Intrepid Potash Inc. (IPI) Stock Rating Upgraded by Zacks Investment Research
Intrepid Potash Inc. (NYSE:IPI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The firm presently has a $1.25 price target on the stock. Zacks Investment Research’s target price would suggest a potential upside of 16.82% 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 “
Intrepid Potash (NYSE:IPI) opened at 1.07 on Wednesday. The company’s market capitalization is $80.33 million. Intrepid Potash has a 52-week low of $0.65 and a 52-week high of $3.77. The stock’s 50 day moving average is $1.09 and its 200-day moving average is $1.27.
Intrepid Potash (NYSE:IPI) last posted its quarterly earnings data on Wednesday, November 2nd. The company reported ($0.23) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.12) by $0.11. The firm earned $43.64 million during the quarter, compared to analysts’ expectations of $35.83 million. Intrepid Potash had a negative net margin of 268.61% and a negative return on equity of 16.76%. The company’s quarterly revenue was down 18.7% on a year-over-year basis. During the same quarter last year, the business posted ($0.06) EPS. Analysts predict that Intrepid Potash will post ($0.69) EPS for the current fiscal year.
In related news, insider Robert P. Jornayvaz III bought 47,210 shares of Intrepid Potash stock in a transaction dated Friday, November 4th. The stock was purchased at an average cost of $1.09 per share, with a total value of $51,458.90. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 27.20% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in IPI. Walthausen & Co. LLC increased its position in Intrepid Potash by 19.3% in the second quarter. Walthausen & Co. LLC now owns 2,867,574 shares of the company’s stock worth $4,129,000 after buying an additional 464,750 shares in the last quarter. Cubist Systematic Strategies LLC bought a new position in Intrepid Potash during the second quarter worth $322,000. California Public Employees Retirement System increased its position in Intrepid Potash by 49.4% in the third quarter. California Public Employees Retirement System now owns 654,800 shares of the company’s stock worth $740,000 after buying an additional 216,500 shares in the last quarter. Paloma Partners Management Co bought a new position in Intrepid Potash during the second quarter worth $291,000. Finally, Tower Research Capital LLC TRC increased its position in Intrepid Potash by 1,393.7% in the second quarter. Tower Research Capital LLC TRC now owns 122,599 shares of the company’s stock worth $177,000 after buying an additional 114,391 shares in the last quarter. 41.98% of the stock is owned by hedge funds and other institutional investors.
Intrepid Potash Company Profile
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 containing products segment. Its products are potash and Trio.
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