Intrepid Potash (NYSE:IPI) Upgraded to Strong-Buy at Zacks Research

Intrepid Potash (NYSE:IPI) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Tuesday, Zacks reports.

IPI has been the topic of a number of other research reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Intrepid Potash in a report on Wednesday, August 19th. UBS Group raised their target price on Intrepid Potash from $26.00 to $29.00 and gave the company a “sell” rating in a report on Wednesday, August 12th. Finally, Freedom Capital upgraded shares of Intrepid Potash to a “strong-buy” rating in a research report on Friday, July 24th. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $29.00.

Intrepid Potash Trading Down 0.8%

NYSE IPI opened at $41.21 on Tuesday. The business’s 50 day moving average is $36.33 and its two-hundred day moving average is $37.78. Intrepid Potash has a 12-month low of $22.55 and a 12-month high of $50.34. The stock has a market capitalization of $554.66 million, a price-to-earnings ratio of 20.81 and a beta of 1.26.

Intrepid Potash (NYSE:IPI) last posted its quarterly earnings results on Tuesday, August 4th. The basic materials company reported $0.56 EPS for the quarter, missing the consensus estimate of $0.78 by ($0.22). The business had revenue of $66.69 million during the quarter, compared to analyst estimates of $64.86 million. Intrepid Potash had a net margin of 8.94% and a return on equity of 4.74%. Equities analysts forecast that Intrepid Potash will post 1.86 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Intrepid Potash

Institutional investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC grew its holdings in shares of Intrepid Potash by 197.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 819 shares of the basic materials company’s stock worth $29,000 after acquiring an additional 544 shares during the period. International Assets Investment Management LLC purchased a new position in Intrepid Potash in the 1st quarter valued at approximately $37,000. Quantbot Technologies LP acquired a new position in Intrepid Potash during the second quarter worth $41,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in Intrepid Potash during the fourth quarter worth $44,000. Finally, Tower Research Capital LLC TRC boosted its position in Intrepid Potash by 80.6% during the second quarter. Tower Research Capital LLC TRC now owns 1,360 shares of the basic materials company’s stock worth $49,000 after purchasing an additional 607 shares in the last quarter. Hedge funds and other institutional investors own 56.13% of the company’s stock.

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.