Intrepid Potash’s (IPI) “Hold” Rating Reaffirmed at BMO Capital Markets

BMO Capital Markets reiterated their hold rating on shares of Intrepid Potash, Inc (NYSE:IPI) in a research report released on Friday, July 7th. BMO Capital Markets currently has a $2.00 price objective on the basic materials company’s stock.

Separately, Zacks Investment Research downgraded Intrepid Potash from a buy rating to a hold rating in a research report on Tuesday, May 9th.

Shares of Intrepid Potash (IPI) traded up 3.24% during mid-day trading on Friday, hitting $2.87. 815,334 shares of the stock were exchanged. The firm’s market cap is $352.27 million. The stock has a 50-day moving average price of $2.37 and a 200 day moving average price of $2.07. Intrepid Potash has a 52-week low of $0.93 and a 52-week high of $3.04.

Intrepid Potash (NYSE:IPI) last posted its quarterly earnings data on Tuesday, May 2nd. The basic materials company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by $0.06. The company had revenue of $48.30 million for the quarter, compared to analyst estimates of $33.18 million. Intrepid Potash had a negative net margin of 33.27% and a negative return on equity of 14.71%. The firm’s revenue was down 34.1% on a year-over-year basis. During the same period in the previous year, the business earned ($0.22) EPS. On average, equities research analysts expect that Intrepid Potash will post ($0.29) earnings per share for the current year.

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In other Intrepid Potash news, insider Robert P. Jornayvaz III acquired 13,800 shares of the stock in a transaction on Wednesday, May 31st. The stock was purchased at an average price of $2.10 per share, for a total transaction of $28,980.00. Following the purchase, the insider now directly owns 565,390 shares in the company, valued at $1,187,319. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP John G. Mansanti sold 12,669 shares of Intrepid Potash stock in a transaction that occurred on Friday, June 2nd. The stock was sold at an average price of $2.24, for a total value of $28,378.56. Following the completion of the transaction, the senior vice president now owns 48,483 shares of the company’s stock, valued at approximately $108,601.92. The disclosure for this sale can be found here. Company insiders own 27.20% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of IPI. Dimensional Fund Advisors LP increased its stake in shares of Intrepid Potash by 46.7% in the first quarter. Dimensional Fund Advisors LP now owns 1,374,702 shares of the basic materials company’s stock valued at $2,364,000 after buying an additional 437,784 shares during the period. Geode Capital Management LLC increased its stake in shares of Intrepid Potash by 74.0% in the first quarter. Geode Capital Management LLC now owns 617,705 shares of the basic materials company’s stock valued at $1,062,000 after buying an additional 262,790 shares during the period. Fairfax Financial Holdings Ltd Can bought a new stake in shares of Intrepid Potash during the first quarter valued at about $28,500,000. Segantii Capital Management Ltd increased its stake in shares of Intrepid Potash by 1,134.8% in the first quarter. Segantii Capital Management Ltd now owns 138,300 shares of the basic materials company’s stock valued at $238,000 after buying an additional 127,100 shares during the period. Finally, Royce & Associates LP increased its stake in shares of Intrepid Potash by 7.7% in the first quarter. Royce & Associates LP now owns 339,406 shares of the basic materials company’s stock valued at $584,000 after buying an additional 24,406 shares during the last quarter. Institutional investors own 42.35% of the company’s stock.

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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