Intrepid Potash (NYSE:IPI) Releases Quarterly Earnings Results, Misses Expectations By $0.22 EPS

Intrepid Potash (NYSE:IPI) released its quarterly earnings results on Tuesday. The basic materials company reported $0.56 earnings per share for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.22), FiscalAI reports. Intrepid Potash had a net margin of 4.68% and a return on equity of 4.53%. The company had revenue of $66.69 million during the quarter, compared to analyst estimates of $64.86 million.

Intrepid Potash Stock Up 2.0%

Shares of IPI traded up $0.68 during mid-day trading on Tuesday, reaching $33.97. The company’s stock had a trading volume of 232,707 shares, compared to its average volume of 268,484. The business has a fifty day moving average of $35.06 and a 200 day moving average of $36.96. The company has a market cap of $456.22 million, a price-to-earnings ratio of 32.05 and a beta of 1.24. Intrepid Potash has a 1 year low of $22.55 and a 1 year high of $50.34.

Insider Activity at Intrepid Potash

In other news, Director Lori A. Lancaster sold 4,800 shares of Intrepid Potash stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $45.24, for a total transaction of $217,152.00. Following the transaction, the director owned 10,540 shares in the company, valued at approximately $476,829.60. The trade was a 31.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Intrepid Potash

Several hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in Intrepid Potash by 12.6% during the 3rd quarter. Vanguard Group Inc. now owns 726,027 shares of the basic materials company’s stock worth $22,202,000 after acquiring an additional 81,121 shares during the period. Renaissance Technologies LLC grew its stake in Intrepid Potash by 68.0% during the 4th quarter. Renaissance Technologies LLC now owns 167,092 shares of the basic materials company’s stock valued at $4,633,000 after acquiring an additional 67,621 shares in the last quarter. Bridgeway Capital Management LLC increased its holdings in shares of Intrepid Potash by 7.5% in the 3rd quarter. Bridgeway Capital Management LLC now owns 120,517 shares of the basic materials company’s stock valued at $3,685,000 after purchasing an additional 8,432 shares during the period. Arrowstreet Capital Limited Partnership increased its holdings in shares of Intrepid Potash by 4.1% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 100,257 shares of the basic materials company’s stock valued at $3,066,000 after purchasing an additional 3,940 shares during the period. Finally, Millennium Management LLC increased its holdings in shares of Intrepid Potash by 21.9% in the 3rd quarter. Millennium Management LLC now owns 97,068 shares of the basic materials company’s stock valued at $2,968,000 after purchasing an additional 17,420 shares during the period. 56.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have issued reports on IPI. Zacks Research downgraded Intrepid Potash from a “hold” rating to a “strong sell” rating in a report on Friday, July 10th. Freedom Capital raised shares of Intrepid Potash to a “strong-buy” rating in a research note on Friday, July 24th. Weiss Ratings upgraded shares of Intrepid Potash from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, May 22nd. Finally, UBS Group lifted their target price on shares of Intrepid Potash from $25.00 to $26.00 and gave the stock a “sell” rating in a research report on Thursday, May 14th. One analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $26.00.

Intrepid Potash Company Profile

Intrepid Potash, Inc is a leading U.S.-based producer and marketer of potash and related specialty fertilizer products. The company’s primary business centers on potassium chloride, a key nutrient used in agricultural applications to enhance crop yield and quality. In addition to potash, Intrepid Potash produces magnesium chloride and sodium chloride, which serve a variety of markets including de-icing, dust control and industrial chemical production.

Intrepid Potash operates through a combination of solution mining, solar evaporation and conventional underground mining techniques.