347,389 Shares in Intrepid Potash, Inc $IPI Bought by Invenomic Capital Management LP

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 bought a new stake in Intrepid Potash, Inc (NYSE:IPI - Free Report) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 347,389 shares of the basic materials company's stock, valued at approximately $10,210,000. Invenomic Capital Management LP owned approximately 2.61% of Intrepid Potash as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. New York State Teachers Retirement System acquired a new stake in Intrepid Potash during the 1st quarter valued at approximately $29,000. State of Wyoming acquired a new stake in Intrepid Potash during the 4th quarter valued at approximately $46,000. BNP Paribas Financial Markets acquired a new stake in Intrepid Potash during the 4th quarter valued at approximately $87,000. FNY Investment Advisers LLC acquired a new stake in Intrepid Potash during the 1st quarter valued at approximately $102,000. Finally, Lazard Asset Management LLC acquired a new stake in Intrepid Potash during the 4th quarter valued at approximately $153,000. Institutional investors and hedge funds own 56.13% of the company's stock.

Analyst Upgrades and Downgrades

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

Intrepid Potash Stock Up 1.9%

Intrepid Potash stock traded up $0.54 during mid-day trading on Wednesday, hitting $29.09. 32,826 shares of the company's stock traded hands, compared to its average volume of 174,005. Intrepid Potash, Inc has a one year low of $20.86 and a one year high of $39.01. The company has a market cap of $387.36 million, a PE ratio of -1.87 and a beta of 1.83. The firm has a 50 day moving average price of $32.05 and a 200 day moving average price of $32.06.

Intrepid Potash (NYSE:IPI - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The basic materials company reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.28. The business had revenue of $71.47 million during the quarter, compared to analyst estimates of $56.14 million. Intrepid Potash had a positive return on equity of 1.48% and a negative net margin of 71.13%. On average, analysts expect that Intrepid Potash, Inc will post -0.17 earnings per share for the current fiscal year.

Insider Buying and Selling at Intrepid Potash

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

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.