Intrepid Potash (IPI) Sees Large Volume Increase Following Analyst Upgrade

Intrepid Potash, Inc. (NYSE:IPI) saw strong trading volume on Wednesday after BMO Capital Markets raised their price target on the stock from $3.25 to $4.00. BMO Capital Markets currently has a market perform rating on the stock. 80,681 shares traded hands during mid-day trading, a decline of 83% from the previous session’s volume of 474,834 shares.The stock last traded at $4.04 and had previously closed at $3.90.

Other equities research analysts have also issued research reports about the company. Zacks Investment Research lowered Intrepid Potash from a “buy” rating to a “sell” rating in a research report on Thursday, August 9th. Stephens set a $7.00 price objective on Intrepid Potash and gave the stock a “buy” rating in a research report on Tuesday. Finally, ValuEngine lowered Intrepid Potash from a “hold” rating to a “sell” rating in a research report on Thursday, September 6th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. Intrepid Potash currently has an average rating of “Hold” and a consensus price target of $4.81.

In other Intrepid Potash news, CEO Robert P. Jornayvaz III bought 10,800 shares of the firm’s stock in a transaction dated Wednesday, September 5th. The shares were purchased at an average price of $3.30 per share, for a total transaction of $35,640.00. Following the transaction, the chief executive officer now directly owns 1,206,650 shares of the company’s stock, valued at approximately $3,981,945. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Robert P. Jornayvaz III bought 10,000 shares of the firm’s stock in a transaction dated Wednesday, August 15th. The shares were acquired at an average price of $3.24 per share, for a total transaction of $32,400.00. Following the transaction, the insider now directly owns 1,206,650 shares in the company, valued at $3,909,546. The disclosure for this purchase can be found here. Insiders have bought a total of 970,634 shares of company stock worth $3,460,298 in the last quarter. Insiders own 27.70% of the company’s stock.



Large investors have recently made changes to their positions in the company. Macquarie Group Ltd. purchased a new position in shares of Intrepid Potash during the 2nd quarter valued at approximately $108,000. BlueMountain Capital Management LLC purchased a new position in shares of Intrepid Potash during the 2nd quarter valued at approximately $125,000. Metropolitan Life Insurance Co. NY lifted its position in shares of Intrepid Potash by 152.2% during the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 33,008 shares of the basic materials company’s stock valued at $135,000 after buying an additional 19,919 shares in the last quarter. Bank of America Corp DE lifted its position in shares of Intrepid Potash by 96.9% during the 2nd quarter. Bank of America Corp DE now owns 41,056 shares of the basic materials company’s stock valued at $167,000 after buying an additional 20,204 shares in the last quarter. Finally, Russell Investments Group Ltd. purchased a new position in shares of Intrepid Potash during the 2nd quarter valued at approximately $252,000. Hedge funds and other institutional investors own 45.07% of the company’s stock.

The stock has a market cap of $433.96 million, a PE ratio of -21.94 and a beta of 0.98. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.47 and a quick ratio of 1.53.

Intrepid Potash (NYSE:IPI) last announced its earnings results on Tuesday, October 30th. The basic materials company reported $0.03 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.03. Intrepid Potash had a negative return on equity of 1.15% and a negative net margin of 1.47%. The firm had revenue of $36.53 million for the quarter, compared to analyst estimates of $35.85 million. During the same quarter last year, the firm posted ($0.02) EPS. The business’s revenue was up 7.3% on a year-over-year basis. As a group, analysts expect that Intrepid Potash, Inc. will post 0.11 earnings per share for the current year.

Intrepid Potash Company Profile (NYSE:IPI)

Intrepid Potash, Inc produces and sells potash and langbeinite products in the United States and internationally. It operates through two segments, Potash and Trio. The Potash segment offers muriate of potash or potassium chloride for use as a fertilizer input in the agricultural market; as a component in drilling and fracturing fluids for oil and gas wells, as well as an input to other industrial processes in the industrial market; and as a nutrient supplement in the animal feed market.

See Also: How to Invest in the Dividend Aristocrat Index

Receive News & Ratings for Intrepid Potash Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Intrepid Potash and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply