BMO Capital Markets Increases Intrepid Potash, Inc (IPI) Price Target to $4.00
Intrepid Potash, Inc (NYSE:IPI) had its price target boosted by stock analysts at BMO Capital Markets from $3.00 to $4.00 in a research note issued to investors on Tuesday. The firm currently has a “market perform” rating on the basic materials company’s stock. BMO Capital Markets’ target price indicates a potential downside of 0.50% from the stock’s previous close.
A number of other equities analysts have also issued reports on IPI. Zacks Investment Research lowered shares of Intrepid Potash from a “hold” rating to a “sell” rating in a research report on Tuesday, July 11th. BidaskClub upgraded shares of Intrepid Potash from a “hold” rating to a “buy” rating in a research report on Wednesday, July 12th. Finally, UBS AG lowered shares of Intrepid Potash from a “neutral” rating to a “sell” rating and raised their target price for the stock from $2.00 to $2.50 in a research report on Monday, August 7th.
Intrepid Potash (NYSE:IPI) last announced its earnings results on Monday, October 30th. The basic materials company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.02. The business had revenue of $32.06 million for the quarter, compared to analyst estimates of $33.15 million. Intrepid Potash had a negative net margin of 22.88% and a negative return on equity of 8.09%. The company’s revenue for the quarter was down 26.5% compared to the same quarter last year. During the same period last year, the firm posted ($0.22) earnings per share.
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In other news, major shareholder Clearway Capital Management Lt acquired 476,400 shares of the stock in a transaction that occurred on Friday, August 11th. The shares were purchased at an average cost of $3.37 per share, for a total transaction of $1,605,468.00. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Robert P. Jornayvaz III acquired 20,000 shares of the stock in a transaction that occurred on Monday, August 7th. The stock was purchased at an average price of $3.31 per share, for a total transaction of $66,200.00. Following the completion of the transaction, the insider now owns 1,206,650 shares in the company, valued at $3,994,011.50. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 981,300 shares of company stock worth $3,301,725. 27.30% of the stock is currently owned by insiders.
A number of large investors have recently bought and sold shares of the stock. FMR LLC grew its position in Intrepid Potash by 10.8% in the 1st quarter. FMR LLC now owns 5,392,100 shares of the basic materials company’s stock valued at $9,274,000 after buying an additional 525,600 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Intrepid Potash by 30.5% in the second quarter. Vanguard Group Inc. now owns 4,255,979 shares of the basic materials company’s stock valued at $9,619,000 after acquiring an additional 994,554 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Intrepid Potash by 27.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,745,882 shares of the basic materials company’s stock valued at $3,946,000 after acquiring an additional 371,180 shares during the period. State Street Corp lifted its holdings in Intrepid Potash by 3,191.0% in the second quarter. State Street Corp now owns 1,144,560 shares of the basic materials company’s stock valued at $2,590,000 after acquiring an additional 1,109,782 shares during the period. Finally, Northern Trust Corp lifted its holdings in Intrepid Potash by 540.0% in the second quarter. Northern Trust Corp now owns 1,091,221 shares of the basic materials company’s stock valued at $2,466,000 after acquiring an additional 920,720 shares during the period. Hedge funds and other institutional investors own 47.30% of the company’s stock.
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-related products. Its products are potash and Trio.
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