Irenic Capital Management LP Takes Position in Compass Minerals International, Inc. $CMP

Key Points

• Irenic Capital Management acquired 1.44 million Compass Minerals shares worth approximately $33.5 million, giving it a 3.42% stake and making CMP its 13th-largest portfolio holding.
• Compass Minerals beat quarterly expectations with EPS of $0.63 versus $0.59 estimated and revenue of $453.2 million, though revenue declined 8.4% year over year.
• Analyst sentiment remains mixed: the stock has a consensus “Hold” rating and an average price target of $28.80, below its reported trading price of $29.78.

Irenic Capital Management LP bought a new position in Compass Minerals International, Inc. (NYSE:CMP - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 1,435,529 shares of the basic materials company's stock, valued at approximately $33,520,000. Compass Minerals International makes up 2.2% of Irenic Capital Management LP's portfolio, making the stock its 13th biggest holding. Irenic Capital Management LP owned approximately 3.42% of Compass Minerals International at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the business. Royal Bank of Canada boosted its stake in Compass Minerals International by 10.5% in the first quarter. Royal Bank of Canada now owns 49,928 shares of the basic materials company's stock worth $464,000 after purchasing an additional 4,740 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Compass Minerals International by 4.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 20,665 shares of the basic materials company's stock valued at $192,000 after buying an additional 858 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Compass Minerals International by 16.1% in the second quarter. JPMorgan Chase & Co. now owns 191,626 shares of the basic materials company's stock valued at $3,850,000 after buying an additional 26,531 shares during the last quarter. Legal & General Group Plc lifted its position in Compass Minerals International by 15.4% during the 2nd quarter. Legal & General Group Plc now owns 39,625 shares of the basic materials company's stock worth $796,000 after buying an additional 5,292 shares in the last quarter. Finally, Prudential Financial Inc. acquired a new position in Compass Minerals International during the 2nd quarter worth about $267,000. 99.78% of the stock is currently owned by institutional investors.

Compass Minerals International Trading Up 0.0%

CMP opened at $29.78 on Wednesday. The firm's fifty day moving average is $30.29 and its two-hundred day moving average is $26.59. The firm has a market cap of $1.25 billion, a PE ratio of 198.51 and a beta of 1.24. Compass Minerals International, Inc. has a twelve month low of $16.40 and a twelve month high of $34.50. The company has a debt-to-equity ratio of 2.60, a quick ratio of 1.34 and a current ratio of 2.06.

Compass Minerals International (NYSE:CMP - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The basic materials company reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.04. The company had revenue of $453.20 million during the quarter, compared to analyst estimates of $418.97 million. Compass Minerals International had a net margin of 0.55% and a return on equity of 8.99%. The firm's revenue was down 8.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.63 EPS. Equities research analysts anticipate that Compass Minerals International, Inc. will post 0.82 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on CMP shares. Wall Street Zen raised shares of Compass Minerals International from a "hold" rating to a "buy" rating in a report on Saturday. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $35.00 target price on shares of Compass Minerals International in a research report on Wednesday, May 27th. JPMorgan Chase & Co. raised shares of Compass Minerals International from an "underweight" rating to a "neutral" rating and raised their price target for the company from $20.00 to $30.00 in a report on Thursday, May 14th. Weiss Ratings raised Compass Minerals International from a "sell (d)" rating to a "sell (d+)" rating in a research note on Thursday, June 18th. Finally, Compass Point set a $30.00 target price on Compass Minerals International in a research report on Thursday, May 14th. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $28.80.

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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