Nuveen LLC Acquires Shares of 29,761 Intrepid Potash, Inc $IPI

Key Points

• Nuveen LLC recently acquired a stake in Intrepid Potash, purchasing 29,761 shares valued at approximately $875,000, which represents about 0.22% of the company's stock.
• Major shareholder Robert P. Jornayvaz III sold 53,035 shares at an average price of $34.30, significantly reducing his position by 93.07%.
• Analysts have mixed ratings on Intrepid Potash, with UBS lowering its target from $24.00 to $23.00, while Zacks and Wall Street Zen upgraded their ratings to "strong-buy" and "buy," respectively.

Nuveen LLC acquired a new position in Intrepid Potash, Inc (NYSE:IPI - Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 29,761 shares of the basic materials company's stock, valued at approximately $875,000. Nuveen LLC owned 0.22% of Intrepid Potash as of its most recent SEC filing.

A number of other large investors have also modified their holdings of IPI. Royce & Associates LP acquired a new stake in shares of Intrepid Potash in the 1st quarter worth about $2,204,000. The Manufacturers Life Insurance Company grew its position in Intrepid Potash by 191.5% in the 4th quarter. The Manufacturers Life Insurance Company now owns 73,166 shares of the basic materials company's stock valued at $1,604,000 after buying an additional 48,068 shares in the last quarter. B. Riley Wealth Advisors Inc. bought a new position in Intrepid Potash in the 4th quarter valued at about $1,007,000. GAMMA Investing LLC grew its position in Intrepid Potash by 3,323.2% in the 1st quarter. GAMMA Investing LLC now owns 29,713 shares of the basic materials company's stock valued at $8,730,000 after buying an additional 28,845 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. grew its position in Intrepid Potash by 25.4% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 79,162 shares of the basic materials company's stock valued at $1,735,000 after buying an additional 16,018 shares in the last quarter. Institutional investors and hedge funds own 56.13% of the company's stock.

Intrepid Potash Stock Performance

Shares of NYSE:IPI traded down $1.01 during trading hours on Friday, hitting $28.30. 145,384 shares of the company's stock traded hands, compared to its average volume of 156,243. Intrepid Potash, Inc has a 52 week low of $20.86 and a 52 week high of $39.01. The company's fifty day simple moving average is $32.33 and its two-hundred day simple moving average is $32.06. The company has a market cap of $377.01 million, a price-to-earnings ratio of -1.82 and a beta of 1.83.

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 for the quarter, beating the consensus estimate of $0.17 by $0.28. Intrepid Potash had a negative net margin of 71.13% and a positive return on equity of 1.48%. The company had revenue of $71.47 million during the quarter, compared to analyst estimates of $56.14 million. On average, analysts anticipate that Intrepid Potash, Inc will post -0.17 EPS for the current fiscal year.

Insider Buying and Selling

In other Intrepid Potash news, major shareholder Robert P. Jornayvaz III sold 53,035 shares of the company's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $34.30, for a total transaction of $1,819,100.50. Following the completion of the sale, the insider directly owned 3,950 shares of the company's stock, valued at approximately $135,485. This represents a 93.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 2.40% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on IPI shares. UBS Group decreased their target price on shares of Intrepid Potash from $24.00 to $23.00 and set a "sell" rating for the company in a research report on Thursday, August 7th. Wall Street Zen upgraded shares of Intrepid Potash from a "hold" rating to a "buy" rating in a research report on Friday, August 22nd. 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 investment analyst has rated the stock with a Strong Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, Intrepid Potash has a consensus rating of "Moderate Buy" and an average price target of $23.00.

About Intrepid Potash

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.