355 shares during the period. Lazard Asset Management LLC bought a new stake in shares of Intrepid Potash in the first quarter valued at approximately $1,587,000. Finally, Caxton Associates LLP bought a new stake in shares of Intrepid Potash in the first quarter valued at approximately $751,000. 56.13% of the stock is owned by institutional investors.

Intrepid Potash Company Profile

Intrepid Potash, Inc is a leading U.S.-based producer and marketer of potash and related specialty fertilizer products. The company’s primary business centers on potassium chloride, a key nutrient used in agricultural applications to enhance crop yield and quality. In addition to potash, Intrepid Potash produces magnesium chloride and sodium chloride, which serve a variety of markets including de-icing, dust control and industrial chemical production.

Intrepid Potash operates through a combination of solution mining, solar evaporation and conventional underground mining techniques.