UBS Group Increases Intrepid Potash (NYSE:IPI) Price Target to $19.00

Intrepid Potash (NYSE:IPI) had its target price increased by investment analysts at UBS Group from $18.00 to $19.00 in a report released on Tuesday, 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 29.33% from the stock’s current price.

Intrepid Potash Stock Down 6.6 %

NYSE IPI opened at $26.89 on Tuesday. The stock’s 50-day simple moving average is $24.34 and its two-hundred day simple moving average is $24.00. Intrepid Potash has a twelve month low of $17.52 and a twelve month high of $29.75. The company has a market capitalization of $357.03 million, a price-to-earnings ratio of -8.03 and a beta of 2.18.

Intrepid Potash (NYSE:IPI) last announced its quarterly earnings data on Monday, November 4th. The basic materials company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.25). The firm had revenue of $57.55 million for the quarter, compared to analysts’ expectations of $42.57 million. Intrepid Potash had a negative net margin of 16.86% and a negative return on equity of 1.32%. During the same period in the prior year, the business posted ($0.53) earnings per share. On average, equities analysts expect that Intrepid Potash will post 0.27 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Intrepid Potash

Several institutional investors and hedge funds have recently made changes to their positions in the business. Pinnacle Associates Ltd. purchased a new stake in Intrepid Potash during the third quarter valued at about $3,100,000. First Eagle Investment Management LLC boosted its holdings in Intrepid Potash by 25.1% during the 2nd quarter. First Eagle Investment Management LLC now owns 602,770 shares of the basic materials company’s stock valued at $14,123,000 after acquiring an additional 121,100 shares during the period. Acadian Asset Management LLC grew its position in Intrepid Potash by 517.6% during the 1st quarter. Acadian Asset Management LLC now owns 58,126 shares of the basic materials company’s stock worth $1,211,000 after acquiring an additional 48,715 shares during the last quarter. Cubist Systematic Strategies LLC purchased a new position in Intrepid Potash in the 2nd quarter worth approximately $979,000. Finally, Glenorchy Capital Ltd lifted its position in Intrepid Potash by 95.7% in the third quarter. Glenorchy Capital Ltd now owns 62,214 shares of the basic materials company’s stock valued at $1,493,000 after purchasing an additional 30,425 shares during the last quarter. Institutional investors own 56.13% of the company’s stock.

Intrepid Potash Company Profile

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 company offers muriate of potash for various markets, such as agricultural market as a fertilizer input; the industrial market as a component in drilling and fracturing fluids for oil and gas wells, as well as an input to other industrial processes; and the animal feed market as a nutrient supplement.