Intrepid Potash, Inc. (NYSE:IPI)’s stock price was down 5.3% during trading on Friday . The stock traded as low as $2.85 and last traded at $2.88, approximately 572,950 shares changed hands during mid-day trading. An increase of 18% from the average daily volume of 485,842 shares. The stock had previously closed at $3.04.
Several equities research analysts have commented on IPI shares. Zacks Investment Research upgraded shares of Intrepid Potash from a “hold” rating to a “buy” rating and set a $3.75 price objective for the company in a research note on Friday, August 9th. ValuEngine lowered shares of Intrepid Potash from a “sell” rating to a “strong sell” rating in a research note on Tuesday, July 2nd. One research analyst has rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $4.92.
The company’s 50 day moving average price is $3.39 and its 200-day moving average price is $3.52. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.57 and a current ratio of 1.62. The company has a market cap of $401.19 million, a PE ratio of 32.00 and a beta of 1.18.
In other Intrepid Potash news, major shareholder Clearway Capital Management Lt acquired 50,000 shares of Intrepid Potash stock in a transaction that occurred on Thursday, August 22nd. The stock was acquired at an average cost of $3.02 per share, for a total transaction of $151,000.00. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Hugh E. Harvey, Jr. acquired 20,000 shares of Intrepid Potash stock in a transaction that occurred on Tuesday, August 13th. The stock was acquired at an average price of $3.23 per share, with a total value of $64,600.00. Following the completion of the purchase, the director now directly owns 231,972 shares in the company, valued at approximately $749,269.56. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 93,766 shares of company stock valued at $289,343. 27.80% of the stock is currently owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in IPI. Investors Research Corp purchased a new position in Intrepid Potash in the 1st quarter valued at approximately $25,000. Bank of Montreal Can grew its stake in Intrepid Potash by 49,843.8% in the 2nd quarter. Bank of Montreal Can now owns 7,991 shares of the basic materials company’s stock valued at $27,000 after buying an additional 7,975 shares in the last quarter. Legal & General Group Plc grew its stake in Intrepid Potash by 24.1% in the 4th 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 in the last quarter. Cutter & CO Brokerage Inc. purchased a new position in Intrepid Potash in the 2nd quarter valued at approximately $57,000. Finally, Alambic Investment Management L.P. purchased a new position in Intrepid Potash in the 1st quarter valued at approximately $64,000. Institutional investors and hedge funds own 43.92% 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 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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