Intrepid Potash (IPI) Trading 5.4% Higher Following Insider Buying Activity
Shares of Intrepid Potash, Inc. (NYSE:IPI) traded up 5.4% during mid-day trading on Monday following insider buying activity. The company traded as high as $3.90 and last traded at $3.88. 692,053 shares were traded during mid-day trading, an increase of 19% from the average session volume of 581,115 shares. The stock had previously closed at $3.68.
Specifically, VP Joseph G. Montoya sold 9,500 shares of the business’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $3.70, for a total value of $35,150.00. Following the completion of the transaction, the vice president now directly owns 71,950 shares in the company, valued at $266,215. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Clearway Capital Management Lt bought 203,470 shares of Intrepid Potash stock in a transaction on Thursday, January 10th. The stock was purchased at an average price of $3.18 per share, with a total value of $647,034.60. The disclosure for this purchase can be found here. Insiders acquired 417,370 shares of company stock valued at $1,342,048 over the last quarter. 27.70% of the stock is currently owned by corporate insiders.
Separately, Zacks Investment Research downgraded shares of Intrepid Potash from a “hold” rating to a “strong sell” rating in a report on Wednesday, March 13th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and one has given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $4.83.
Intrepid Potash (NYSE:IPI) last posted its quarterly earnings data on Tuesday, March 12th. The basic materials company reported $0.06 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.03 by $0.03. Intrepid Potash had a net margin of 6.04% and a return on equity of 3.00%. The firm had revenue of $34.90 million for the quarter, compared to the consensus estimate of $36.19 million. During the same quarter in the prior year, the company posted ($0.03) earnings per share. The company’s revenue for the quarter was up 4.8% compared to the same quarter last year. As a group, research analysts forecast that Intrepid Potash, Inc. will post 0.18 earnings per share for the current fiscal year.
Institutional investors and hedge funds have recently bought and sold shares of the company. Squarepoint Ops LLC acquired a new position in shares of Intrepid Potash during the fourth quarter valued at about $27,000. SG Americas Securities LLC purchased a new stake in Intrepid Potash in the fourth quarter valued at approximately $34,000. Macquarie Group Ltd. purchased a new stake in Intrepid Potash in the fourth quarter valued at approximately $35,000. Legal & General Group Plc boosted its position in Intrepid Potash by 24.1% in the fourth quarter. Legal & General Group Plc now owns 18,218 shares of the basic materials company’s stock valued at $47,000 after buying an additional 3,533 shares during the last quarter. Finally, Two Sigma Securities LLC purchased a new stake in Intrepid Potash in the fourth quarter valued at approximately $65,000. Hedge funds and other institutional investors own 44.52% of the company’s stock.
About Intrepid Potash (NYSE:IPI)
Intrepid Potash, Inc produces and sells potash and langbeinite products in the United States and internationally. It operates through two segments, Potash and Trio. The Potash segment offers muriate of potash or potassium chloride for use as a fertilizer input in the agricultural market; as a component in drilling and fracturing fluids for oil and gas wells, as well as an input to other industrial processes in the industrial market; and as a nutrient supplement in the animal feed market.
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