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 stake in Intrepid Potash, Inc (NYSE:IPI - Free Report) by 31.2% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 21,228 shares of the basic materials company's stock after selling 9,631 shares during the quarter. Russell Investments Group Ltd. owned about 0.16% of Intrepid Potash worth $624,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. New York State Teachers Retirement System bought a new position in Intrepid Potash in the 1st quarter worth about $29,000. State of Wyoming purchased a new position in Intrepid Potash during the fourth quarter valued at approximately $46,000. BNP Paribas Financial Markets bought a new stake in Intrepid Potash during the 4th quarter worth approximately $87,000. FNY Investment Advisers LLC purchased a new stake in Intrepid Potash in the 1st quarter worth approximately $102,000. Finally, Aquatic Capital Management LLC boosted its holdings in Intrepid Potash by 274.3% in the 4th quarter. Aquatic Capital Management LLC now owns 5,614 shares of the basic materials company's stock valued at $123,000 after purchasing an additional 4,114 shares during the period. 56.13% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

IPI has been the topic of several research analyst reports. Wall Street Zen raised shares of Intrepid Potash from a "hold" rating to a "buy" rating in a report on Friday, August 22nd. Zacks Research upgraded Intrepid Potash from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 22nd. Finally, UBS Group dropped their price target on Intrepid Potash from $24.00 to $23.00 and set a "sell" rating for the company in a research report on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Intrepid Potash has a consensus rating of "Moderate Buy" and an average target price of $23.00.

Intrepid Potash Stock Performance

NYSE:IPI traded down $0.17 during mid-day trading on Thursday, reaching $29.24. The stock had a trading volume of 215,087 shares, compared to its average volume of 169,525. The stock has a market capitalization of $389.42 million, a P/E ratio of -1.88 and a beta of 1.83. The firm has a 50 day moving average price of $32.47 and a two-hundred day moving average price of $31.97. Intrepid Potash, Inc has a one year low of $20.86 and a one year high of $39.01.

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

Insider Buying and Selling

In other Intrepid Potash news, major shareholder Robert P. Jornayvaz III sold 53,035 shares of the business's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $34.30, for a total value 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 $135,485. The trade was a 93.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 2.40% of the stock is currently owned by insiders.

Intrepid Potash Company Profile

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.