Intrepid Potash (NYSE:IPI) Price Target Lowered to $29.00 at UBS Group

Intrepid Potash (NYSE:IPI – Get Rating) had its price target reduced by analysts at UBS Group from $38.00 to $29.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has a “sell” rating on the basic materials company’s stock. UBS Group’s price target suggests a potential downside of 9.88% from the stock’s current price.

A number of other brokerages also recently commented on IPI. StockNews.com began coverage on shares of Intrepid Potash in a research report on Wednesday, October 12th. They issued a “hold” rating for the company. BMO Capital Markets reduced their price objective on shares of Intrepid Potash from $45.00 to $40.00 and set a “market perform” rating for the company in a research report on Friday, November 4th.

Intrepid Potash Stock Performance

Shares of IPI opened at $32.18 on Wednesday. Intrepid Potash has a fifty-two week low of $27.23 and a fifty-two week high of $121.72. The company has a market capitalization of $434.08 million, a price-to-earnings ratio of 1.48 and a beta of 1.95. The firm has a 50-day simple moving average of $32.85 and a 200-day simple moving average of $39.75.

Intrepid Potash (NYSE:IPI – Get Rating) last announced its quarterly earnings data on Wednesday, November 2nd. The basic materials company reported $0.97 EPS for the quarter, missing analysts’ consensus estimates of $1.55 by ($0.58). The firm had revenue of $66.96 million during the quarter, compared to analyst estimates of $69.88 million. Intrepid Potash had a net margin of 85.23% and a return on equity of 11.05%. Equities research analysts forecast that Intrepid Potash will post 6.27 EPS for the current year.

Institutional Investors Weigh In On Intrepid Potash

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP lifted its position in shares of Intrepid Potash by 12.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 858,706 shares of the basic materials company’s stock valued at $33,978,000 after acquiring an additional 97,515 shares during the period. Vanguard Group Inc. increased its stake in shares of Intrepid Potash by 4.0% during the 3rd quarter. Vanguard Group Inc. now owns 574,999 shares of the basic materials company’s stock worth $22,753,000 after purchasing an additional 22,160 shares in the last quarter. Capital International Investors purchased a new position in shares of Intrepid Potash during the 1st quarter worth approximately $33,390,000. PointState Capital LP purchased a new position in shares of Intrepid Potash during the 1st quarter worth approximately $30,649,000. Finally, Assenagon Asset Management S.A. grew its stake in Intrepid Potash by 165.0% in the 3rd quarter. Assenagon Asset Management S.A. now owns 309,817 shares of the basic materials company’s stock worth $12,259,000 after acquiring an additional 192,897 shares during the period. 55.35% of the stock is currently owned by institutional investors and hedge funds.

About Intrepid Potash

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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.