Intrepid Potash (NYSE:IPI) Trading Down 4.3% – Here’s Why

Intrepid Potash, Inc (NYSE:IPI) dropped 4.3% during mid-day trading on Wednesday . The stock traded as low as $39.52 and last traded at $39.5310. Approximately 51,813 shares were traded during trading, a decline of 83% from the average daily volume of 299,963 shares. The stock had previously closed at $41.31.

Wall Street Analyst Weigh In

IPI has been the topic of several recent analyst reports. UBS Group boosted their price objective on Intrepid Potash from $25.00 to $26.00 and gave the stock a “sell” rating in a report on Thursday, May 14th. Weiss Ratings raised shares of Intrepid Potash from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, May 8th. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus price target of $26.00.

Intrepid Potash Stock Down 3.7%

The business’s 50-day moving average price is $40.69 and its 200-day moving average price is $33.64. The firm has a market capitalization of $534.25 million, a PE ratio of 37.54 and a beta of 1.25.

Intrepid Potash (NYSE:IPI) last posted its quarterly earnings results on Wednesday, May 6th. The basic materials company reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.14. Intrepid Potash had a net margin of 4.68% and a return on equity of 4.53%. The business had revenue of $98.69 million during the quarter, compared to analyst estimates of $88.30 million. On average, analysts anticipate that Intrepid Potash, Inc will post 1.62 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Lori A. Lancaster sold 4,800 shares of the stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $45.24, for a total value 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 link. Corporate insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Intrepid Potash

A number of hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada increased its holdings in Intrepid Potash by 2,612.1% in the first quarter. Royal Bank of Canada now owns 8,489 shares of the basic materials company’s stock worth $363,000 after buying an additional 8,176 shares during the last quarter. Empowered Funds LLC increased its holdings in Intrepid Potash by 8.3% in the first quarter. Empowered Funds LLC now owns 88,353 shares of the basic materials company’s stock worth $3,779,000 after buying an additional 6,785 shares during the last quarter. Quantinno Capital Management LP increased its holdings in Intrepid Potash by 27.8% in the first quarter. Quantinno Capital Management LP now owns 29,215 shares of the basic materials company’s stock worth $1,250,000 after buying an additional 6,355 shares during the last quarter. Lazard Asset Management LLC acquired a new position in Intrepid Potash in the first quarter worth approximately $1,587,000. Finally, Caxton Associates LLP acquired a new position in Intrepid Potash in the first quarter worth approximately $751,000. Institutional investors and hedge funds own 56.13% of the company’s stock.

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.