Intrepid Potash, Inc (NYSE:IPI) Hits New 1-Year High on Earnings Beat
Intrepid Potash, Inc (NYSE:IPI)’s share price reached a new 52-week high during mid-day trading on Wednesday following a better than expected earnings announcement. The stock traded as high as $3.38 and last traded at $3.38, with a volume of 2,506,063 shares traded. The stock had previously closed at $3.03.
The basic materials company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.06) by $0.03. The firm had revenue of $43.90 million during the quarter, compared to the consensus estimate of $37.75 million. Intrepid Potash had a negative return on equity of 12.37% and a negative net margin of 30.56%. The business’s quarterly revenue was down 15.3% on a year-over-year basis. During the same period last year, the company earned ($0.17) earnings per share.
A number of equities analysts have recently issued reports on IPI shares. Zacks Investment Research downgraded Intrepid Potash from a “buy” rating to a “hold” rating in a research report on Friday, April 28th. BidaskClub upgraded Intrepid Potash from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, August 2nd. BMO Capital Markets raised their price objective on Intrepid Potash from $2.00 to $3.00 and gave the stock a “market perform” rating in a research report on Thursday, August 3rd. Finally, UBS AG downgraded 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 report on Monday, August 7th.
In other Intrepid Potash news, major shareholder Clearway Capital Management Lt bought 460,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 9th. The stock was acquired at an average price of $3.37 per share, with a total value of $1,550,200.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Robert P. Jornayvaz III bought 13,800 shares of the firm’s stock in a transaction that occurred on Wednesday, May 31st. The shares were acquired at an average cost of $2.10 per share, with a total value of $28,980.00. Following the purchase, the insider now directly owns 565,390 shares of the company’s stock, valued at $1,187,319. The disclosure for this purchase can be found here. Insiders have purchased 2,168,731 shares of company stock valued at $6,692,647 in the last ninety days. 27.20% of the stock is currently owned by insiders.
Large investors have recently added to or reduced their stakes in the company. Radnor Capital Management LLC boosted its stake in shares of Intrepid Potash by 87.1% in the second quarter. Radnor Capital Management LLC now owns 46,400 shares of the basic materials company’s stock worth $105,000 after buying an additional 21,600 shares during the period. Wells Fargo & Company MN boosted its stake in shares of Intrepid Potash by 12.3% in the second quarter. Wells Fargo & Company MN now owns 57,809 shares of the basic materials company’s stock worth $131,000 after buying an additional 6,336 shares during the period. New York State Common Retirement Fund purchased a new stake in shares of Intrepid Potash during the second quarter worth approximately $132,000. Nationwide Fund Advisors boosted its stake in shares of Intrepid Potash by 324.6% in the second quarter. Nationwide Fund Advisors now owns 69,865 shares of the basic materials company’s stock worth $158,000 after buying an additional 53,410 shares during the period. Finally, Parametric Portfolio Associates LLC boosted its stake in shares of 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 period. 42.41% of the stock is owned by institutional investors and hedge funds.
The stock’s market capitalization is $416.92 million. The company’s 50 day moving average price is $2.83 and its 200 day moving average price is $2.21.
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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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