Great Lakes Advisors LLC Cuts Stake in Intrepid Potash, Inc (IPI)
Great Lakes Advisors LLC cut its position in Intrepid Potash, Inc (NYSE:IPI) by 9.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,305,539 shares of the basic materials company’s stock after selling 134,222 shares during the period. Great Lakes Advisors LLC owned about 1.00% of Intrepid Potash worth $2,951,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Schroder Investment Management Group purchased a new stake in Intrepid Potash during the first quarter worth about $1,472,000. Dimensional Fund Advisors LP increased its stake in Intrepid Potash by 40.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 936,918 shares of the basic materials company’s stock worth $1,949,000 after buying an additional 267,978 shares during the last quarter. Segantii Capital Management Ltd increased its stake in Intrepid Potash by 1,134.8% in the first quarter. Segantii Capital Management Ltd now owns 138,300 shares of the basic materials company’s stock worth $238,000 after buying an additional 127,100 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Intrepid Potash by 1.4% in the first quarter. Bank of New York Mellon Corp now owns 568,163 shares of the basic materials company’s stock worth $977,000 after buying an additional 7,793 shares during the last quarter. Finally, Wellington Management Group LLP increased its stake in Intrepid Potash by 180.0% in the first quarter. Wellington Management Group LLP now owns 126,757 shares of the basic materials company’s stock worth $218,000 after buying an additional 81,484 shares during the last quarter. 47.26% of the stock is currently owned by institutional investors and hedge funds.
Intrepid Potash, Inc (IPI) opened at 3.54 on Monday. The company’s market cap is $434.09 million. Intrepid Potash, Inc has a 52-week low of $0.93 and a 52-week high of $3.93. The stock’s 50 day moving average price is $3.12 and its 200 day moving average price is $2.30.
Intrepid Potash (NYSE:IPI) last posted its earnings results on Wednesday, August 2nd. The basic materials company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.03. Intrepid Potash had a negative return on equity of 12.37% and a negative net margin of 30.56%. The firm had revenue of $43.90 million for the quarter, compared to analyst estimates of $37.75 million. During the same quarter in the prior year, the company earned ($0.17) EPS. Intrepid Potash’s revenue was down 15.3% on a year-over-year basis. Analysts expect that Intrepid Potash, Inc will post ($0.21) earnings per share for the current year.
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A number of analysts have issued reports on IPI shares. BidaskClub raised Intrepid Potash from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, August 2nd. Zacks Investment Research downgraded Intrepid Potash from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 26th. BMO Capital Markets lifted their price objective on Intrepid Potash from $2.00 to $3.00 and gave the stock a “market perform” rating in a research note on Thursday, August 3rd. Finally, UBS AG downgraded Intrepid Potash from a “neutral” rating to a “sell” rating and boosted their target price for the company from $2.00 to $2.50 in a research report on Monday, August 7th.
In related news, major shareholder Clearway Capital Management Lt bought 17,100 shares of Intrepid Potash stock in a transaction that occurred on Friday, August 18th. The shares were purchased at an average price of $3.20 per share, with a total value of $54,720.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Robert P. Jornayvaz III bought 20,000 shares of Intrepid Potash stock in a transaction that occurred on Monday, August 7th. The stock was bought at an average cost of $3.31 per share, for a total transaction of $66,200.00. Following the purchase, the insider now owns 1,206,650 shares in the company, valued at approximately $3,994,011.50. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 2,135,831 shares of company stock worth $6,632,367. 27.30% of the stock is owned by corporate insiders.
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-related products. Its products are potash and Trio.
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