Intrepid Potash, Inc (IPI) Hits New 12-Month High at $4.26
Intrepid Potash, Inc (NYSE:IPI) reached a new 52-week high during trading on Monday . The company traded as high as $4.26 and last traded at $0.00, with a volume of shares trading hands.
Several research firms recently issued reports on IPI. BidaskClub upgraded Intrepid Potash from a “buy” rating to a “strong-buy” rating in a report on Wednesday, August 2nd. UBS AG cut Intrepid Potash from a “neutral” rating to a “sell” rating and lifted their price objective for the stock from $2.00 to $2.50 in a report on Monday, August 7th. Zacks Investment Research upgraded Intrepid Potash from a “sell” rating to a “buy” rating and set a $3.75 price objective on the stock in a report on Wednesday, August 9th. Finally, BMO Capital Markets lifted their price objective on Intrepid Potash from $2.00 to $3.00 and gave the stock a “market perform” rating in a report on Thursday, August 3rd.
Intrepid Potash (NYSE:IPI) last posted its quarterly earnings results on Wednesday, August 2nd. The basic materials company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.03. Intrepid Potash had a negative net margin of 30.56% and a negative return on equity of 12.37%. The firm had revenue of $43.90 million during the quarter, compared to analysts’ expectations of $37.75 million. During the same period in the prior year, the company posted ($0.17) earnings per share. The firm’s revenue for the quarter was down 15.3% on a year-over-year basis.
In related news, insider Robert P. Jornayvaz III bought 20,000 shares of the stock in a transaction on Monday, August 7th. The shares were bought at an average cost 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 of the company’s stock, valued at approximately $3,994,011.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Clearway Capital Management Lt bought 300,000 shares of the stock in a transaction on Friday, July 21st. The shares were bought at an average price of $2.83 per share, for a total transaction of $849,000.00. The disclosure for this purchase can be found here. Insiders have acquired 2,122,031 shares of company stock worth $6,603,387 over the last 90 days. 27.30% of the stock is currently owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in the company. Fairfax Financial Holdings Ltd Can acquired a new stake in shares of Intrepid Potash in the first quarter valued at approximately $28,500,000. FMR LLC grew its position in shares of Intrepid Potash by 10.8% in the first quarter. FMR LLC now owns 5,392,100 shares of the basic materials company’s stock valued at $9,274,000 after purchasing an additional 525,600 shares during the last quarter. Vanguard Group Inc. grew its position in shares of 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 purchasing an additional 994,554 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of 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 purchasing an additional 371,180 shares during the last quarter. Finally, State Street Corp grew its position in shares of 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 purchasing an additional 1,109,782 shares during the last quarter. Institutional investors and hedge funds own 47.26% 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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