Summit Global Investments Purchases New Shares in Intrepid Potash, Inc. (NYSE:IPI)

Summit Global Investments acquired a new position in Intrepid Potash, Inc. (NYSE:IPI - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 14,199 shares of the basic materials company's stock, valued at approximately $417,000. Summit Global Investments owned 0.11% of Intrepid Potash at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. American Century Companies Inc. lifted its stake in shares of Intrepid Potash by 0.3% in the fourth quarter. American Century Companies Inc. now owns 185,844 shares of the basic materials company's stock worth $4,074,000 after acquiring an additional 577 shares during the period. Glenorchy Capital Ltd lifted its stake in shares of Intrepid Potash by 1.1% in the fourth quarter. Glenorchy Capital Ltd now owns 62,928 shares of the basic materials company's stock worth $1,379,000 after acquiring an additional 714 shares during the period. SG Americas Securities LLC lifted its stake in shares of Intrepid Potash by 14.0% in the fourth quarter. SG Americas Securities LLC now owns 6,743 shares of the basic materials company's stock worth $148,000 after acquiring an additional 830 shares during the period. Goehring & Rozencwajg Associates LLC lifted its stake in shares of Intrepid Potash by 0.6% in the fourth quarter. Goehring & Rozencwajg Associates LLC now owns 209,362 shares of the basic materials company's stock worth $4,803,000 after acquiring an additional 1,272 shares during the period. Finally, Wells Fargo & Company MN lifted its stake in shares of Intrepid Potash by 12.2% in the fourth quarter. Wells Fargo & Company MN now owns 13,652 shares of the basic materials company's stock worth $299,000 after acquiring an additional 1,486 shares during the period. 56.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on IPI shares. UBS Group cut their price objective on Intrepid Potash from $20.00 to $19.00 and set a "sell" rating on the stock in a research note on Wednesday, April 16th. Wall Street Zen upgraded Intrepid Potash from a "sell" rating to a "hold" rating in a report on Tuesday, May 6th.

Insiders Place Their Bets

In other news, major shareholder Robert P. Jornayvaz III sold 47,429 shares of the business's stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $26.54, for a total transaction of $1,258,765.66. Following the completion of the sale, the insider now owns 1,164,794 shares in the company, valued at $30,913,632.76. The trade was a 3.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last three months, insiders sold 180,765 shares of company stock worth $5,858,599. 2.40% of the stock is owned by corporate insiders.

Intrepid Potash Trading Down 0.3%

IPI stock traded down $0.12 during mid-day trading on Thursday, reaching $37.85. The company's stock had a trading volume of 108,407 shares, compared to its average volume of 122,635. The company has a market cap of $504.10 million, a price-to-earnings ratio of -11.30 and a beta of 1.76. The business's 50 day moving average price is $33.03 and its 200 day moving average price is $28.33. Intrepid Potash, Inc. has a 12 month low of $20.75 and a 12 month high of $39.01.

Intrepid Potash (NYSE:IPI - Get Free Report) last issued its earnings results on Monday, May 5th. The basic materials company reported $0.39 earnings per share for the quarter, topping analysts' consensus estimates of ($0.12) by $0.51. The business had revenue of $97.76 million during the quarter, compared to the consensus estimate of $72.34 million. Intrepid Potash had a negative return on equity of 1.32% and a negative net margin of 16.86%. As a group, equities analysts expect that Intrepid Potash, Inc. will post -0.17 EPS for the current fiscal year.

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.