Intrepid Potash (NYSE:IPI) Trading Down 5.6%

Intrepid Potash, Inc. (NYSE:IPIGet Rating)’s share price dropped 5.6% on Tuesday . The stock traded as low as $40.64 and last traded at $41.52. Approximately 4,147 shares were traded during mid-day trading, a decline of 99% from the average daily volume of 356,845 shares. The stock had previously closed at $43.96.

Wall Street Analyst Weigh In

IPI has been the subject of several analyst reports. BMO Capital Markets lifted their price objective on shares of Intrepid Potash from $65.00 to $70.00 in a research note on Thursday, May 5th. UBS Group decreased their target price on shares of Intrepid Potash from $64.00 to $40.00 and set a “sell” rating on the stock in a report on Wednesday, July 13th. StockNews.com lowered shares of Intrepid Potash from a “buy” rating to a “hold” rating in a report on Thursday, April 21st. Finally, TheStreet lowered shares of Intrepid Potash from a “b-” rating to a “c+” rating in a report on Thursday, June 16th. One analyst has rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $49.33.

Intrepid Potash Stock Performance

The stock has a market capitalization of $596.92 million, a P/E ratio of 2.11 and a beta of 2.04. The stock’s fifty day simple moving average is $49.40 and its two-hundred day simple moving average is $61.71.

Intrepid Potash (NYSE:IPIGet Rating) last posted its earnings results on Monday, May 2nd. The basic materials company reported $2.32 earnings per share for the quarter, topping analysts’ consensus estimates of $1.60 by $0.72. The firm had revenue of $94.16 million for the quarter, compared to analyst estimates of $87.11 million. Intrepid Potash had a net margin of 91.93% and a return on equity of 9.13%. During the same period in the previous year, the firm posted $0.18 EPS. As a group, analysts expect that Intrepid Potash, Inc. will post 9.42 earnings per share for the current fiscal year.

Insider Transactions at Intrepid Potash

In other news, CFO Matthew D. Preston sold 6,136 shares of the business’s stock in a transaction that occurred on Wednesday, May 25th. The shares were sold at an average price of $64.74, for a total value of $397,244.64. Following the transaction, the chief financial officer now owns 9,929 shares in the company, valued at approximately $642,803.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 18.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Victory Capital Management Inc. lifted its position in shares of Intrepid Potash by 90.3% during the 2nd quarter. Victory Capital Management Inc. now owns 27,281 shares of the basic materials company’s stock valued at $1,236,000 after acquiring an additional 12,947 shares during the period. SG Americas Securities LLC lifted its position in shares of Intrepid Potash by 99.9% during the 2nd quarter. SG Americas Securities LLC now owns 5,851 shares of the basic materials company’s stock valued at $265,000 after acquiring an additional 2,924 shares during the period. Russell Investments Group Ltd. lifted its position in shares of Intrepid Potash by 2.9% during the 2nd quarter. Russell Investments Group Ltd. now owns 20,788 shares of the basic materials company’s stock valued at $940,000 after acquiring an additional 595 shares during the period. Bourgeon Capital Management LLC acquired a new position in shares of Intrepid Potash during the 2nd quarter valued at $113,000. Finally, Cambria Investment Management L.P. lifted its position in shares of Intrepid Potash by 58.9% during the 2nd quarter. Cambria Investment Management L.P. now owns 4,770 shares of the basic materials company’s stock valued at $216,000 after acquiring an additional 1,768 shares during the period. Institutional investors and hedge funds own 46.04% of the company’s stock.

Intrepid Potash Company Profile

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Intrepid Potash, Inc, together with its subsidiaries, engages in the extraction and production of the potash 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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