Intrepid Potash (NYSE:IPI) Price Target Cut to $41.00 by Analysts at Freedom Broker

Key Points

• Freedom Broker lowered Intrepid Potash’s price target to $41 from $44 while maintaining a “buy” rating, implying approximately 32.3% upside from the prior close.
• Analyst sentiment remains generally positive, with MarketBeat reporting an average “Moderate Buy” rating and a consensus price target of $35; ratings range from Strong Buy to Hold.
• Intrepid Potash shares fell 1.9% to $30.99, while the company’s latest quarterly EPS of $0.56 missed the $0.78 consensus estimate despite revenue exceeding expectations.

Intrepid Potash (NYSE:IPI - Get Free Report) had its target price reduced by Freedom Broker from $44.00 to $41.00 in a note issued to investors on Monday, Benzinga reports. The firm presently has a "buy" rating on the potash and fertilizer producer's stock. Freedom Broker's price objective would suggest a potential upside of 32.29% from the stock's previous close.

Other equities research analysts have also recently issued research reports about the company. Freedom Capital raised Intrepid Potash to a "strong-buy" rating in a research note on Friday, July 24th. UBS Group restated a "buy" rating on shares of Intrepid Potash in a research report on Monday. Zacks Research lowered Intrepid Potash from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, October 7th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Intrepid Potash in a report on Wednesday, August 19th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, Intrepid Potash has an average rating of "Moderate Buy" and an average target price of $35.00.

Intrepid Potash Stock Down 1.9%

Shares of Intrepid Potash stock traded down $0.59 during mid-day trading on Monday, hitting $30.99. The stock had a trading volume of 139,520 shares, compared to its average volume of 247,796. The firm has a 50-day moving average of $35.40 and a two-hundred day moving average of $36.51. Intrepid Potash has a 12-month low of $22.55 and a 12-month high of $50.34. The firm has a market cap of $417.17 million, a P/E ratio of 15.65 and a beta of 1.06.

Intrepid Potash (NYSE:IPI - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The potash and fertilizer producer reported $0.56 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.78 by ($0.22). Intrepid Potash had a return on equity of 4.74% and a net margin of 8.94%. The firm had revenue of $66.69 million for the quarter, compared to analyst estimates of $64.86 million. Sell-side analysts expect that Intrepid Potash will post 1.77 earnings per share for the current year.

Institutional Trading of Intrepid Potash

Hedge funds have recently made changes to their positions in the business. International Assets Investment Management LLC acquired a new position in shares of Intrepid Potash in the first quarter valued at approximately $37,000. Covestor Ltd lifted its holdings in Intrepid Potash by 4,305.0% during the 3rd quarter. Covestor Ltd now owns 881 shares of the potash and fertilizer producer's stock worth $29,000 after buying an additional 861 shares in the last quarter. Quantbot Technologies LP purchased a new position in Intrepid Potash in the 2nd quarter valued at approximately $41,000. Legal & General Group Plc purchased a new position in Intrepid Potash in the 2nd quarter valued at approximately $74,000. Finally, Marquette Asset Management LLC acquired a new position in shares of Intrepid Potash in the second quarter worth $212,000. Institutional investors and hedge funds own 56.13% of the company's stock.

About Intrepid Potash

Intrepid Potash, Inc is a U.S.-based mineral producer specializing in potash and specialty fertilizers.

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