Intrepid Potash (NYSE:IPI – Get Rating) was upgraded by TheStreet from a “c+” rating to a “b-” rating in a research report issued to clients and investors on Thursday, TheStreetRatingsTable reports.
Several other research firms have also recently issued reports on IPI. StockNews.com raised Intrepid Potash from a “hold” rating to a “buy” rating in a research note on Saturday. Zacks Investment Research cut Intrepid Potash from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 20th. Finally, UBS Group raised their target price on Intrepid Potash from $23.00 to $25.00 and gave the stock a “sell” rating in a research note on Tuesday, January 4th. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $36.25.
Shares of Intrepid Potash stock opened at $84.19 on Thursday. Intrepid Potash has a one year low of $22.82 and a one year high of $87.64. The company has a market cap of $1.13 billion, a price-to-earnings ratio of 4.53 and a beta of 2.07. The business’s 50 day moving average price is $48.26 and its 200 day moving average price is $42.02.
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Intrepid Potash (NYSE:IPI – Get Rating) last posted its earnings results on Monday, March 7th. The basic materials company reported $0.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.16 by ($0.56). The business had revenue of $64.04 million for the quarter. Intrepid Potash had a return on equity of 4.47% and a net margin of 92.42%. During the same period last year, the business posted ($0.05) earnings per share. Equities analysts predict that Intrepid Potash will post 5.23 EPS for the current fiscal year.
Intrepid Potash announced that its Board of Directors has authorized a share buyback plan on Monday, March 7th that permits the company to repurchase $35.00 million in shares. This repurchase authorization permits the basic materials company to purchase up to 3.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.
In other news, major shareholder Clearway Capital Management Ll sold 10,000 shares of Intrepid Potash stock in a transaction on Wednesday, February 2nd. The stock was sold at an average price of $46.46, for a total value of $464,600.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold 114,917 shares of company stock valued at $7,040,933 over the last ninety days. Insiders own 26.40% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of IPI. Norges Bank purchased a new position in Intrepid Potash in the fourth quarter valued at $1,320,000. BlackRock Inc. boosted its holdings in Intrepid Potash by 8.8% in the fourth quarter. BlackRock Inc. now owns 969,518 shares of the basic materials company’s stock valued at $41,427,000 after purchasing an additional 78,602 shares during the period. Wells Fargo & Company MN boosted its holdings in Intrepid Potash by 576.0% in the fourth quarter. Wells Fargo & Company MN now owns 18,510 shares of the basic materials company’s stock valued at $791,000 after purchasing an additional 15,772 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in Intrepid Potash by 48.5% in the fourth quarter. The Manufacturers Life Insurance Company now owns 134,540 shares of the basic materials company’s stock valued at $5,749,000 after purchasing an additional 43,915 shares during the period. Finally, Sei Investments Co. purchased a new position in Intrepid Potash in the fourth quarter valued at $552,000. 37.41% of the stock is owned by institutional investors and hedge funds.
About Intrepid Potash (Get Rating)
Intrepid Potash, Inc engages in the delivery of potassium, magnesium, sulfur, and salt essential. The firm serves the agriculture, organics, animal feed, industrial, and oilfield solutions industries. It operates through the following segments: Potash, Oilfield Solutions, and Trio. The company was founded in January 2000 and is headquartered in Denver, CO.
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