Intrepid Potash (NYSE:IPI) Stock Price Target Cut by Freedom Broker

Intrepid Potash (NYSE:IPI) had its price target cut by analysts at Freedom Broker from $44.00 to $41.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the potash and fertilizer producer’s stock. Freedom Broker‘s target price would indicate a potential upside of 32.29% from the company’s previous close.

Several other analysts have also recently weighed in on IPI. UBS Group reaffirmed a “buy” rating on shares of Intrepid Potash in a report on Monday. Zacks Research cut shares of Intrepid Potash from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 7th. Freedom Capital raised shares of Intrepid Potash to a “strong-buy” rating in a research report on Friday, July 24th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Intrepid Potash in a research report on Wednesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $35.00.

Intrepid Potash Stock Performance

IPI stock traded down $0.59 during mid-day trading on Monday, reaching $30.99. The company had a trading volume of 139,520 shares, compared to its average volume of 247,796. The company has a market capitalization of $417.17 million, a price-to-earnings ratio of 15.65 and a beta of 1.06. The firm has a fifty day simple moving average of $35.40 and a 200 day simple moving average of $36.51. Intrepid Potash has a fifty-two week low of $22.55 and a fifty-two week high of $50.34.

Intrepid Potash (NYSE:IPI) last announced its quarterly earnings data on Tuesday, August 4th. The potash and fertilizer producer reported $0.56 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($0.22). Intrepid Potash had a net margin of 8.94% and a return on equity of 4.74%. The company had revenue of $66.69 million during the quarter, compared to analysts’ expectations of $64.86 million. As a group, analysts predict that Intrepid Potash will post 1.77 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Covestor Ltd boosted its position in shares of Intrepid Potash by 4,305.0% during the 3rd quarter. Covestor Ltd now owns 881 shares of the potash and fertilizer producer’s stock worth $29,000 after acquiring an additional 861 shares in the last quarter. International Assets Investment Management LLC acquired a new stake in shares of Intrepid Potash during the 1st quarter worth about $37,000. Quantbot Technologies LP acquired a new stake in shares of Intrepid Potash during the 2nd quarter worth about $41,000. Legal & General Group Plc acquired a new stake in shares of Intrepid Potash during the 2nd quarter worth about $74,000. Finally, Marquette Asset Management LLC purchased a new stake in Intrepid Potash during the second quarter worth approximately $212,000. 56.13% of the stock is owned by institutional investors and hedge funds.

About Intrepid Potash

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