Intrepid Potash, Inc. (IPI) Position Trimmed by Great Lakes Advisors LLC
Great Lakes Advisors LLC lowered its position in Intrepid Potash, Inc. (NYSE:IPI) by 6.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 781,277 shares of the basic materials company’s stock after selling 53,649 shares during the quarter. Great Lakes Advisors LLC owned 0.60% of Intrepid Potash worth $2,805,000 as of its most recent SEC filing.
Several other hedge funds have also recently made changes to their positions in IPI. Renaissance Technologies LLC acquired a new stake in Intrepid Potash during the 2nd quarter valued at $4,298,000. Malaga Cove Capital LLC acquired a new stake in shares of Intrepid Potash during the third quarter worth $385,000. Perella Weinberg Partners Capital Management LP acquired a new stake in shares of Intrepid Potash during the third quarter worth $406,000. Swiss National Bank bought a new position in Intrepid Potash during the second quarter worth about $699,000. Finally, Metropolitan Life Insurance Co. NY lifted its holdings in Intrepid Potash by 152.2% during the second quarter. Metropolitan Life Insurance Co. NY now owns 33,008 shares of the basic materials company’s stock worth $135,000 after acquiring an additional 19,919 shares in the last quarter. Institutional investors own 43.73% of the company’s stock.
In related news, EVP James N. Whyte sold 88,088 shares of Intrepid Potash stock in a transaction that occurred on Friday, November 9th. The shares were sold at an average price of $4.27, for a total value of $376,135.76. Following the completion of the transaction, the executive vice president now directly owns 298,838 shares in the company, valued at approximately $1,276,038.26. The transaction 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 acquired 616,467 shares of Intrepid Potash stock in a transaction that occurred on Friday, October 19th. The stock was acquired at an average price of $3.59 per share, with a total value of $2,213,116.53. The disclosure for this purchase can be found here. 27.70% of the stock is owned by company insiders.
Intrepid Potash (NYSE:IPI) last released its quarterly earnings data on Tuesday, October 30th. The basic materials company reported $0.03 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.03. Intrepid Potash had a net margin of 1.59% and a return on equity of 0.03%. The company had revenue of $36.53 million for the quarter, compared to analysts’ expectations of $35.85 million. During the same quarter in the prior year, the firm earned ($0.02) EPS. The business’s revenue was up 7.3% on a year-over-year basis. On average, sell-side analysts forecast that Intrepid Potash, Inc. will post 0.06 earnings per share for the current year.
A number of brokerages have recently commented on IPI. TheStreet upgraded Intrepid Potash from a “d+” rating to a “c-” rating in a report on Monday, November 12th. BMO Capital Markets boosted their price target on Intrepid Potash from $3.25 to $4.00 and gave the stock a “market perform” rating in a research report on Wednesday, October 31st. Stephens set a $7.00 price target on Intrepid Potash and gave the stock a “buy” rating in a research report on Tuesday, October 30th. Zacks Investment Research raised Intrepid Potash from a “sell” rating to a “hold” rating in a research report on Thursday, October 25th. Finally, ValuEngine downgraded Intrepid Potash from a “hold” rating to a “sell” rating in a research report on Thursday, September 6th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company’s stock. Intrepid Potash currently has an average rating of “Hold” and an average target price of $4.81.
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About Intrepid Potash
Intrepid Potash, Inc produces and sells potash and langbeinite products in the United States and internationally. It operates through two segments, Potash and Trio. The Potash segment offers muriate of potash or potassium chloride for use as a fertilizer input in the agricultural market; as a component in drilling and fracturing fluids for oil and gas wells, as well as an input to other industrial processes in the industrial market; and as a nutrient supplement in the animal feed market.
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