Azarias Capital Management L.P. Decreases Holdings in Intrepid Potash, Inc $IPI

Key Points

• Azarias Capital Management L.P. reduced its holdings in Intrepid Potash by 34.2%, selling 81,858 shares during the 2nd quarter, leaving them with 157,522 shares, valued at approximately $5.63 million.
• Major shareholder Robert P. Jornayvaz III sold 53,035 shares of Intrepid Potash at an average price of $34.30, resulting in a 93.07% decrease in his position.
• Intrepid Potash reported earnings of $0.45 per share for the latest quarter, surpassing analysts' expectations of $0.17, and noted significant revenue growth to $71.47 million.

Azarias Capital Management L.P. cut its holdings in shares of Intrepid Potash, Inc (NYSE:IPI - Free Report) by 34.2% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 157,522 shares of the basic materials company's stock after selling 81,858 shares during the quarter. Intrepid Potash accounts for approximately 2.6% of Azarias Capital Management L.P.'s holdings, making the stock its 14th biggest holding. Azarias Capital Management L.P. owned approximately 1.18% of Intrepid Potash worth $5,628,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. New York State Teachers Retirement System purchased a new position in Intrepid Potash in the 1st quarter worth $29,000. FNY Investment Advisers LLC purchased a new position in shares of Intrepid Potash in the first quarter worth about $102,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Intrepid Potash by 5.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,572 shares of the basic materials company's stock worth $193,000 after purchasing an additional 312 shares during the period. Assenagon Asset Management S.A. purchased a new position in Intrepid Potash in the 1st quarter worth approximately $211,000. Finally, Virtu Financial LLC purchased a new position in Intrepid Potash in the 1st quarter worth approximately $217,000. Hedge funds and other institutional investors own 56.13% of the company's stock.

Insider Activity

In other Intrepid Potash news, major shareholder Robert P. Jornayvaz III sold 53,035 shares of the company's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $34.30, for a total transaction of $1,819,100.50. Following the transaction, the insider owned 3,950 shares in the company, valued at approximately $135,485. This represents a 93.07% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.40% of the stock is owned by corporate insiders.

Intrepid Potash Trading Up 1.2%

Shares of Intrepid Potash stock opened at $29.34 on Friday. The company's fifty day simple moving average is $29.87 and its two-hundred day simple moving average is $32.42. The company has a market cap of $390.76 million, a P/E ratio of -1.88 and a beta of 1.79. Intrepid Potash, Inc has a 12-month low of $20.86 and a 12-month high of $39.01.

Intrepid Potash (NYSE:IPI - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The basic materials company reported $0.45 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.17 by $0.28. Intrepid Potash had a negative net margin of 71.13% and a positive return on equity of 1.48%. The business had revenue of $71.47 million for the quarter, compared to the consensus estimate of $56.14 million. Analysts predict that Intrepid Potash, Inc will post -0.17 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

IPI has been the topic of a number of analyst reports. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Intrepid Potash in a research note on Saturday, September 27th. Zacks Research raised shares of Intrepid Potash from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 22nd. UBS Group decreased their price objective on shares of Intrepid Potash from $24.00 to $23.00 and set a "sell" rating on the stock in a research report on Thursday, August 7th. Finally, Wall Street Zen upgraded shares of Intrepid Potash from a "hold" rating to a "buy" rating in a research report on Friday, August 22nd. One investment analyst has rated the stock with a Strong Buy rating and two have given a Sell rating to the stock. According to MarketBeat.com, Intrepid Potash currently has a consensus rating of "Hold" and a consensus target price of $23.00.

Intrepid Potash Profile

Intrepid Potash, Inc, together with its subsidiaries, engages in the extraction and production of the potash in the United States and internationally. It operates through three segments: Potash, Trio, and Oilfield Solutions. The company offers muriate of potash for various markets, such as agricultural market as a fertilizer input; the industrial market as a component in drilling and fracturing fluids for oil and gas wells, as well as an input to other industrial processes; and the animal feed market as a nutrient supplement.

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