Intrepid Potash (NYSE:IPI) Stock Rating Cut to Strong Sell at Zacks Research

Zacks Research lowered shares of Intrepid Potash (NYSE:IPI) from a hold rating to a strong sell rating in a report published on Thursday,Zacks reports.

Several other equities analysts also recently weighed in on the company. UBS Group reissued a “buy” rating on shares of Intrepid Potash in a research report on Monday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Intrepid Potash in a research note on Wednesday, August 19th. Freedom Broker dropped their price objective on shares of Intrepid Potash from $44.00 to $41.00 and set a “buy” rating for the company in a research note on Monday, November 2nd. Freedom Capital upgraded shares of Intrepid Potash to a “strong-buy” rating in a research report on Friday, July 24th. Finally, Susquehanna set a $40.00 target price on shares of Intrepid Potash in a research note on Friday. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Intrepid Potash currently has a consensus rating of “Moderate Buy” and a consensus target price of $36.67.

Intrepid Potash Stock Up 4.7%

IPI traded up $1.49 on Thursday, hitting $32.86. The company had a trading volume of 246,602 shares, compared to its average volume of 181,091. The business’s fifty day simple moving average is $34.75 and its 200 day simple moving average is $36.47. Intrepid Potash has a 12-month low of $23.86 and a 12-month high of $50.34. The company has a market cap of $442.28 million, a PE ratio of 17.96 and a beta of 1.06.

Intrepid Potash (NYSE:IPI) last issued its quarterly earnings data on Tuesday, November 3rd. The potash and fertilizer producer reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.09). The company had revenue of $51.03 million for the quarter, compared to analysts’ expectations of $50.41 million. Intrepid Potash had a net margin of 8.94% and a return on equity of 4.74%. On average, analysts anticipate that Intrepid Potash will post 1.77 earnings per share for the current fiscal year.

Institutional Trading of Intrepid Potash

A number of large investors have recently made changes to their positions in the stock. BlackRock Inc. purchased a new position in Intrepid Potash in the 2nd quarter worth about $37,879,000. Dimensional Fund Advisors LP boosted its position in Intrepid Potash by 2.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 734,413 shares of the potash and fertilizer producer’s stock valued at $31,413,000 after buying an additional 16,813 shares during the period. Goehring & Rozencwajg Associates LLC grew its stake in Intrepid Potash by 21.8% in the 1st quarter. Goehring & Rozencwajg Associates LLC now owns 267,097 shares of the potash and fertilizer producer’s stock worth $11,424,000 after acquiring an additional 47,781 shares in the last quarter. Empowered Funds LLC grew its stake in Intrepid Potash by 8.3% in the 1st quarter. Empowered Funds LLC now owns 88,353 shares of the potash and fertilizer producer’s stock worth $3,779,000 after acquiring an additional 6,785 shares in the last quarter. Finally, PDT Partners LLC purchased a new position in shares of Intrepid Potash during the second quarter worth approximately $2,031,000. 56.13% of the stock is owned by hedge funds and other institutional investors.

Intrepid Potash Company Profile

Intrepid Potash, Inc is a U.S.-based mineral producer specializing in potash and specialty fertilizers.