Intrepid Potash, Inc (IPI) Issues Quarterly Earnings Results
Intrepid Potash, Inc (NYSE:IPI) issued its quarterly earnings results on Monday. The basic materials company reported ($0.02) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.04) by $0.02, Bloomberg Earnings reports. Intrepid Potash had a negative return on equity of 12.37% and a negative net margin of 30.56%. The firm had revenue of $32.06 million for the quarter, compared to analyst estimates of $33.15 million. During the same period in the previous year, the firm earned ($0.22) earnings per share. The company’s revenue was down 26.5% compared to the same quarter last year.
Shares of Intrepid Potash (NYSE IPI) traded up 1.89% during trading on Tuesday, hitting $3.78. The stock had a trading volume of 376,352 shares. The stock’s market capitalization is $463.51 million. The firm has a 50 day moving average price of $3.99 and a 200-day moving average price of $2.98. Intrepid Potash has a 52 week low of $1.00 and a 52 week high of $4.63.
In other Intrepid Potash news, major shareholder Clearway Capital Management Lt bought 17,100 shares of the business’s stock in a transaction dated Friday, August 18th. The shares were acquired at an average price of $3.20 per share, with a total value of $54,720.00. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Robert P. Jornayvaz III bought 20,000 shares of the business’s stock in a transaction dated Monday, August 7th. The stock was acquired at an average cost of $3.31 per share, for a total transaction of $66,200.00. Following the purchase, the insider now owns 1,206,650 shares in the company, valued at approximately $3,994,011.50. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 981,300 shares of company stock worth $3,301,725. 27.30% of the stock is currently owned by insiders.
A hedge fund recently raised its stake in Intrepid Potash stock. State Street Corp grew its holdings in Intrepid Potash, Inc (NYSE:IPI) by 3,191.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,144,560 shares of the basic materials company’s stock after acquiring an additional 1,109,782 shares during the period. State Street Corp owned about 0.88% of Intrepid Potash worth $2,590,000 as of its most recent SEC filing. Institutional investors own 47.30% of the company’s stock.
Several equities analysts have issued reports on the company. UBS AG lowered Intrepid Potash from a “neutral” rating to a “sell” rating and upped their target price for the stock from $2.00 to $2.50 in a research report on Monday, August 7th. BMO Capital Markets upped their target price on Intrepid Potash from $3.00 to $4.00 and gave the stock a “market perform” rating in a research report on Tuesday. BidaskClub raised Intrepid Potash from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, August 2nd. Finally, Zacks Investment Research raised Intrepid Potash from a “sell” rating to a “buy” rating and set a $3.75 target price on the stock in a research report on Wednesday, August 9th.
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About Intrepid Potash
Intrepid Potash, Inc is a producer of muriate of potash (potassium chloride or potash) and langbeinite (sulfate of potash magnesia) in the United States, which it markets and sells as Trio. The Company operates in the extraction, production and sale of potassium-related products. Its products are potash and Trio.
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