Russell Investments Group Ltd. Sells 9,631 Shares of Intrepid Potash, Inc $IPI

Key Points

• Russell Investments Group Ltd. has reduced its holdings in Intrepid Potash, Inc. by 31.2%, now owning 21,228 shares valued at $624,000 after selling 9,631 shares in the first quarter.
• Analyst ratings for Intrepid Potash are mixed, with UBS Group downgrading the stock to a sell while Zacks Research upgraded it to a strong-buy, leading to an average rating of Moderate Buy.
• Intrepid Potash reported earnings of $0.45 per share, significantly exceeding the expected $0.17, with revenue of $71.47 million against forecasts of $56.14 million.

Russell Investments Group Ltd. cut its holdings in shares of Intrepid Potash, Inc (NYSE:IPI - Free Report) by 31.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,228 shares of the basic materials company's stock after selling 9,631 shares during the period. Russell Investments Group Ltd. owned approximately 0.16% of Intrepid Potash worth $624,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. New York State Teachers Retirement System purchased a new stake in shares of Intrepid Potash during the first quarter valued at $29,000. State of Wyoming purchased a new stake in shares of Intrepid Potash during the fourth quarter valued at $46,000. BNP Paribas Financial Markets purchased a new stake in shares of Intrepid Potash during the fourth quarter valued at $87,000. FNY Investment Advisers LLC purchased a new stake in shares of Intrepid Potash during the first quarter valued at $102,000. Finally, Aquatic Capital Management LLC boosted its position in shares of Intrepid Potash by 274.3% during the fourth quarter. Aquatic Capital Management LLC now owns 5,614 shares of the basic materials company's stock valued at $123,000 after buying an additional 4,114 shares during the last quarter. 56.13% of the stock is owned by hedge funds and other institutional investors.

Intrepid Potash Stock Performance

Shares of NYSE IPI traded down $1.28 during trading on Monday, hitting $30.40. The company had a trading volume of 146,587 shares, compared to its average volume of 170,155. The stock has a 50 day simple moving average of $32.80 and a 200 day simple moving average of $31.97. The firm has a market capitalization of $404.91 million, a P/E ratio of -1.95 and a beta of 1.83. Intrepid Potash, Inc has a 12 month low of $20.86 and a 12 month high of $39.01.

Intrepid Potash (NYSE:IPI - Get Free Report) last issued its earnings results on Wednesday, August 6th. The basic materials company reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.28. The company had revenue of $71.47 million for the quarter, compared to the consensus estimate of $56.14 million. Intrepid Potash had a positive return on equity of 1.48% and a negative net margin of 71.13%. As a group, analysts predict that Intrepid Potash, Inc will post -0.17 EPS for the current year.

Insider Transactions at Intrepid Potash

In related news, major shareholder Robert P. Jornayvaz III sold 53,035 shares of Intrepid Potash stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $34.30, for a total transaction of $1,819,100.50. Following the sale, the insider owned 3,950 shares of the company's stock, valued at approximately $135,485. This trade represents a 93.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.40% of the company's stock.

Wall Street Analysts Forecast Growth

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