Cubist Systematic Strategies LLC Acquires Shares of 23,723 Intrepid Potash, Inc $IPI

Key Points

• Cubist Systematic Strategies LLC acquired a new stake in Intrepid Potash, purchasing 23,723 shares valued at approximately $697,000, representing about 0.18% ownership of the company.
• Intrepid Potash recently received a rating upgrade from Wall Street Zen, moving from "hold" to "buy," while UBS and Zacks Research have set varying price targets and ratings.
• Major shareholder Robert P. Jornayvaz III sold 53,035 shares at an average price of $34.30, significantly reducing his ownership in the company by 93.07%.

Cubist Systematic Strategies LLC acquired a new position in Intrepid Potash, Inc (NYSE:IPI - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 23,723 shares of the basic materials company's stock, valued at approximately $697,000. Cubist Systematic Strategies LLC owned approximately 0.18% of Intrepid Potash at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the business. EntryPoint Capital LLC boosted its holdings in Intrepid Potash by 12.7% in the first quarter. EntryPoint Capital LLC now owns 12,092 shares of the basic materials company's stock worth $355,000 after purchasing an additional 1,366 shares in the last quarter. Brandywine Global Investment Management LLC bought a new stake in Intrepid Potash in the first quarter worth $1,415,000. Nuveen LLC bought a new stake in Intrepid Potash in the first quarter worth $875,000. Virtu Financial LLC acquired a new position in Intrepid Potash during the 1st quarter worth $217,000. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Intrepid Potash by 4.0% in the first quarter. Charles Schwab Investment Management Inc. now owns 31,254 shares of the basic materials company's stock valued at $919,000 after purchasing an additional 1,212 shares during the last quarter. 56.13% of the stock is currently owned by institutional investors.

Insider Activity at Intrepid Potash

In other news, major shareholder Robert P. Jornayvaz III sold 53,035 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $34.30, for a total transaction of $1,819,100.50. Following the sale, the insider directly owned 3,950 shares of the company's stock, valued at $135,485. This represents a 93.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.40% of the stock is owned by company insiders.

Intrepid Potash Stock Performance

Shares of NYSE IPI traded down $0.44 during mid-day trading on Monday, hitting $28.78. 23,905 shares of the stock were exchanged, compared to its average volume of 173,246. The company has a market cap of $383.28 million, a P/E ratio of -1.84 and a beta of 1.83. The stock's fifty day simple moving average is $31.61 and its two-hundred day simple moving average is $32.18. Intrepid Potash, Inc has a twelve month low of $20.86 and a twelve month high of $39.01.

Intrepid Potash (NYSE:IPI - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The basic materials company reported $0.45 earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $71.47 million during the quarter, compared to analyst estimates of $56.14 million. As a group, equities research analysts predict that Intrepid Potash, Inc will post -0.17 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Wall Street Zen raised Intrepid Potash from a "hold" rating to a "buy" rating in a research report on Friday, August 22nd. Zacks Research raised Intrepid Potash from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 22nd. Finally, UBS Group cut their price objective on Intrepid Potash from $24.00 to $23.00 and set a "sell" rating for the company in a research report on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $23.00.

Intrepid Potash Company 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.