Intrepid Potash, Inc (NYSE:IPI) Stock Price Up 5% After Insider Buying Activity
Intrepid Potash, Inc (NYSE:IPI) rose 5% during mid-day trading on Monday following insider buying activity. The stock traded as high as $3.64 and last traded at $3.57, with a volume of 1,922,821 shares trading hands. The stock had previously closed at $3.40.
Specifically, insider Robert P. Jornayvaz III bought 13,800 shares of the company’s stock in a transaction on Wednesday, May 31st. The stock was bought at an average cost of $2.10 per share, with a total value of $28,980.00. Following the completion of the acquisition, the insider now owns 565,390 shares in the company, valued at approximately $1,187,319. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Clearway Capital Management Lt bought 476,400 shares of the company’s stock in a transaction on Friday, August 11th. The stock was bought at an average cost of $3.37 per share, with a total value of $1,605,468.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 2,168,731 shares of company stock valued at $6,692,647. 27.20% of the stock is currently owned by corporate insiders.
A number of research analysts have recently weighed in on the stock. Zacks Investment Research raised shares of Intrepid Potash from a “sell” rating to a “buy” rating and set a $3.75 price objective for the company in a research note on Wednesday, August 9th. BidaskClub raised shares of Intrepid Potash from a “hold” rating to a “buy” rating in a research note on Wednesday, July 12th. BMO Capital Markets reissued a “hold” rating and set a $2.00 price objective on shares of Intrepid Potash in a research note on Friday, July 7th. Finally, UBS AG cut shares of Intrepid Potash from a “neutral” rating to a “sell” rating and raised their price objective for the stock from $2.00 to $2.50 in a research note on Monday, August 7th.
The firm’s market capitalization is $437.76 million. The firm has a 50-day moving average price of $2.83 and a 200 day moving average price of $2.21.
Intrepid Potash (NYSE:IPI) last released its earnings results on Wednesday, August 2nd. The basic materials company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $43.90 million for the quarter, compared to the consensus estimate of $37.75 million. During the same period in the previous year, the firm earned ($0.17) EPS. The business’s revenue for the quarter was down 15.3% on a year-over-year basis. Equities analysts predict that Intrepid Potash, Inc will post ($0.24) earnings per share for the current year.
Several hedge funds have recently added to or reduced their stakes in IPI. Dimensional Fund Advisors LP increased its stake in Intrepid Potash by 40.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 936,918 shares of the basic materials company’s stock worth $1,949,000 after buying an additional 267,978 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Intrepid Potash by 1.4% in the first quarter. Bank of New York Mellon Corp now owns 568,163 shares of the basic materials company’s stock worth $977,000 after buying an additional 7,793 shares during the last quarter. Ameriprise Financial Inc. increased its stake in Intrepid Potash by 50.1% in the first quarter. Ameriprise Financial Inc. now owns 847,566 shares of the basic materials company’s stock worth $1,458,000 after buying an additional 282,913 shares during the last quarter. Parametric Portfolio Associates LLC increased its stake in Intrepid Potash by 30.6% in the first quarter. Parametric Portfolio Associates LLC now owns 126,394 shares of the basic materials company’s stock worth $217,000 after buying an additional 29,646 shares during the last quarter. Finally, Bienville Capital Management LLC increased its stake in 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 worth $4,404,000 after buying an additional 2,500,000 shares during the last quarter. Institutional investors and hedge funds own 42.06% of the company’s stock.
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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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