Intrepid Potash (NYSE:IPI) Stock Bumped Down to Hold by Zacks Research

Key Points

• Zacks Research downgraded Intrepid Potash from “strong buy” to “hold,” bringing the overall analyst consensus to “Hold” with an average price target of $29.00.
• Intrepid Potash reported quarterly EPS of $0.56, missing the $0.78 consensus estimate, while revenue of $66.69 million exceeded expectations.
• Institutional investors own 56.13% of the company, with BlackRock making the largest disclosed recent investment at approximately $37.9 million.

Intrepid Potash (NYSE:IPI - Get Free Report) was downgraded by equities researchers at Zacks Research from a "strong-buy" rating to a "hold" rating in a research report issued on Wednesday, Zacks reports.

A number of other research analysts have also recently issued reports on IPI. Weiss Ratings reissued a "hold (c)" rating on shares of Intrepid Potash in a research report on Wednesday, August 19th. UBS Group upped their price objective on shares of Intrepid Potash from $26.00 to $29.00 and gave the stock a "sell" rating in a report on Wednesday, August 12th. Finally, Freedom Capital raised shares of Intrepid Potash to a "strong-buy" rating in a research note on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $29.00.

Intrepid Potash Trading Down 0.0%

IPI opened at $33.07 on Wednesday. The stock has a fifty day simple moving average of $36.76 and a two-hundred day simple moving average of $37.29. The company has a market cap of $445.01 million, a price-to-earnings ratio of 16.70 and a beta of 1.31. Intrepid Potash has a 12-month low of $22.55 and a 12-month high of $50.34.

Intrepid Potash (NYSE:IPI - Get Free Report) last announced its earnings results on Tuesday, August 4th. The basic materials company reported $0.56 EPS for the quarter, missing analysts' consensus estimates of $0.78 by ($0.22). The business had revenue of $66.69 million for the quarter, compared to the consensus estimate of $64.86 million. Intrepid Potash had a net margin of 8.94% and a return on equity of 4.74%. On average, analysts predict that Intrepid Potash will post 1.77 EPS for the current year.

Institutional Investors Weigh In On Intrepid Potash

Several institutional investors have recently modified their holdings of IPI. Lazard Asset Management LLC bought a new stake in Intrepid Potash in the 1st quarter worth approximately $1,587,000. PDT Partners LLC bought a new position in shares of Intrepid Potash during the 2nd quarter valued at $2,031,000. Empowered Funds LLC purchased a new position in shares of Intrepid Potash in the 2nd quarter worth $2,668,000. BlackRock Inc. purchased a new position in shares of Intrepid Potash in the 2nd quarter worth $37,879,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Intrepid Potash in the second quarter worth $523,000. 56.13% of the stock is owned by hedge funds and other institutional investors.

Intrepid Potash Company Profile

Intrepid Potash, Inc is a mineral producer focused primarily on potash and specialty fertilizer products. The company produces muriate of potash, also known as potassium chloride, as well as Trio, a granular fertilizer that supplies potassium, magnesium and sulfate. These products are used in agricultural applications to support crop growth and improve soil nutrient levels.

Intrepid also produces and sells magnesium chloride, which is used in industrial, animal-feed and road-maintenance applications, along with other mineral products and brine-related materials.

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