Short Interest in Potash Corp. of Saskatchewan (POT) Decreases By 24.3%
Potash Corp. of Saskatchewan (NYSE:POT) saw a large decline in short interest in October. As of October 31st, there was short interest totalling 23,989,998 shares, a decline of 24.3% from the October 14th total of 31,703,696 shares. Based on an average trading volume of 7,366,697 shares, the days-to-cover ratio is presently 3.3 days. Approximately 2.9% of the company’s shares are short sold.
Several analysts recently issued reports on the stock. Scotiabank downgraded shares of Potash Corp. of Saskatchewan from an “outperform” rating to a “sector perform” rating in a research report on Tuesday, September 13th. BMO Capital Markets reissued a “market perform” rating on shares of Potash Corp. of Saskatchewan in a research report on Monday, August 1st. Vetr raised shares of Potash Corp. of Saskatchewan from a “hold” rating to a “buy” rating and set a $17.22 price target for the company in a research report on Wednesday, September 14th. Susquehanna reissued a “neutral” rating and issued a $16.00 price target (up previously from $14.00) on shares of Potash Corp. of Saskatchewan in a research report on Wednesday, August 17th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Potash Corp. of Saskatchewan from $17.00 to $16.00 and set a “neutral” rating for the company in a research report on Friday, July 29th. Six research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Potash Corp. of Saskatchewan currently has an average rating of “Hold” and a consensus price target of $17.15.
Shares of Potash Corp. of Saskatchewan (NYSE:POT) opened at 17.61 on Tuesday. The stock has a market cap of $14.79 billion, a price-to-earnings ratio of 30.89 and a beta of 0.61. Potash Corp. of Saskatchewan has a 52 week low of $14.64 and a 52 week high of $20.85. The firm has a 50-day moving average price of $16.33 and a 200 day moving average price of $16.55.
Potash Corp. of Saskatchewan (NYSE:POT) last announced its earnings results on Thursday, October 27th. The fertilizer maker reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.01. The business had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.04 billion. Potash Corp. of Saskatchewan had a return on equity of 6.94% and a net margin of 10.06%. The business’s revenue for the quarter was down 25.7% on a year-over-year basis. During the same period last year, the firm posted $0.34 earnings per share. On average, analysts forecast that Potash Corp. of Saskatchewan will post $0.50 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, November 2nd. Shareholders of record on Wednesday, October 12th were given a $0.10 dividend. The ex-dividend date was Friday, October 7th. This represents a $0.40 annualized dividend and a yield of 2.27%. Potash Corp. of Saskatchewan’s payout ratio is 70.18%.
A number of hedge funds and other institutional investors have recently made changes to their positions in POT. Carmignac Gestion bought a new position in Potash Corp. of Saskatchewan during the third quarter worth $198,721,000. FMR LLC boosted its position in Potash Corp. of Saskatchewan by 43.8% in the second quarter. FMR LLC now owns 22,471,952 shares of the fertilizer maker’s stock worth $365,270,000 after buying an additional 6,845,756 shares during the last quarter. Mackenzie Financial Corp bought a new position in Potash Corp. of Saskatchewan during the second quarter worth $104,388,000. The Manufacturers Life Insurance Company bought a new position in Potash Corp. of Saskatchewan during the third quarter worth $57,297,000. Finally, First Eagle Investment Management LLC boosted its position in Potash Corp. of Saskatchewan by 11.6% in the third quarter. First Eagle Investment Management LLC now owns 32,522,564 shares of the fertilizer maker’s stock worth $530,768,000 after buying an additional 3,369,223 shares during the last quarter. 60.17% of the stock is currently owned by institutional investors and hedge funds.
About Potash Corp. of Saskatchewan
Potash Corporation of Saskatchewan Inc is a fertilizer producer producing various primary crop nutrients, such as potash, nitrogen and phosphate. The Company operates through three segments: potash, nitrogen and phosphate. It owns and operates approximately five potash operations in Saskatchewan and one in New Brunswick.
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