Irenic Capital Management LP Sells 367,151 Shares of Compass Minerals International, Inc. $CMP

Key Points

• Irenic Capital Management cut its Compass Minerals stake by 25.6% in the second quarter, selling 367,151 shares and retaining 1.07 million shares valued at approximately $33.3 million.
• Compass Minerals reported a quarterly loss of $0.14 per share, missing analyst expectations of a $0.06 loss, while revenue of $215.3 million exceeded estimates and rose slightly year over year.
• Analyst sentiment remains cautious, with the stock carrying a consensus “Reduce” rating and an average price target of $27, below its reported opening price of $25.23 but well under its 12-month high of $34.50.

Irenic Capital Management LP reduced its stake in Compass Minerals International, Inc. (NYSE:CMP - Free Report) by 25.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,068,378 shares of the basic materials company's stock after selling 367,151 shares during the period. Compass Minerals International accounts for approximately 1.6% of Irenic Capital Management LP's investment portfolio, making the stock its 17th biggest position. Irenic Capital Management LP owned approximately 2.54% of Compass Minerals International worth $33,259,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Fifth Third Bancorp boosted its holdings in shares of Compass Minerals International by 6,266.7% during the 1st quarter. Fifth Third Bancorp now owns 1,719 shares of the basic materials company's stock worth $40,000 after buying an additional 1,692 shares during the period. Comerica Bank lifted its position in Compass Minerals International by 80.0% during the fourth quarter. Comerica Bank now owns 1,868 shares of the basic materials company's stock worth $37,000 after acquiring an additional 830 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in Compass Minerals International by 94.4% during the first quarter. PNC Financial Services Group Inc. now owns 2,216 shares of the basic materials company's stock worth $52,000 after acquiring an additional 1,076 shares during the last quarter. Meeder Asset Management Inc. bought a new stake in shares of Compass Minerals International during the first quarter worth approximately $70,000. Finally, Headlands Technologies LLC bought a new stake in shares of Compass Minerals International during the second quarter worth approximately $83,000. 99.78% of the stock is owned by institutional investors.

Compass Minerals International Stock Performance

NYSE CMP opened at $25.23 on Friday. The firm has a 50-day moving average price of $27.89 and a two-hundred day moving average price of $27.06. Compass Minerals International, Inc. has a 12-month low of $16.40 and a 12-month high of $34.50. The company has a market capitalization of $1.06 billion, a P/E ratio of 58.67 and a beta of 1.22. The company has a quick ratio of 0.98, a current ratio of 2.01 and a debt-to-equity ratio of 2.72.

Compass Minerals International (NYSE:CMP - Get Free Report) last announced its earnings results on Wednesday, August 5th. The basic materials company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.08). Compass Minerals International had a return on equity of 12.75% and a net margin of 1.42%.The business had revenue of $215.30 million for the quarter, compared to the consensus estimate of $207.75 million. During the same period in the prior year, the business posted ($0.39) earnings per share. The firm's revenue for the quarter was up .3% compared to the same quarter last year. Analysts anticipate that Compass Minerals International, Inc. will post 0.93 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Wall Street Zen downgraded Compass Minerals International from a "buy" rating to a "hold" rating in a research report on Sunday, August 2nd. Compass Point set a $27.00 price target on Compass Minerals International in a report on Monday, August 10th. JPMorgan Chase & Co. restated an "underweight" rating and issued a $27.00 price target (down from $30.00) on shares of Compass Minerals International in a research note on Monday, August 10th. Weiss Ratings raised Compass Minerals International from a "sell (d)" rating to a "sell (d+)" rating in a report on Friday, August 28th. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on Compass Minerals International from $35.00 to $32.00 and set a "buy" rating on the stock in a research report on Monday, August 31st. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Reduce" and an average target price of $27.00.

Compass Minerals International Profile

Compass Minerals International, Inc is a global producer of essential mineral-based products, primarily known for its salt and plant nutrition portfolios. The company's deicing salts are used by municipalities and commercial customers across North America to maintain safer roadways in winter months. In addition, its water conditioning salts serve both residential and industrial users, supporting water treatment systems that remove hard minerals to protect plumbing and equipment.

Beyond conventional salt products, Compass Minerals has developed a specialty plant nutrition business focused on sulfate of potash (SOP), a premium fertilizer that provides both potassium and sulfur to crops.

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