Intrepid Potash (NYSE:IPI) Given New $21.00 Price Target at UBS Group

Intrepid Potash (NYSE:IPIGet Free Report) had its price objective raised by research analysts at UBS Group from $19.00 to $21.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has a “sell” rating on the basic materials company’s stock. UBS Group’s target price points to a potential downside of 22.38% from the company’s previous close.

Separately, StockNews.com raised shares of Intrepid Potash from a “sell” rating to a “hold” rating in a research note on Wednesday, November 6th.

Check Out Our Latest Stock Analysis on IPI

Intrepid Potash Stock Up 3.2 %

NYSE IPI opened at $27.06 on Tuesday. Intrepid Potash has a twelve month low of $17.52 and a twelve month high of $29.75. The business’s fifty day moving average is $25.04 and its 200 day moving average is $24.68. The company has a market cap of $356.04 million, a price-to-earnings ratio of -8.08 and a beta of 2.23.

Intrepid Potash (NYSE:IPIGet Free Report) last released its quarterly earnings data on Monday, November 4th. The basic materials company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.11 by ($0.25). Intrepid Potash had a negative net margin of 16.86% and a negative return on equity of 1.32%. The firm had revenue of $57.55 million during the quarter, compared to analyst estimates of $42.57 million. During the same period in the prior year, the company earned ($0.53) EPS. On average, research analysts anticipate that Intrepid Potash will post -0.17 earnings per share for the current fiscal year.

Insider Activity at Intrepid Potash

In related news, major shareholder Robert P. Jornayvaz III sold 30,000 shares of the business’s stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $29.00, for a total value of $870,000.00. Following the transaction, the insider now owns 1,444,513 shares in the company, valued at $41,890,877. The trade was a 2.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 458,748 shares of company stock worth $11,740,406 over the last ninety days. Insiders own 18.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Geode Capital Management LLC grew its stake in Intrepid Potash by 0.8% during the third quarter. Geode Capital Management LLC now owns 231,594 shares of the basic materials company’s stock worth $5,560,000 after purchasing an additional 1,732 shares during the period. Glenorchy Capital Ltd boosted its holdings in shares of Intrepid Potash by 95.7% during the 3rd quarter. Glenorchy Capital Ltd now owns 62,214 shares of the basic materials company’s stock worth $1,493,000 after buying an additional 30,425 shares in the last quarter. Barclays PLC grew its position in shares of Intrepid Potash by 282.6% during the 3rd quarter. Barclays PLC now owns 14,350 shares of the basic materials company’s stock worth $344,000 after buying an additional 10,599 shares during the period. Pinnacle Associates Ltd. bought a new stake in shares of Intrepid Potash in the 3rd quarter valued at $3,100,000. Finally, The Manufacturers Life Insurance Company acquired a new position in shares of Intrepid Potash during the 3rd quarter valued at $602,000. 56.13% of the stock is owned by institutional investors.

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 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.

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