Macquarie Group Ltd. Invests $108,000 in Intrepid Potash, Inc. (IPI) Stock

Macquarie Group Ltd. acquired a new stake in Intrepid Potash, Inc. (NYSE:IPI) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 26,400 shares of the basic materials company’s stock, valued at approximately $108,000.

A number of other hedge funds have also added to or reduced their stakes in IPI. BlueMountain Capital Management LLC bought a new position in shares of Intrepid Potash during the 2nd quarter valued at $125,000. Bank of America Corp DE lifted its holdings in shares of Intrepid Potash by 96.9% during the 2nd quarter. Bank of America Corp DE now owns 41,056 shares of the basic materials company’s stock valued at $167,000 after buying an additional 20,204 shares during the period. MetLife Investment Advisors LLC lifted its holdings in shares of Intrepid Potash by 113.9% during the 1st quarter. MetLife Investment Advisors LLC now owns 47,533 shares of the basic materials company’s stock valued at $173,000 after buying an additional 25,309 shares during the period. Russell Investments Group Ltd. bought a new position in shares of Intrepid Potash during the 2nd quarter valued at $252,000. Finally, New York State Common Retirement Fund lifted its holdings in shares of Intrepid Potash by 24.4% during the 1st quarter. New York State Common Retirement Fund now owns 98,007 shares of the basic materials company’s stock valued at $357,000 after buying an additional 19,200 shares during the period. 45.56% of the stock is currently owned by institutional investors and hedge funds.

NYSE IPI opened at $3.42 on Friday. The firm has a market cap of $470.67 million, a PE ratio of -19.00 and a beta of 0.98. The company has a current ratio of 3.47, a quick ratio of 1.53 and a debt-to-equity ratio of 0.12. Intrepid Potash, Inc. has a 1-year low of $3.12 and a 1-year high of $5.31.

Intrepid Potash (NYSE:IPI) last released its quarterly earnings results on Thursday, August 2nd. The basic materials company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.05). The firm had revenue of $54.00 million for the quarter, compared to the consensus estimate of $43.08 million. Intrepid Potash had a negative net margin of 1.47% and a negative return on equity of 1.15%. Intrepid Potash’s quarterly revenue was up 20.0% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.05) earnings per share. As a group, analysts forecast that Intrepid Potash, Inc. will post 0.1 EPS for the current fiscal year.

Several equities analysts have recently weighed in on IPI shares. Zacks Investment Research raised Intrepid Potash from a “hold” rating to a “buy” rating and set a $4.50 price target on the stock in a report on Wednesday, July 25th. BMO Capital Markets lowered their price target on Intrepid Potash from $4.00 to $3.25 and set a “market perform” rating on the stock in a report on Monday, August 6th. Finally, ValuEngine cut Intrepid Potash from a “hold” rating to a “sell” rating in a report on Thursday, September 6th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $4.13.

In related news, insider Robert P. Jornayvaz III acquired 10,000 shares of Intrepid Potash stock in a transaction dated Wednesday, August 15th. The stock was purchased at an average cost of $3.24 per share, for a total transaction of $32,400.00. Following the purchase, the insider now directly owns 1,206,650 shares of the company’s stock, valued at approximately $3,909,546. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Robert P. Jornayvaz III acquired 20,000 shares of Intrepid Potash stock in a transaction dated Tuesday, August 7th. The stock was bought at an average price of $3.40 per share, with a total value of $68,000.00. Following the completion of the purchase, the insider now directly owns 1,206,650 shares in the company, valued at $4,102,610. The disclosure for this purchase can be found here. Insiders bought a total of 47,700 shares of company stock valued at $159,224 over the last 90 days. 27.70% of the stock is currently owned by company insiders.

About Intrepid Potash

Intrepid Potash, Inc produces and sells potash and langbeinite products in the United States and internationally. It operates through two segments, Potash and Trio. The Potash segment offers muriate of potash or potassium chloride for use as a fertilizer input in the agricultural market; as a component in drilling and fracturing fluids for oil and gas wells, as well as an input to other industrial processes in the industrial market; and as a nutrient supplement in the animal feed market.

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Institutional Ownership by Quarter for Intrepid Potash (NYSE:IPI)

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