PDT Partners LLC Buys Shares of 61,949 Intrepid Potash, Inc $IPI

PDT Partners LLC bought a new stake in shares of Intrepid Potash, Inc (NYSE:IPI) in the 2nd quarter, Holdings Channel.com reports. The fund bought 61,949 shares of the basic materials company’s stock, valued at approximately $2,031,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Legal & General Group Plc acquired a new position in shares of Intrepid Potash during the 2nd quarter worth approximately $74,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Intrepid Potash during the second quarter worth $523,000. Quantbot Technologies LP purchased a new position in Intrepid Potash during the second quarter worth $41,000. BlackRock Inc. acquired a new position in shares of Intrepid Potash in the second quarter worth $37,879,000. Finally, Deutsche Bank AG acquired a new position in shares of Intrepid Potash in the second quarter worth $850,000. Institutional investors and hedge funds own 56.13% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on IPI. Freedom Capital raised shares of Intrepid Potash to a “strong-buy” rating in a research note on Friday, July 24th. Zacks Research upgraded Intrepid Potash from a “strong sell” rating to a “hold” rating in a report on Monday, August 10th. Weiss Ratings reiterated a “hold (c)” rating on shares of Intrepid Potash in a research report on Wednesday, August 19th. Finally, UBS Group raised their price target on Intrepid Potash from $26.00 to $29.00 and gave the stock a “sell” rating in a research note on Wednesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $29.00.

Intrepid Potash Stock Performance

Shares of NYSE:IPI opened at $37.39 on Thursday. The stock has a 50-day simple moving average of $35.07 and a 200-day simple moving average of $37.32. The stock has a market capitalization of $503.27 million, a P/E ratio of 18.88 and a beta of 1.24. Intrepid Potash, Inc has a 1 year low of $22.55 and a 1 year high of $50.34.

Intrepid Potash (NYSE:IPI) last announced its quarterly earnings results on Tuesday, August 4th. The basic materials company reported $0.56 earnings per share for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.22). Intrepid Potash had a net margin of 8.94% and a return on equity of 4.74%. The business had revenue of $66.69 million for the quarter, compared to analyst estimates of $64.86 million. Analysts predict that Intrepid Potash, Inc will post 1.86 earnings per share for the current year.

Intrepid Potash Profile

Intrepid Potash, Inc is a leading U.S.-based producer and marketer of potash and related specialty fertilizer products. The company’s primary business centers on potassium chloride, a key nutrient used in agricultural applications to enhance crop yield and quality. In addition to potash, Intrepid Potash produces magnesium chloride and sodium chloride, which serve a variety of markets including de-icing, dust control and industrial chemical production.

Intrepid Potash operates through a combination of solution mining, solar evaporation and conventional underground mining techniques.