Invenomic Capital Management LP Acquires New Holdings in Intrepid Potash, Inc $IPI

Key Points

• Invenomic Capital Management LP has acquired 347,389 shares of Intrepid Potash, Inc., valued at approximately $10.21 million, giving it a 2.61% ownership stake in the company.
• Intrepid Potash reported quarterly earnings of $0.45 per share, significantly exceeding the consensus estimate of $0.17, with revenue reaching $71.47 million compared to predictions of $56.14 million.
• Major shareholder Robert P. Jornayvaz III sold 53,035 shares at an average price of $34.30, resulting in a substantial decrease of his position by 93.07% to just 3,950 shares.

Invenomic Capital Management LP purchased a new position in shares of Intrepid Potash, Inc (NYSE:IPI - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 347,389 shares of the basic materials company's stock, valued at approximately $10,210,000. Invenomic Capital Management LP owned about 2.61% of Intrepid Potash at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Goehring & Rozencwajg Associates LLC raised its stake in shares of Intrepid Potash by 2.2% during the first quarter. Goehring & Rozencwajg Associates LLC now owns 213,977 shares of the basic materials company's stock valued at $6,205,000 after purchasing an additional 4,615 shares during the period. Bridgeway Capital Management LLC grew its position in shares of Intrepid Potash by 4.0% during the first quarter. Bridgeway Capital Management LLC now owns 107,479 shares of the basic materials company's stock worth $3,159,000 after buying an additional 4,137 shares in the last quarter. Northern Trust Corp grew its position in shares of Intrepid Potash by 3.0% during the fourth quarter. Northern Trust Corp now owns 89,566 shares of the basic materials company's stock worth $1,963,000 after buying an additional 2,621 shares in the last quarter. D. E. Shaw & Co. Inc. grew its position in shares of Intrepid Potash by 25.4% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 79,162 shares of the basic materials company's stock worth $1,735,000 after buying an additional 16,018 shares in the last quarter. Finally, Two Sigma Investments LP grew its position in shares of Intrepid Potash by 16.7% during the fourth quarter. Two Sigma Investments LP now owns 75,974 shares of the basic materials company's stock worth $1,665,000 after buying an additional 10,894 shares in the last quarter. Hedge funds and other institutional investors own 56.13% of the company's stock.

Intrepid Potash Trading Down 0.6%

NYSE IPI opened at $29.24 on Friday. The stock's 50-day moving average price is $32.47 and its two-hundred day moving average price is $31.97. The company has a market cap of $389.42 million, a PE ratio of -1.88 and a beta of 1.83. Intrepid Potash, Inc has a 1 year low of $20.86 and a 1 year 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 (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.28. The firm had revenue of $71.47 million for the quarter, compared to the consensus estimate of $56.14 million. Intrepid Potash had a positive return on equity of 1.48% and a negative net margin of 71.13%. Research analysts forecast that Intrepid Potash, Inc will post -0.17 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of Intrepid Potash from a "hold" rating to a "buy" rating in a research report on Friday, August 22nd. UBS Group reduced their price target 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, Zacks Research upgraded shares of Intrepid Potash from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 22nd. One equities research analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the stock. According to MarketBeat, Intrepid Potash currently has a consensus rating of "Moderate Buy" and an average price target of $23.00.

Insiders Place Their Bets

In other Intrepid Potash news, major shareholder Robert P. Jornayvaz III sold 53,035 shares of Intrepid Potash stock in a transaction dated 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 of the company's stock, valued at $135,485. The trade was a 93.07% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.40% of the stock is currently owned by company insiders.

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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