Bank of New York Mellon Corp Takes $1.79 Million Position in Intrepid Potash, Inc $IPI

Key Points

• Bank of New York Mellon purchased 54,516 Intrepid Potash shares valued at approximately $1.79 million, acquiring a 0.41% stake. Institutional investors collectively own 56.13% of the company.
• Analyst sentiment remains mixed, with one Strong Buy, two Hold, and one Sell rating; the consensus rating is Hold with an average price target of $29.
• Intrepid Potash shares opened at $41.65 after rising 2.8%, while the company’s latest quarterly earnings of $0.56 per share fell short of the $0.78 analyst estimate despite revenue exceeding expectations.

Bank of New York Mellon Corp purchased a new position in shares of Intrepid Potash, Inc (NYSE:IPI - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 54,516 shares of the basic materials company's stock, valued at approximately $1,787,000. Bank of New York Mellon Corp owned 0.41% of Intrepid Potash at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings 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 valued at $193,000 after purchasing an additional 312 shares in the last quarter. Empowered Funds LLC raised its stake in shares of Intrepid Potash by 7.3% during the 1st quarter. Empowered Funds LLC now owns 60,623 shares of the basic materials company's stock worth $1,782,000 after buying an additional 4,137 shares in the last quarter. Legal & General Group Plc lifted its holdings in shares of Intrepid Potash by 123.0% in the 2nd quarter. Legal & General Group Plc now owns 2,112 shares of the basic materials company's stock valued at $75,000 after buying an additional 1,165 shares during the period. Quantbot Technologies LP purchased a new stake in shares of Intrepid Potash in the second quarter valued at approximately $420,000. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in shares of Intrepid Potash in the second quarter valued at approximately $3,441,000. Hedge funds and other institutional investors own 56.13% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Intrepid Potash in a research note on Wednesday, August 19th. Zacks Research raised shares of Intrepid Potash from a "strong sell" rating to a "hold" rating in a report on Monday, August 10th. Freedom Capital upgraded shares of Intrepid Potash to a "strong-buy" rating in a research report on Friday, July 24th. Finally, UBS Group boosted their price target on Intrepid Potash from $26.00 to $29.00 and gave the stock a "sell" rating in a research note on Wednesday, August 12th. One investment 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 stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $29.00.

Intrepid Potash Trading Up 2.8%

Shares of IPI opened at $41.65 on Wednesday. Intrepid Potash, Inc has a 12-month low of $22.55 and a 12-month high of $50.34. The stock has a market cap of $560.43 million, a P/E ratio of 21.03 and a beta of 1.26. The company has a 50-day moving average of $36.17 and a two-hundred day moving average of $37.73.

Intrepid Potash (NYSE:IPI - Get Free Report) last issued its quarterly earnings data 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). Intrepid Potash had a return on equity of 4.74% and a net margin of 8.94%.The business had revenue of $66.69 million for the quarter, compared to analysts' expectations of $64.86 million. As a group, analysts forecast that Intrepid Potash, Inc will post 1.86 EPS for the current fiscal year.

Intrepid Potash Profile

Intrepid Potash, Inc is a leading U.S.-based producer and marketer of potash and related specialty fertilizer products. The company's primary business centers on potassium chloride, a key nutrient used in agricultural applications to enhance crop yield and quality. In addition to potash, Intrepid Potash produces magnesium chloride and sodium chloride, which serve a variety of markets including de-icing, dust control and industrial chemical production.

Intrepid Potash operates through a combination of solution mining, solar evaporation and conventional underground mining techniques.

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