BlackRock Inc. Acquires Shares of 1,155,559 Intrepid Potash, Inc $IPI

Key Points

• BlackRock acquired 1,155,559 shares of Intrepid Potash in the second quarter, worth approximately $37.9 million, giving it an 8.6% stake. Institutional investors and hedge funds collectively own 56.13% of the company.
• Analyst sentiment is mixed but leans toward “Hold”: ratings include one Strong Buy, two Holds and one Sell, with a consensus price target of $29.
• Intrepid Potash reported quarterly EPS of $0.56, below the $0.78 estimate, while revenue of $66.69 million exceeded expectations. Shares opened at $40.82, with a one-year range of $22.55 to $50.34.

BlackRock Inc. bought a new position in shares of Intrepid Potash, Inc (NYSE:IPI - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,155,559 shares of the basic materials company's stock, valued at approximately $37,879,000. BlackRock Inc. owned approximately 8.60% of Intrepid Potash at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the business. EverSource Wealth Advisors LLC boosted its stake in shares of Intrepid Potash by 197.8% in the second quarter. EverSource Wealth Advisors LLC now owns 819 shares of the basic materials company's stock valued at $29,000 after buying an additional 544 shares in the last quarter. International Assets Investment Management LLC purchased a new position in Intrepid Potash in the first quarter worth $37,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in Intrepid Potash in the fourth quarter valued at $44,000. Tower Research Capital LLC TRC lifted its holdings in Intrepid Potash by 80.6% in the second quarter. Tower Research Capital LLC TRC now owns 1,360 shares of the basic materials company's stock valued at $49,000 after acquiring an additional 607 shares during the period. Finally, State of Wyoming purchased a new stake in shares of Intrepid Potash during the 2nd quarter worth $54,000. 56.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

IPI has been the subject of a number of research analyst reports. Weiss Ratings reiterated a "hold (c)" rating on shares of Intrepid Potash in a report on Wednesday, August 19th. Freedom Capital raised shares of Intrepid Potash to a "strong-buy" rating in a report on Friday, July 24th. Zacks Research upgraded shares of Intrepid Potash from a "strong sell" rating to a "hold" rating in a research report on Monday, August 10th. Finally, UBS Group increased their target price on shares of Intrepid Potash from $26.00 to $29.00 and gave the company a "sell" rating in a report on Wednesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $29.00.

Intrepid Potash Stock Performance

IPI opened at $40.82 on Wednesday. The company has a market cap of $549.44 million, a price-to-earnings ratio of 20.62 and a beta of 1.26. Intrepid Potash, Inc has a one year low of $22.55 and a one year high of $50.34. The business's fifty day moving average is $35.43 and its two-hundred day moving average is $37.45.

Intrepid Potash (NYSE:IPI - Get Free Report) last announced 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). Intrepid Potash had a net margin of 8.94% and a return on equity of 4.74%. The firm had revenue of $66.69 million during the quarter, compared to analysts' expectations of $64.86 million. On average, analysts predict that Intrepid Potash, Inc will post 1.86 EPS for the current fiscal year.

About Intrepid Potash

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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