Intrepid Potash (NYSE:IPI) Downgraded by Zacks Research to “Strong Sell”

Intrepid Potash (NYSE:IPI) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report issued on Thursday, Zacks reports.

Several other analysts have also commented on the company. Freedom Capital upgraded Intrepid Potash to a “strong-buy” rating in a report on Friday, July 24th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Intrepid Potash in a research note on Wednesday, August 19th. Freedom Broker cut their price objective on Intrepid Potash from $44.00 to $41.00 and set a “buy” rating for the company in a report on Monday, November 2nd. Susquehanna set a $40.00 target price on Intrepid Potash in a research report on Friday. Finally, UBS Group restated a “buy” rating on shares of Intrepid Potash in a research note on Monday. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Intrepid Potash has an average rating of “Moderate Buy” and a consensus price target of $36.67.

Intrepid Potash Price Performance

NYSE IPI opened at $32.86 on Thursday. The company’s fifty day moving average is $34.75 and its two-hundred day moving average is $36.47. Intrepid Potash has a 52-week low of $23.86 and a 52-week high of $50.34. The firm has a market capitalization of $442.28 million, a price-to-earnings ratio of 17.96 and a beta of 1.06.

Intrepid Potash (NYSE:IPI) last announced its earnings results on Tuesday, November 3rd. The potash and fertilizer producer reported $0.14 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.09). Intrepid Potash had a return on equity of 4.74% and a net margin of 8.94%. The business had revenue of $51.03 million for the quarter, compared to the consensus estimate of $50.41 million. As a group, sell-side analysts expect that Intrepid Potash will post 1.77 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Intrepid Potash

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Covestor Ltd raised its stake in shares of Intrepid Potash by 4,305.0% during the third quarter. Covestor Ltd now owns 881 shares of the potash and fertilizer producer’s stock valued at $29,000 after purchasing an additional 861 shares during the period. International Assets Investment Management LLC bought a new stake in shares of Intrepid Potash during the first quarter worth $37,000. Quantbot Technologies LP bought a new position in Intrepid Potash during the second quarter worth $41,000. Legal & General Group Plc bought a new position in Intrepid Potash in the second quarter valued at approximately $74,000. Finally, Marquette Asset Management LLC acquired a new stake in shares of Intrepid Potash in the second quarter valued at about $212,000. Hedge funds and other institutional investors own 56.13% of the company’s stock.

About Intrepid Potash

Intrepid Potash, Inc is a U.S.-based mineral producer specializing in potash and specialty fertilizers.