Intrepid Potash (NYSE:IPI) Announces Quarterly Earnings Results, Misses Expectations By $0.22 EPS

Key Points

• Intrepid Potash reported quarterly EPS of $0.56, missing analysts’ $0.78 consensus by $0.22, while revenue of $66.69 million exceeded expectations of $64.86 million.
• The stock rose 2.0% to $33.97 in Tuesday trading, giving the company a market capitalization of approximately $456 million; institutional investors own 56.13% of shares.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and a $26 price target, despite recent ratings ranging from “Strong Buy” to “Strong Sell.”

Intrepid Potash (NYSE:IPI - Get Free Report) announced its earnings results on Tuesday. The basic materials company reported $0.56 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.78 by ($0.22), FiscalAI reports. The company had revenue of $66.69 million during the quarter, compared to the consensus estimate of $64.86 million. Intrepid Potash had a net margin of 4.68% and a return on equity of 4.53%.

Intrepid Potash Trading Up 2.0%

NYSE:IPI traded up $0.68 during mid-day trading on Tuesday, reaching $33.97. 232,707 shares of the stock were exchanged, compared to its average volume of 268,484. The business has a fifty day moving average price of $35.06 and a 200 day moving average price of $36.96. The firm has a market capitalization of $456.22 million, a PE ratio of 32.05 and a beta of 1.24. Intrepid Potash has a 1-year low of $22.55 and a 1-year high of $50.34.

Insider Buying and Selling

In other Intrepid Potash news, Director Lori A. Lancaster sold 4,800 shares of the company's stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $45.24, for a total value of $217,152.00. Following the completion of the sale, the director directly owned 10,540 shares of the company's stock, valued at approximately $476,829.60. This represents a 31.29% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.30% of the company's stock.

Institutional Trading of Intrepid Potash

A number of hedge funds and other institutional investors have recently made changes to their positions in IPI. Vanguard Group Inc. lifted its stake in Intrepid Potash by 12.6% during the third quarter. Vanguard Group Inc. now owns 726,027 shares of the basic materials company's stock valued at $22,202,000 after purchasing an additional 81,121 shares during the last quarter. Renaissance Technologies LLC grew its position in Intrepid Potash by 68.0% in the fourth quarter. Renaissance Technologies LLC now owns 167,092 shares of the basic materials company's stock worth $4,633,000 after buying an additional 67,621 shares during the last quarter. Bridgeway Capital Management LLC increased its holdings in shares of Intrepid Potash by 7.5% in the third quarter. Bridgeway Capital Management LLC now owns 120,517 shares of the basic materials company's stock valued at $3,685,000 after buying an additional 8,432 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in shares of Intrepid Potash by 4.1% in the third quarter. Arrowstreet Capital Limited Partnership now owns 100,257 shares of the basic materials company's stock valued at $3,066,000 after buying an additional 3,940 shares in the last quarter. Finally, Millennium Management LLC lifted its position in shares of Intrepid Potash by 21.9% during the 3rd quarter. Millennium Management LLC now owns 97,068 shares of the basic materials company's stock valued at $2,968,000 after acquiring an additional 17,420 shares during the last quarter. 56.13% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

IPI has been the topic of a number of recent analyst reports. Zacks Research downgraded shares of Intrepid Potash from a "hold" rating to a "strong sell" rating in a research report on Friday, July 10th. UBS Group increased their price objective on shares of Intrepid Potash from $25.00 to $26.00 and gave the company a "sell" rating in a report on Thursday, May 14th. Freedom Capital upgraded shares of Intrepid Potash to a "strong-buy" rating in a research note on Friday, July 24th. Finally, Weiss Ratings raised Intrepid Potash from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday, May 22nd. One investment analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $26.00.

About Intrepid Potash

Intrepid Potash, Inc is a leading U.S.-based producer and marketer of potash and related specialty fertilizer products. The company's primary business centers on potassium chloride, a key nutrient used in agricultural applications to enhance crop yield and quality. In addition to potash, Intrepid Potash produces magnesium chloride and sodium chloride, which serve a variety of markets including de-icing, dust control and industrial chemical production.

Intrepid Potash operates through a combination of solution mining, solar evaporation and conventional underground mining techniques.

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