Intrepid Potash (NYSE:IPI) Stock Gets Downgrade from Zacks Research

Intrepid Potash (NYSE:IPI) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued on Thursday, Zacks reports.

Several other brokerages also recently weighed in on IPI. Freedom Capital raised shares of Intrepid Potash to a “strong-buy” rating in a report on Friday, July 24th. Freedom Broker reduced their price objective on shares of Intrepid Potash from $44.00 to $41.00 and set a “buy” rating for the company in a research report on Monday, November 2nd. Weiss Ratings restated a “hold (c)” rating on shares of Intrepid Potash in a research report on Wednesday, August 19th. Susquehanna set a $40.00 price objective on Intrepid Potash in a report on Friday. Finally, UBS Group reissued a “buy” rating on shares of Intrepid Potash in a research note on Monday. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $36.67.

Intrepid Potash Trading Up 4.7%

Shares of Intrepid Potash stock traded up $1.49 during trading hours on Thursday, hitting $32.86. 246,602 shares of the company were exchanged, compared to its average volume of 181,091. The business has a 50-day moving average of $34.75 and a 200-day moving average of $36.47. Intrepid Potash has a 1 year low of $23.86 and a 1 year high of $50.34. The stock has a market capitalization of $442.28 million, a price-to-earnings ratio of 17.96 and a beta of 1.06.

Intrepid Potash (NYSE:IPI) last posted its quarterly earnings data on Tuesday, November 3rd. The potash and fertilizer producer reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.09). The firm had revenue of $51.03 million during the quarter, compared to analysts’ expectations of $50.41 million. Intrepid Potash had a net margin of 8.94% and a return on equity of 4.74%. As a group, research analysts anticipate that Intrepid Potash will post 1.77 earnings per share for the current fiscal year.

Institutional Trading of Intrepid Potash

A number of institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new position in Intrepid Potash in the second quarter valued at about $37,879,000. Empowered Funds LLC purchased a new stake in shares of Intrepid Potash during the 2nd quarter worth approximately $2,668,000. PDT Partners LLC purchased a new stake in shares of Intrepid Potash during the 2nd quarter worth approximately $2,031,000. Bank of New York Mellon Corp acquired a new stake in shares of Intrepid Potash in the 2nd quarter worth approximately $1,787,000. Finally, Goehring & Rozencwajg Associates LLC grew its holdings in shares of Intrepid Potash by 21.8% in the 1st quarter. Goehring & Rozencwajg Associates LLC now owns 267,097 shares of the potash and fertilizer producer’s stock worth $11,424,000 after acquiring an additional 47,781 shares during the period. Hedge funds and other institutional investors own 56.13% of the company’s stock.

About Intrepid Potash

Intrepid Potash, Inc is a U.S.-based mineral producer specializing in potash and specialty fertilizers.