Intrepid Potash Inc. (NYSE:IPI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The brokerage presently has a $1.25 price objective on the stock. Zacks Investment Research’s price objective would indicate a potential downside of 10.07% from the company’s previous close.
According to Zacks, “INTREPID POTASH, Inc. is the largest producer of potash in the U.S. and is dedicated to the production and marketing of potash and langbeinite, another mineral containing potassium. Intrepid owns five active potash production facilities — three in New Mexico and two in Utah “
Shares of Intrepid Potash (NYSE:IPI) traded up 1.46% during midday trading on Wednesday, hitting $1.39. 150,607 shares of the stock were exchanged. The company’s market cap is $104.37 million. Intrepid Potash has a 12-month low of $0.65 and a 12-month high of $3.68. The firm has a 50-day moving average price of $1.14 and a 200-day moving average price of $1.28.
Intrepid Potash (NYSE:IPI) last released its quarterly earnings results on Wednesday, November 2nd. The company reported ($0.23) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.12) by $0.11. Intrepid Potash had a negative return on equity of 16.76% and a negative net margin of 268.61%. The firm had revenue of $43.64 million for the quarter, compared to analysts’ expectations of $35.83 million. During the same period last year, the firm earned ($0.06) EPS. The business’s quarterly revenue was down 18.7% on a year-over-year basis. On average, equities analysts predict that Intrepid Potash will post ($0.72) EPS for the current year.
In related news, insider Robert P. Jornayvaz III acquired 47,210 shares of the firm’s stock in a transaction on Friday, November 4th. The stock was bought at an average cost of $1.09 per share, with a total value of $51,458.90. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 27.20% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. AIMZ Investment Advisors LLC raised its position in shares of Intrepid Potash by 69.0% in the first quarter. AIMZ Investment Advisors LLC now owns 69,697 shares of the company’s stock valued at $805,000 after buying an additional 28,445 shares in the last quarter. California Public Employees Retirement System raised its position in Intrepid Potash by 88.4% in the second quarter. California Public Employees Retirement System now owns 438,300 shares of the company’s stock valued at $631,000 after buying an additional 205,600 shares during the period. GSA Capital Partners LLP acquired a new position in Intrepid Potash during the second quarter valued at approximately $114,000. Ameriprise Financial Inc. raised its position in Intrepid Potash by 4.7% in the second quarter. Ameriprise Financial Inc. now owns 271,811 shares of the company’s stock valued at $392,000 after buying an additional 12,133 shares during the period. Finally, Tower Research Capital LLC TRC raised its position in Intrepid Potash by 1,393.7% in the second quarter. Tower Research Capital LLC TRC now owns 122,599 shares of the company’s stock valued at $177,000 after buying an additional 114,391 shares during the period. 39.29% of the stock is owned by institutional investors.
Intrepid Potash Company Profile
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 containing products segment. Its products are potash and Trio.