Intrepid Potash (NYSE:IPI) Releases Quarterly Earnings Results, Beats Expectations By $0.14 EPS

Intrepid Potash (NYSE:IPI) announced its earnings results on Wednesday, May 6th. The basic materials company reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.14, FiscalAI reports. The business had revenue of $98.69 million during the quarter, compared to the consensus estimate of $88.30 million. Intrepid Potash had a net margin of 4.68% and a return on equity of 4.53%.

Intrepid Potash Trading Down 1.2%

NYSE IPI opened at $35.72 on Tuesday. The company has a market cap of $479.73 million, a P/E ratio of 33.70 and a beta of 1.22. The company has a fifty day simple moving average of $38.73 and a 200 day simple moving average of $35.23. Intrepid Potash has a 12-month low of $22.55 and a 12-month high of $50.34.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on IPI. UBS Group upped their price target on shares of Intrepid Potash from $25.00 to $26.00 and gave the company a “sell” rating in a research report on Thursday, May 14th. Weiss Ratings raised Intrepid Potash from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, May 22nd. Two equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus target price of $26.00.

Insiders Place Their Bets

In other Intrepid Potash news, Director Lori A. Lancaster sold 4,800 shares of the company’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $45.24, for a total transaction of $217,152.00. Following the transaction, the director owned 10,540 shares in the company, valued at approximately $476,829.60. This represents a 31.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Intrepid Potash

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in Intrepid Potash by 12.6% in the 3rd quarter. Vanguard Group Inc. now owns 726,027 shares of the basic materials company’s stock valued at $22,202,000 after acquiring an additional 81,121 shares in the last quarter. Renaissance Technologies LLC increased its holdings in Intrepid Potash by 68.0% during the 4th quarter. Renaissance Technologies LLC now owns 167,092 shares of the basic materials company’s stock worth $4,633,000 after purchasing an additional 67,621 shares in the last quarter. Bridgeway Capital Management LLC increased its holdings in Intrepid Potash by 7.5% during the 3rd quarter. Bridgeway Capital Management LLC now owns 120,517 shares of the basic materials company’s stock worth $3,685,000 after purchasing an additional 8,432 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of Intrepid Potash by 4.1% in the third quarter. Arrowstreet Capital Limited Partnership now owns 100,257 shares of the basic materials company’s stock worth $3,066,000 after purchasing an additional 3,940 shares during the last quarter. Finally, Millennium Management LLC raised its stake in shares of Intrepid Potash by 21.9% in the third quarter. Millennium Management LLC now owns 97,068 shares of the basic materials company’s stock worth $2,968,000 after purchasing an additional 17,420 shares during the last quarter. 56.13% of the stock is owned by institutional investors.

About Intrepid Potash

Intrepid Potash, Inc is a leading U.S.-based producer and marketer of potash and related specialty fertilizer products. The company’s primary business centers on potassium chloride, a key nutrient used in agricultural applications to enhance crop yield and quality. In addition to potash, Intrepid Potash produces magnesium chloride and sodium chloride, which serve a variety of markets including de-icing, dust control and industrial chemical production.

Intrepid Potash operates through a combination of solution mining, solar evaporation and conventional underground mining techniques.