Intrepid Potash (NYSE:IPI) Stock Moved Down to “Hold” by Zacks Research

Zacks Research downgraded shares of Intrepid Potash (NYSE:IPI) from a strong-buy rating to a hold rating in a research note released on Wednesday,Zacks reports.

Other research analysts also recently issued reports about the company. Weiss Ratings reissued a “hold (c)” rating on shares of Intrepid Potash in a report on Wednesday, August 19th. Freedom Capital upgraded shares of Intrepid Potash to a “strong-buy” rating in a research note on Friday, July 24th. Finally, UBS Group increased their price target on shares of Intrepid Potash from $26.00 to $29.00 and gave the stock a “sell” rating in a report on Wednesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Intrepid Potash currently has a consensus rating of “Hold” and a consensus price target of $29.00.

Intrepid Potash Trading Down 0.0%

Shares of NYSE IPI opened at $33.07 on Wednesday. The stock has a market cap of $445.01 million, a price-to-earnings ratio of 16.70 and a beta of 1.31. Intrepid Potash has a 12 month low of $22.55 and a 12 month high of $50.34. The company has a 50 day simple moving average of $36.76 and a two-hundred day simple moving average of $37.29.

Intrepid Potash (NYSE:IPI) last posted its earnings results on Tuesday, August 4th. The basic materials company reported $0.56 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.22). The business had revenue of $66.69 million for the quarter, compared to analyst estimates of $64.86 million. Intrepid Potash had a net margin of 8.94% and a return on equity of 4.74%. Analysts forecast that Intrepid Potash will post 1.77 EPS for the current year.

Hedge Funds Weigh In On Intrepid Potash

Hedge funds have recently modified their holdings of the business. International Assets Investment Management LLC acquired a new position in Intrepid Potash in the first quarter valued at about $37,000. Quantbot Technologies LP acquired a new stake in Intrepid Potash in the 2nd quarter valued at approximately $41,000. Legal & General Group Plc purchased a new stake in Intrepid Potash in the second quarter valued at approximately $74,000. Wesbanco Bank Inc. acquired a new position in Intrepid Potash during the first quarter worth $214,000. Finally, Marquette Asset Management LLC purchased a new position in shares of Intrepid Potash during the second quarter worth $212,000. 56.13% of the stock is currently owned by hedge funds and other institutional investors.

About Intrepid Potash

Intrepid Potash, Inc is a mineral producer focused primarily on potash and specialty fertilizer products. The company produces muriate of potash, also known as potassium chloride, as well as Trio, a granular fertilizer that supplies potassium, magnesium and sulfate. These products are used in agricultural applications to support crop growth and improve soil nutrient levels.

Intrepid also produces and sells magnesium chloride, which is used in industrial, animal-feed and road-maintenance applications, along with other mineral products and brine-related materials.