Intrepid Potash (NYSE:IPI) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Intrepid Potash (NYSE:IPI) from a strong-buy rating to a hold rating in a report issued on Tuesday morning, Zacks.com reports.

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 brokerages have also recently weighed in on IPI. ValuEngine cut shares of Intrepid Potash from a sell rating to a strong sell rating in a research report on Tuesday, July 2nd. TheStreet raised shares of Intrepid Potash from a c rating to a b- rating in a research report on Monday, April 8th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $4.92.

Shares of NYSE:IPI traded down $0.08 during trading on Tuesday, hitting $3.22. The company’s stock had a trading volume of 2,267 shares, compared to its average volume of 528,459. The stock has a market cap of $423.91 million, a P/E ratio of 35.94 and a beta of 1.18. The firm’s 50 day simple moving average is $3.45. Intrepid Potash has a fifty-two week low of $2.51 and a fifty-two week high of $4.41. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.62 and a quick ratio of 1.94.

Intrepid Potash (NYSE:IPI) last released its quarterly earnings data on Tuesday, August 6th. The basic materials company reported $0.04 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.03 by $0.01. The business had revenue of $62.51 million during the quarter, compared to analysts’ expectations of $55.68 million. Intrepid Potash had a net margin of 10.78% and a return on equity of 5.52%. The company’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same period in the previous year, the company earned ($0.01) EPS. On average, equities analysts predict that Intrepid Potash will post 0.21 earnings per share for the current year.

In related news, insider Robert P. Jornayvaz III purchased 17,675 shares of Intrepid Potash stock in a transaction that occurred on Tuesday, May 28th. The stock was purchased at an average cost of $3.11 per share, with a total value of $54,969.25. Following the completion of the transaction, the insider now directly owns 2,089,144 shares in the company, valued at $6,497,237.84. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Robert P. Jornayvaz III purchased 15,000 shares of Intrepid Potash stock in a transaction that occurred on Friday, May 24th. The stock was bought at an average cost of $3.11 per share, with a total value of $46,650.00. Following the completion of the transaction, the chief executive officer now owns 2,089,144 shares of the company’s stock, valued at $6,497,237.84. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 62,205 shares of company stock valued at $197,554. 27.80% of the stock is owned by corporate insiders.

Several large investors have recently made changes to their positions in the company. BlackRock Inc. raised its holdings in shares of Intrepid Potash by 6.2% in the fourth quarter. BlackRock Inc. now owns 7,890,148 shares of the basic materials company’s stock valued at $20,514,000 after buying an additional 460,427 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Intrepid Potash by 6.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 6,924,918 shares of the basic materials company’s stock valued at $18,005,000 after buying an additional 410,308 shares during the last quarter. Royce & Associates LP increased its stake in shares of Intrepid Potash by 2.1% during the first quarter. Royce & Associates LP now owns 2,386,106 shares of the basic materials company’s stock worth $9,043,000 after acquiring an additional 50,000 shares during the period. Perella Weinberg Partners Capital Management LP increased its stake in shares of Intrepid Potash by 817.3% during the first quarter. Perella Weinberg Partners Capital Management LP now owns 2,131,215 shares of the basic materials company’s stock worth $8,077,000 after acquiring an additional 1,898,891 shares during the period. Finally, Millennium Management LLC increased its stake in shares of Intrepid Potash by 6.1% during the fourth quarter. Millennium Management LLC now owns 1,562,946 shares of the basic materials company’s stock worth $4,064,000 after acquiring an additional 89,613 shares during the period. 42.91% of the stock is owned by institutional investors and hedge funds.

About Intrepid Potash

Intrepid Potash, Inc produces and sells potash and langbeinite products in the United States and internationally. It operates through three segments: Potash, Trio, and Oilfield Solutions. The Potash segment offers muriate of potash or potassium chloride for use as a fertilizer input in the agricultural market; as a component in drilling and fracturing fluids for oil and gas wells, as well as an input to other industrial processes in the industrial market; and as a nutrient supplement in the animal feed market.

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