Empowered Funds LLC Makes New $2.67 Million Investment in Intrepid Potash, Inc $IPI

Key Points

• Empowered Funds LLC acquired 81,403 shares of Intrepid Potash worth approximately $2.67 million, giving it a 0.60% stake. Several other institutional investors also initiated positions, with institutions collectively owning 56.13% of the company.
• Analyst sentiment remains mixed: Intrepid Potash has one Strong Buy, two Hold, and one Sell rating, resulting in a consensus Hold rating and a $29 price target.
• IPI shares opened at $41.27, above the consensus target, while the company’s latest quarterly earnings missed estimates at $0.56 per share versus $0.78 expected; revenue of $66.69 million exceeded expectations.

Empowered Funds LLC purchased a new position in Intrepid Potash, Inc (NYSE:IPI - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 81,403 shares of the basic materials company's stock, valued at approximately $2,668,000. Empowered Funds LLC owned about 0.60% of Intrepid Potash as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of IPI. Bank of America Corp DE bought a new position in Intrepid Potash in the second quarter worth about $578,000. Hsbc Holdings PLC acquired a new position in Intrepid Potash during the 2nd quarter valued at about $295,000. PDT Partners LLC bought a new position in Intrepid Potash in the 2nd quarter worth approximately $2,031,000. Legal & General Group Plc acquired a new position in shares of Intrepid Potash during the second quarter valued at $74,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in Intrepid Potash during the 2nd quarter valued at about $523,000. Institutional investors own 56.13% of the company's stock.

Analysts Set New Price Targets

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

Intrepid Potash Stock Performance

Shares of NYSE:IPI opened at $41.27 on Thursday. The firm has a 50 day simple moving average of $35.59 and a 200 day simple moving average of $37.51. Intrepid Potash, Inc has a 52 week low of $22.55 and a 52 week high of $50.34. The company has a market cap of $555.45 million, a PE ratio of 20.84 and a beta of 1.26.

Intrepid Potash (NYSE:IPI - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The basic materials company reported $0.56 earnings per share for the quarter, missing the consensus estimate of $0.78 by ($0.22). Intrepid Potash had a return on equity of 4.74% and a net margin of 8.94%.The firm had revenue of $66.69 million for the quarter, compared to analysts' expectations of $64.86 million. On average, equities analysts predict that Intrepid Potash, Inc will post 1.86 earnings per share for the current year.

Intrepid Potash Company 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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