Intrepid Potash (NYSE:IPI) Announces Quarterly Earnings Results, Misses Expectations By $0.22 EPS

Intrepid Potash (NYSE:IPI) announced its quarterly earnings data on Tuesday. The basic materials company reported $0.56 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($0.22), FiscalAI reports. Intrepid Potash had a return on equity of 4.53% and a net margin of 4.68%.The business had revenue of $66.69 million during the quarter, compared to analysts’ expectations of $64.86 million.

Intrepid Potash Trading Up 2.0%

Intrepid Potash stock opened at $33.97 on Wednesday. The company has a market capitalization of $456.22 million, a P/E ratio of 32.05 and a beta of 1.24. The firm’s fifty day simple moving average is $34.94 and its 200-day simple moving average is $36.96. Intrepid Potash has a 1-year low of $22.55 and a 1-year high of $50.34.

Insider Activity

In related 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 value of $217,152.00. Following the completion of the sale, the director directly 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 sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Intrepid Potash

Institutional investors have recently bought and sold shares of the stock. Summit Global Investments boosted its stake in shares of Intrepid Potash by 5.0% during the 4th quarter. Summit Global Investments now owns 15,574 shares of the basic materials company’s stock worth $432,000 after acquiring an additional 748 shares in the last quarter. Empowered Funds LLC increased its holdings in shares of Intrepid Potash by 10.7% during the 4th quarter. Empowered Funds LLC now owns 81,568 shares of the basic materials company’s stock valued at $2,262,000 after acquiring an additional 7,907 shares during the last quarter. XTX Topco Ltd bought a new position in shares of Intrepid Potash in the 4th quarter valued at approximately $854,000. Man Group plc bought a new position in shares of Intrepid Potash in the 4th quarter valued at approximately $783,000. Finally, Trexquant Investment LP acquired a new stake in Intrepid Potash in the 4th quarter worth approximately $337,000. 56.13% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. UBS Group upped their target price on 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 shares of Intrepid Potash from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, May 22nd. Zacks Research downgraded shares of Intrepid Potash from a “hold” rating to a “strong sell” rating in a research report on Friday, July 10th. Finally, Freedom Capital upgraded shares of Intrepid Potash to a “strong-buy” rating in a research note on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Intrepid Potash presently has a consensus rating of “Hold” and a consensus target price of $26.00.

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.