Intrepid Potash (NYSE:IPI) Upgraded at Zacks Investment Research

Intrepid Potash (NYSE:IPI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday, Zacks.com reports. The brokerage presently has a $34.00 target price on the basic materials company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 19.09% from the company’s current price.

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 “

IPI has been the topic of a number of other reports. Roth Capital decreased their price objective on shares of Intrepid Potash from $42.00 to $38.00 and set a “buy” rating for the company in a research report on Friday, August 20th. BMO Capital Markets reduced their price objective on Intrepid Potash from $30.00 to $27.00 and set a “market perform” rating for the company in a research note on Friday, August 20th.

NYSE:IPI opened at $28.55 on Tuesday. The stock has a 50 day moving average of $31.32 and a two-hundred day moving average of $30.83. Intrepid Potash has a 12 month low of $7.94 and a 12 month high of $39.19. The firm has a market cap of $384.11 million, a P/E ratio of 35.25 and a beta of 2.18.

Intrepid Potash (NYSE:IPI) last announced its quarterly earnings results on Sunday, August 1st. The basic materials company reported $0.55 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.13. Intrepid Potash had a net margin of 4.90% and a negative return on equity of 0.25%. The business had revenue of $57.77 million during the quarter, compared to the consensus estimate of $48.60 million. During the same quarter last year, the firm earned ($0.70) EPS. Analysts anticipate that Intrepid Potash will post 2.3 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IPI. GSA Capital Partners LLP purchased a new stake in Intrepid Potash during the 1st quarter worth $220,000. MYDA Advisors LLC lifted its stake in Intrepid Potash by 66.7% during the first quarter. MYDA Advisors LLC now owns 30,000 shares of the basic materials company’s stock worth $977,000 after purchasing an additional 12,000 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Intrepid Potash by 14.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 598,727 shares of the basic materials company’s stock worth $19,494,000 after buying an additional 74,995 shares during the last quarter. Acadian Asset Management LLC grew its position in shares of Intrepid Potash by 42.2% during the 1st quarter. Acadian Asset Management LLC now owns 118,539 shares of the basic materials company’s stock valued at $3,858,000 after buying an additional 35,195 shares during the last quarter. Finally, Royce & Associates LP grew its holdings in shares of Intrepid Potash by 75.9% during the first quarter. Royce & Associates LP now owns 1,048,449 shares of the basic materials company’s stock valued at $34,137,000 after purchasing an additional 452,274 shares during the last quarter. Hedge funds and other institutional investors own 35.10% of the company’s stock.

About Intrepid Potash

Intrepid Potash, Inc engages in the delivery of potassium, magnesium, sulfur, and salt essential. The firm serves the agriculture, organics, animal feed, industrial, and oilfield solutions industries. It operates through the following segments: Potash, Oilfield Solutions, and Trio. The company was founded in January 2000 and is headquartered in Denver, CO.

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