Zacks Investment Research cut shares of Intrepid Potash, Inc (NYSE:IPI) from a hold rating to a strong sell rating in a research note issued to investors on Wednesday morning.

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 “

A number of other equities research analysts have also commented on IPI. BMO Capital Markets reiterated a hold rating and issued a $2.00 price target on shares of Intrepid Potash in a research report on Friday, July 7th. BidaskClub upgraded Intrepid Potash from a hold rating to a buy rating in a research report on Wednesday, July 12th.

Intrepid Potash (NYSE IPI) opened at 2.96 on Wednesday. The firm has a 50-day moving average price of $2.50 and a 200 day moving average price of $2.11. The firm’s market cap is $363.31 million. Intrepid Potash has a 1-year low of $0.93 and a 1-year high of $3.16.

Intrepid Potash (NYSE:IPI) last released its quarterly earnings results on Tuesday, May 2nd. The basic materials company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by $0.06. Intrepid Potash had a negative net margin of 33.27% and a negative return on equity of 14.71%. The company had revenue of $48.30 million during the quarter, compared to the consensus estimate of $33.18 million. During the same quarter last year, the firm posted ($0.22) EPS. The company’s quarterly revenue was down 34.1% on a year-over-year basis. Equities analysts predict that Intrepid Potash will post ($0.30) earnings per share for the current year.

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In other Intrepid Potash news, insider Robert P. Jornayvaz III bought 50,000 shares of the business’s stock in a transaction that occurred on Monday, May 22nd. The shares were bought at an average price of $2.30 per share, for a total transaction of $115,000.00. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, insider Robert P. Jornayvaz III bought 13,800 shares of the business’s stock in a transaction that occurred on Wednesday, May 31st. The shares were acquired at an average price of $2.10 per share, for a total transaction of $28,980.00. Following the transaction, the insider now owns 565,390 shares in the company, valued at $1,187,319. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 956,683 shares of company stock worth $2,706,412. 27.20% of the stock is owned by corporate insiders.

Large investors have recently made changes to their positions in the stock. Fairfax Financial Holdings Ltd Can acquired a new stake in shares of Intrepid Potash during the first quarter valued at approximately $28,500,000. FMR LLC raised its stake 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 buying an additional 525,600 shares during the last quarter. Bienville Capital Management LLC raised its stake in shares of Intrepid Potash by 4,116.7% in the first quarter. Bienville Capital Management LLC now owns 2,560,728 shares of the basic materials company’s stock valued at $4,404,000 after buying an additional 2,500,000 shares during the last quarter. Great Lakes Advisors LLC raised its stake in shares of Intrepid Potash by 35.4% in the first quarter. Great Lakes Advisors LLC now owns 1,439,761 shares of the basic materials company’s stock valued at $2,476,000 after buying an additional 376,384 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Intrepid Potash by 46.7% in the first quarter. Dimensional Fund Advisors LP now owns 1,374,702 shares of the basic materials company’s stock valued at $2,364,000 after buying an additional 437,784 shares during the last quarter. Institutional investors own 42.40% of the company’s stock.

About Intrepid Potash

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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