Intrepid Potash (NYSE:IPI) Rating Increased to Hold at Zacks Research

Zacks Research upgraded shares of Intrepid Potash (NYSE:IPI) from a strong sell rating to a hold rating in a research note released on Monday morning,Zacks.com reports.

Several other equities analysts have also weighed in on IPI. UBS Group upped their price objective on shares of Intrepid Potash from $25.00 to $26.00 and gave the company a “sell” rating in a report on Thursday, May 14th. Weiss Ratings upgraded Intrepid Potash from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, May 22nd. Finally, Freedom Capital raised Intrepid Potash to a “strong-buy” rating in a research report on Friday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $26.00.

Intrepid Potash Stock Down 2.1%

Shares of IPI stock opened at $36.97 on Monday. The firm has a 50 day moving average of $34.63 and a 200-day moving average of $37.04. The company has a market cap of $497.55 million, a price-to-earnings ratio of 18.67 and a beta of 1.24. Intrepid Potash has a 52 week low of $22.55 and a 52 week high of $50.34.

Intrepid Potash (NYSE:IPI) last released its earnings results on Tuesday, August 4th. The basic materials company reported $0.56 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.22). The company had revenue of $66.69 million for the quarter, compared to analyst estimates of $64.86 million. Intrepid Potash had a net margin of 8.94% and a return on equity of 4.74%. Analysts anticipate that Intrepid Potash will post 1.86 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of IPI. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Intrepid Potash by 5.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,572 shares of the basic materials company’s stock valued at $193,000 after buying an additional 312 shares during the last quarter. Empowered Funds LLC raised its holdings in shares of Intrepid Potash by 7.3% in the 1st quarter. Empowered Funds LLC now owns 60,623 shares of the basic materials company’s stock worth $1,782,000 after acquiring an additional 4,137 shares during the last quarter. Legal & General Group Plc raised its holdings in shares of Intrepid Potash by 123.0% in the 2nd quarter. Legal & General Group Plc now owns 2,112 shares of the basic materials company’s stock worth $75,000 after acquiring an additional 1,165 shares during the last quarter. Quantbot Technologies LP bought a new position in Intrepid Potash in the 2nd quarter valued at about $420,000. Finally, Arrowstreet Capital Limited Partnership bought a new position in Intrepid Potash in the 2nd quarter valued at about $3,441,000. Institutional investors and hedge funds own 56.13% of the company’s stock.

Intrepid Potash Company Profile

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.