JPMorgan Chase & Co. Has $4.82 Million Stake in Intrepid Potash, Inc $IPI

Key Points

• JPMorgan Chase reduced its stake in Intrepid Potash by 25.8% in Q3, selling 54,766 shares and ending the quarter with 157,542 shares worth about $4.82 million, or 1.17% of the company.
• Intrepid beat expectations for the quarter with EPS $0.49 vs $0.26 and revenue of $75.88M vs $65.25M, but analysts remain cautious—consensus rating is "Sell" with a $25 target while the stock trades near $43.65 (market cap ~$585M).

JPMorgan Chase & Co. decreased its stake in shares of Intrepid Potash, Inc (NYSE:IPI - Free Report) by 25.8% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 157,542 shares of the basic materials company's stock after selling 54,766 shares during the quarter. JPMorgan Chase & Co. owned 1.17% of Intrepid Potash worth $4,818,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in IPI. Jacobs Levy Equity Management Inc. acquired a new stake in Intrepid Potash during the third quarter worth about $399,000. Sherbrooke Park Advisers LLC acquired a new position in Intrepid Potash in the 3rd quarter valued at approximately $255,000. Polymer Capital Management US LLC bought a new stake in shares of Intrepid Potash in the 3rd quarter worth approximately $204,000. Qube Research & Technologies Ltd lifted its position in shares of Intrepid Potash by 270.1% in the 3rd quarter. Qube Research & Technologies Ltd now owns 87,189 shares of the basic materials company's stock worth $2,666,000 after acquiring an additional 63,630 shares during the period. Finally, Prelude Capital Management LLC acquired a new stake in shares of Intrepid Potash during the 3rd quarter worth approximately $263,000. Institutional investors and hedge funds own 56.13% of the company's stock.

Intrepid Potash Trading Up 3.7%

NYSE IPI opened at $43.65 on Friday. Intrepid Potash, Inc has a 1-year low of $22.55 and a 1-year high of $50.34. The company has a market capitalization of $585.39 million, a price-to-earnings ratio of 51.36 and a beta of 1.39. The stock's 50 day moving average is $37.52 and its two-hundred day moving average is $31.25.

Intrepid Potash (NYSE:IPI - Get Free Report) last issued its earnings results on Wednesday, March 4th. The basic materials company reported $0.49 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.26 by $0.23. The business had revenue of $75.88 million during the quarter, compared to analysts' expectations of $65.25 million. Intrepid Potash had a return on equity of 3.93% and a net margin of 3.75%. On average, analysts predict that Intrepid Potash, Inc will post -0.17 earnings per share for the current year.

Wall Street Analyst Weigh In

IPI has been the topic of a number of research reports. UBS Group boosted their price objective on Intrepid Potash from $24.00 to $25.00 and gave the company a "sell" rating in a research report on Thursday, March 5th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Intrepid Potash in a research note on Thursday, January 22nd. One equities research analyst has rated the stock with a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Intrepid Potash currently has a consensus rating of "Sell" and a consensus target price of $25.00.

About Intrepid Potash

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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