Intrepid Potash (NYSE:IPI) Lowered to “Sell” Rating by StockNews.com

Intrepid Potash (NYSE:IPI) was downgraded by equities researchers at StockNews.com from a “hold” rating to a “sell” rating in a report released on Thursday.

Separately, UBS Group cut their price target on Intrepid Potash from $21.00 to $20.00 and set a “sell” rating for the company in a report on Tuesday, March 4th.

Intrepid Potash Price Performance

IPI stock opened at $29.39 on Thursday. Intrepid Potash has a 1-year low of $18.83 and a 1-year high of $31.29. The business has a 50 day simple moving average of $26.76 and a two-hundred day simple moving average of $25.51. The company has a market capitalization of $388.67 million, a price-to-earnings ratio of -8.77 and a beta of 2.18.

Intrepid Potash (NYSE:IPI) last announced its quarterly earnings results on Monday, March 3rd. The basic materials company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.06). Intrepid Potash had a negative return on equity of 1.32% and a negative net margin of 16.86%. The company had revenue of $55.80 million during the quarter, compared to analysts’ expectations of $50.35 million. During the same quarter in the previous year, the firm earned ($0.41) EPS. Sell-side analysts anticipate that Intrepid Potash will post -0.17 EPS for the current fiscal year.

Insider Buying and Selling

In other Intrepid Potash news, major shareholder Robert P. Jornayvaz III sold 5,600 shares of the stock in a transaction on Monday, January 27th. The stock was sold at an average price of $27.35, for a total transaction of $153,160.00. Following the sale, the insider now owns 99,063 shares of the company’s stock, valued at approximately $2,709,373.05. This trade represents a 5.35 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last three months, insiders sold 227,805 shares of company stock valued at $6,168,096. Insiders own 18.00% of the company’s stock.

Institutional Trading of Intrepid Potash

Several hedge funds have recently modified their holdings of IPI. Geode Capital Management LLC lifted its holdings in shares of Intrepid Potash by 0.8% during the 3rd quarter. Geode Capital Management LLC now owns 231,594 shares of the basic materials company’s stock valued at $5,560,000 after purchasing an additional 1,732 shares during the last quarter. Barclays PLC raised its position in shares of Intrepid Potash by 282.6% in the 3rd quarter. Barclays PLC now owns 14,350 shares of the basic materials company’s stock valued at $344,000 after purchasing an additional 10,599 shares during the last quarter. State Street Corp boosted its stake in Intrepid Potash by 0.6% in the 3rd quarter. State Street Corp now owns 227,169 shares of the basic materials company’s stock worth $5,452,000 after purchasing an additional 1,402 shares in the last quarter. The Manufacturers Life Insurance Company acquired a new stake in shares of Intrepid Potash during the third quarter worth $602,000. Finally, JPMorgan Chase & Co. increased its position in shares of Intrepid Potash by 11.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 22,477 shares of the basic materials company’s stock valued at $539,000 after acquiring an additional 2,242 shares during the period. 56.13% of the stock is owned by hedge funds and other institutional investors.

About Intrepid Potash

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.