Intrepid Potash (NYSE:IPI) Cut to “Strong Sell” at Zacks Research

Intrepid Potash (NYSE:IPI) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report released on Thursday, Zacks reports.

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

Intrepid Potash Trading Up 4.7%

Shares of IPI stock opened at $32.86 on Thursday. The firm has a market capitalization of $442.28 million, a price-to-earnings ratio of 17.96 and a beta of 1.06. The firm’s 50 day moving average is $34.75 and its 200-day moving average is $36.47. Intrepid Potash has a 1 year low of $23.86 and a 1 year high of $50.34.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. 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 valued at $29,000 after acquiring an additional 861 shares during the last quarter. Empowered Funds LLC purchased a new stake in shares of Intrepid Potash during the 2nd quarter valued at approximately $2,668,000. Bank of America Corp DE acquired a new stake in shares of Intrepid Potash in the 2nd quarter valued at about $578,000. Hsbc Holdings PLC purchased a new stake in shares of Intrepid Potash in the second quarter valued at $295,000. Finally, PDT Partners LLC purchased a new stake in Intrepid Potash during the 2nd quarter worth approximately $2,031,000. Institutional investors and hedge funds own 56.13% of the company’s stock.

About Intrepid Potash

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