Intrepid Potash (NYSE:IPI) Raised to Strong-Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Intrepid Potash (NYSE:IPI) from a hold rating to a strong-buy rating in a report released on Wednesday morning, Zacks.com reports. Zacks Investment Research currently has $4.00 price target on the basic materials company’s stock.

According to Zacks, “INTREPID POTASH, Inc. is the largest producer of potash in the U.S. and is dedicated to the production and marketing of potash and langbeinite, another mineral containing potassium. Intrepid owns five active potash production facilities — three in New Mexico and two in Utah “

IPI has been the subject of several other research reports. TheStreet raised shares of Intrepid Potash from a c rating to a b- rating in a report on Monday, April 8th. ValuEngine downgraded shares of Intrepid Potash from a sell rating to a strong sell rating in a report on Tuesday, July 2nd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the company. Intrepid Potash has a consensus rating of Buy and an average price target of $5.00.

Shares of IPI traded up $0.15 during midday trading on Wednesday, reaching $3.83. The stock had a trading volume of 747,040 shares, compared to its average volume of 437,082. The company’s 50 day simple moving average is $3.42. Intrepid Potash has a one year low of $2.51 and a one year high of $4.41. The stock has a market cap of $490.10 million, a price-to-earnings ratio of 42.56 and a beta of 1.17. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.94 and a current ratio of 4.31.

Intrepid Potash (NYSE:IPI) last announced its quarterly earnings data on Tuesday, May 7th. The basic materials company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. Intrepid Potash had a net margin of 8.11% and a return on equity of 4.02%. The company had revenue of $57.60 million during the quarter, compared to the consensus estimate of $53.90 million. During the same quarter last year, the firm posted $0.01 EPS. The company’s quarterly revenue was up .5% on a year-over-year basis. As a group, analysts anticipate that Intrepid Potash will post 0.2 earnings per share for the current fiscal year.

In other Intrepid Potash news, CEO Robert P. Jornayvaz III acquired 25,835 shares of the company’s stock in a transaction on Friday, May 17th. The stock was acquired at an average price of $3.27 per share, for a total transaction of $84,480.45. Following the purchase, the chief executive officer now directly owns 1,206,650 shares of the company’s stock, valued at $3,945,745.50. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Robert P. Jornayvaz III acquired 17,675 shares of the company’s stock in a transaction on Tuesday, May 28th. The stock was acquired at an average price of $3.11 per share, with a total value of $54,969.25. Following the purchase, the insider now directly owns 2,089,144 shares in the company, valued at $6,497,237.84. The disclosure for this purchase can be found here. Insiders have purchased a total of 62,205 shares of company stock valued at $197,554 in the last ninety days. 27.80% of the stock is currently owned by insiders.

Institutional investors have recently modified their holdings of the business. Systematic Financial Management LP acquired a new stake in Intrepid Potash in the 1st quarter worth about $222,000. Municipal Employees Retirement System of Michigan acquired a new stake in Intrepid Potash in the 4th quarter worth about $317,000. Geode Capital Management LLC raised its stake in Intrepid Potash by 5.7% in the 4th quarter. Geode Capital Management LLC now owns 1,020,818 shares of the basic materials company’s stock worth $2,654,000 after purchasing an additional 55,222 shares in the last quarter. Metropolitan Life Insurance Co. NY raised its stake in Intrepid Potash by 362.4% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 33,008 shares of the basic materials company’s stock worth $86,000 after purchasing an additional 25,870 shares in the last quarter. Finally, Heritage Investors Management Corp acquired a new stake in Intrepid Potash in the 1st quarter worth about $57,000. Institutional investors and hedge funds own 42.98% of the company’s stock.

About Intrepid Potash

Intrepid Potash, Inc produces and sells potash and langbeinite products in the United States and internationally. It operates through three segments: Potash, Trio, and Oilfield Solutions. 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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