Idaho Strategic Resources (NYSEAMERICAN:IDR) Lowered to "Strong Sell" Rating by Zacks Research

Key Points

• Zacks Research downgraded Idaho Strategic Resources from “hold” to “strong sell,” adding negative analyst sentiment around the mining company.
• The company’s latest quarterly results fell slightly short of expectations, with EPS of $0.23 versus a $0.24 consensus estimate and revenue of $10.73 million versus $12.50 million expected.
• Shares opened at $32.67 and rose 5%; institutional investors own 8.7% of the stock, while several major funds recently increased or initiated positions.

Idaho Strategic Resources (NYSEAMERICAN:IDR - Get Free Report) was downgraded by analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a research note issued to investors on Thursday,Zacks.com reports.

Idaho Strategic Resources Trading Up 5.0%

Shares of IDR opened at $32.67 on Thursday. Idaho Strategic Resources has a 1-year low of $24.12 and a 1-year high of $54.70. The company has a market capitalization of $517.17 million, a P/E ratio of 22.53 and a beta of 1.23. The company has a debt-to-equity ratio of 0.01, a current ratio of 12.17 and a quick ratio of 11.66. The firm's 50 day simple moving average is $31.82 and its 200 day simple moving average is $35.86.

Idaho Strategic Resources (NYSEAMERICAN:IDR - Get Free Report) last released its quarterly earnings results on Thursday, August 13th. The company reported $0.23 EPS for the quarter, missing analysts' consensus estimates of $0.24 by ($0.01). The company had revenue of $10.73 million during the quarter, compared to analysts' expectations of $12.50 million. Idaho Strategic Resources had a return on equity of 20.81% and a net margin of 44.00%. Sell-side analysts forecast that Idaho Strategic Resources will post 1.37 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Idaho Strategic Resources

A number of large investors have recently modified their holdings of the company. State Street Corp boosted its stake in Idaho Strategic Resources by 243.1% in the fourth quarter. State Street Corp now owns 890,401 shares of the company's stock worth $35,883,000 after buying an additional 630,891 shares in the last quarter. Pertento Partners LLP purchased a new position in shares of Idaho Strategic Resources during the fourth quarter worth approximately $8,575,000. Geode Capital Management LLC raised its stake in shares of Idaho Strategic Resources by 127.1% during the second quarter. Geode Capital Management LLC now owns 285,573 shares of the company's stock worth $3,736,000 after acquiring an additional 159,850 shares in the last quarter. Invesco Ltd. purchased a new position in shares of Idaho Strategic Resources during the third quarter worth approximately $5,351,000. Finally, Bridgewater Associates LP bought a new stake in shares of Idaho Strategic Resources in the 4th quarter worth approximately $4,816,000. 8.70% of the stock is owned by hedge funds and other institutional investors.

Idaho Strategic Resources Company Profile

Idaho Strategic Resources, Inc, a resource-based company, engages in exploring for, developing, and extracting gold, silver, and base metal mineral resources in the Greater Coeur d'Alene Mining District of North Idaho. Its portfolio of mineral properties includes the Golden Chest Mine, a producing gold mine located in the Murray Gold Belt (MGB) of North Idaho; approximately 1,500 acres of patented mineral property and approximately 5,000 acres of nearby and adjacent un-patented mineral property located within the MGB; rare earth element projects located in the Idaho REE-Th Belt near Salmon, Idaho; and early-stage exploration properties in Central Idaho.

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