Zacks Investment Research upgraded shares of Intrepid Potash (NYSE:IPI) from a sell rating to a hold rating in a research report sent to investors on Wednesday.
According to Zacks, “INTREPID POTASH, Inc. is the largest producer of potash in the U.S. and is dedicated to the production and marketing of potash and langbeinite, another mineral containing potassium. Intrepid owns five active potash production facilities — three in New Mexico and two in Utah “
A number of other equities research analysts have also issued reports on the company. Stephens initiated coverage on Intrepid Potash in a research report on Monday, December 4th. They issued an equal weight rating and a $4.00 target price on the stock. Cowen reissued a sell rating and issued a $3.50 target price on shares of Intrepid Potash in a research report on Friday, December 1st. Finally, ValuEngine lowered Intrepid Potash from a sell rating to a strong sell rating in a research report on Thursday, March 1st. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a strong buy rating to the company. The stock has an average rating of Hold and an average target price of $3.60.
Intrepid Potash (NYSE:IPI) last announced its earnings results on Tuesday, February 27th. The basic materials company reported ($0.03) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.01) by ($0.02). Intrepid Potash had a negative net margin of 14.54% and a negative return on equity of 5.31%. The firm had revenue of $33.30 million during the quarter, compared to analyst estimates of $30.68 million. During the same period in the prior year, the business posted ($0.19) EPS. The firm’s quarterly revenue was down 21.1% compared to the same quarter last year. equities analysts expect that Intrepid Potash will post 0.12 earnings per share for the current year.
In other Intrepid Potash news, CEO Robert P. Jornayvaz III bought 15,900 shares of Intrepid Potash stock in a transaction dated Thursday, March 1st. The stock was bought at an average cost of $3.30 per share, for a total transaction of $52,470.00. Following the purchase, the chief executive officer now owns 1,206,650 shares of the company’s stock, valued at approximately $3,981,945. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Robert P. Jornayvaz III bought 10,000 shares of Intrepid Potash stock in a transaction dated Tuesday, December 19th. The shares were acquired at an average price of $3.85 per share, with a total value of $38,500.00. Following the completion of the purchase, the insider now directly owns 1,206,650 shares in the company, valued at approximately $4,645,602.50. The disclosure for this purchase can be found here. Insiders have acquired a total of 342,244 shares of company stock worth $1,155,155 in the last ninety days. Insiders own 27.30% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wells Fargo & Company MN boosted its stake in Intrepid Potash by 12.3% in the 2nd quarter. Wells Fargo & Company MN now owns 57,809 shares of the basic materials company’s stock valued at $131,000 after purchasing an additional 6,336 shares during the period. New York State Common Retirement Fund boosted its stake in Intrepid Potash by 35.2% in the 3rd quarter. New York State Common Retirement Fund now owns 78,807 shares of the basic materials company’s stock valued at $344,000 after purchasing an additional 20,507 shares during the period. Creative Planning bought a new stake in Intrepid Potash in the 4th quarter valued at $101,000. Bank of New York Mellon Corp boosted its stake in Intrepid Potash by 5.4% in the 4th quarter. Bank of New York Mellon Corp now owns 424,131 shares of the basic materials company’s stock valued at $2,018,000 after purchasing an additional 21,550 shares during the period. Finally, MetLife Investment Advisors LLC bought a new stake in Intrepid Potash in the 4th quarter valued at $106,000. Institutional investors and hedge funds own 46.86% of the company’s stock.
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About Intrepid Potash
Intrepid Potash, Inc is a producer of muriate of potash (potassium chloride or potash) and langbeinite (sulfate of potash magnesia) in the United States, which it markets and sells as Trio. The Company operates in the extraction, production and sale of potassium-related products. Its products are potash and Trio.
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