State Street Corp Has $5.45 Million Position in Intrepid Potash, Inc. (NYSE:IPI)

State Street Corp boosted its position in Intrepid Potash, Inc. (NYSE:IPI) by 0.6% in the 3rd quarter, HoldingsChannel reports. The firm owned 227,169 shares of the basic materials company’s stock after acquiring an additional 1,402 shares during the period. State Street Corp’s holdings in Intrepid Potash were worth $5,452,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of IPI. SG Americas Securities LLC acquired a new stake in shares of Intrepid Potash in the third quarter valued at approximately $142,000. Quest Partners LLC lifted its stake in shares of Intrepid Potash by 24,863.2% during the 3rd quarter. Quest Partners LLC now owns 9,486 shares of the basic materials company’s stock worth $228,000 after buying an additional 9,448 shares during the last quarter. Squarepoint Ops LLC acquired a new stake in Intrepid Potash during the 2nd quarter worth approximately $303,000. Rhumbline Advisers raised its stake in Intrepid Potash by 5.0% in the 2nd quarter. Rhumbline Advisers now owns 17,997 shares of the basic materials company’s stock worth $422,000 after purchasing an additional 861 shares in the last quarter. Finally, The Manufacturers Life Insurance Company acquired a new stake in Intrepid Potash during the third quarter worth approximately $602,000. 56.13% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, major shareholder Robert P. Jornayvaz III sold 3,557 shares of the stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $25.00, for a total value of $88,925.00. Following the completion of the sale, the insider now owns 129,230 shares of the company’s stock, valued at approximately $3,230,750. This represents a 2.68 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last 90 days, insiders sold 401,097 shares of company stock valued at $10,189,635. Insiders own 18.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on IPI shares. UBS Group increased their price objective on shares of Intrepid Potash from $18.00 to $19.00 and gave the stock a “sell” rating in a research note on Tuesday, November 5th. StockNews.com raised Intrepid Potash from a “sell” rating to a “hold” rating in a research note on Wednesday, November 6th.

Intrepid Potash Stock Down 1.4 %

Shares of IPI stock opened at $21.79 on Friday. The stock’s fifty day simple moving average is $25.70 and its 200 day simple moving average is $24.45. Intrepid Potash, Inc. has a twelve month low of $17.52 and a twelve month high of $29.75. The firm has a market capitalization of $286.76 million, a P/E ratio of -6.50 and a beta of 2.21.

Intrepid Potash (NYSE:IPI) last posted its earnings results on Monday, November 4th. The basic materials company reported ($0.14) EPS for the quarter, missing the consensus estimate of $0.11 by ($0.25). Intrepid Potash had a negative return on equity of 1.32% and a negative net margin of 16.86%. The business had revenue of $57.55 million for the quarter, compared to analyst estimates of $42.57 million. During the same quarter in the prior year, the business earned ($0.53) earnings per share. As a group, equities research analysts expect that Intrepid Potash, Inc. will post -0.17 EPS for the current fiscal year.

Intrepid Potash 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.