80,726 Intrepid Potash, Inc $IPI Shares Sold by Azarias Capital Management L.P.

Key Points

• Azarias Capital Management cut its Intrepid Potash stake by 45.3% in the third quarter, selling 80,726 shares and retaining 97,555 shares worth approximately $3.13 million.
• Institutional investors own 56.13% of Intrepid Potash, while several firms—including BlackRock—established new positions during the year.
• Intrepid Potash shares fell 3.7% to $31.82, and analysts maintain a consensus “Hold” rating with a $29.00 price target. The company’s latest quarterly EPS of $0.56 missed estimates, although revenue exceeded expectations.

Azarias Capital Management L.P. decreased its position in shares of Intrepid Potash, Inc (NYSE:IPI - Free Report) by 45.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 97,555 shares of the basic materials company's stock after selling 80,726 shares during the quarter. Intrepid Potash comprises about 3.0% of Azarias Capital Management L.P.'s investment portfolio, making the stock its 14th largest holding. Azarias Capital Management L.P. owned about 0.72% of Intrepid Potash worth $3,130,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of IPI. Lazard Asset Management LLC bought a new stake in Intrepid Potash in the 1st quarter valued at about $1,587,000. PDT Partners LLC acquired a new position in Intrepid Potash during the 2nd quarter valued at about $2,031,000. Empowered Funds LLC bought a new position in Intrepid Potash in the 2nd quarter worth about $2,668,000. BlackRock Inc. bought a new position in Intrepid Potash in the 2nd quarter worth about $37,879,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in Intrepid Potash in the 2nd quarter worth about $523,000. Institutional investors own 56.13% of the company's stock.

Analyst Upgrades and Downgrades

IPI has been the topic of several analyst reports. Freedom Capital upgraded shares of Intrepid Potash to a "strong-buy" rating in a research note on Friday, July 24th. Zacks Research downgraded Intrepid Potash from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, October 7th. Weiss Ratings reissued a "hold (c)" rating on shares of Intrepid Potash in a report on Wednesday, August 19th. Finally, UBS Group increased their price objective on Intrepid Potash from $26.00 to $29.00 and gave the stock a "sell" rating in a report on Wednesday, August 12th. One analyst has rated the stock with a Strong Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $29.00.

Intrepid Potash Stock Down 3.7%

Intrepid Potash stock traded down $1.23 during trading hours on Wednesday, hitting $31.82. 266,489 shares of the company traded hands, compared to its average volume of 251,725. Intrepid Potash, Inc has a 1-year low of $22.55 and a 1-year high of $50.34. The firm has a market cap of $428.31 million, a P/E ratio of 16.07 and a beta of 1.31. The firm's 50-day simple moving average is $36.70 and its two-hundred day simple moving average is $37.10.

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

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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