Intrepid Potash (NYSE:IPI) Price Target Raised to $21.00 at UBS Group

Intrepid Potash (NYSE:IPI) had its price target hoisted by UBS Group from $19.00 to $21.00 in a research report sent to investors on Tuesday,Benzinga reports. The firm currently has a sell rating on the basic materials company’s stock.

Separately, StockNews.com raised Intrepid Potash from a “sell” rating to a “hold” rating in a research note on Wednesday, November 6th.

Intrepid Potash Price Performance

Shares of NYSE IPI opened at $27.09 on Tuesday. The company has a market cap of $356.52 million, a PE ratio of -8.09 and a beta of 2.23. The company has a 50-day simple moving average of $25.04 and a 200-day simple moving average of $24.69. Intrepid Potash has a 12 month low of $17.52 and a 12 month high of $29.75.

Intrepid Potash (NYSE:IPI) last issued its quarterly earnings results on Monday, November 4th. The basic materials company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of $0.11 by ($0.25). Intrepid Potash had a negative net margin of 16.86% and a negative return on equity of 1.32%. The business had revenue of $57.55 million during the quarter, compared to analyst estimates of $42.57 million. During the same quarter last year, the firm posted ($0.53) earnings per share. On average, analysts anticipate that Intrepid Potash will post -0.17 EPS for the current year.

Insiders Place Their Bets

In other news, major shareholder Robert P. Jornayvaz III sold 27,484 shares of the business’s stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $26.78, for a total transaction of $736,021.52. Following the completion of the sale, the insider now directly owns 56,987 shares of the company’s stock, valued at $1,526,111.86. The trade was a 32.54 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 458,748 shares of company stock valued at $11,740,406 over the last quarter. Company insiders own 18.00% of the company’s stock.

Institutional Investors Weigh In On Intrepid Potash

Institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP lifted its stake in shares of Intrepid Potash by 3.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 737,538 shares of the basic materials company’s stock valued at $17,281,000 after purchasing an additional 26,696 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new position in Intrepid Potash during the second quarter valued at approximately $979,000. Squarepoint Ops LLC acquired a new position in Intrepid Potash during the second quarter valued at approximately $303,000. AQR Capital Management LLC grew its stake in Intrepid Potash by 5.2% during the second quarter. AQR Capital Management LLC now owns 46,364 shares of the basic materials company’s stock worth $1,086,000 after buying an additional 2,306 shares during the period. Finally, SG Americas Securities LLC acquired a new stake in shares of Intrepid Potash in the third quarter worth $142,000. Hedge funds and other institutional investors own 56.13% of the company’s stock.

Intrepid Potash Company Profile

Intrepid Potash, Inc, together with its subsidiaries, engages in the extraction and production of the potash in the United States and internationally. It operates through three segments: Potash, Trio, and Oilfield Solutions. The company offers muriate of potash for various markets, such as agricultural market as a fertilizer input; the industrial market as a component in drilling and fracturing fluids for oil and gas wells, as well as an input to other industrial processes; and the animal feed market as a nutrient supplement.