Intrepid Potash (NYSE:IPI) Reaches New 52-Week High After Strong Earnings

Intrepid Potash, Inc. (NYSE:IPI - Get Free Report) shares reached a new 52-week high during trading on Tuesday following a better than expected earnings announcement. The company traded as high as $38.15 and last traded at $37.68, with a volume of 341963 shares. The stock had previously closed at $32.57.

The basic materials company reported $0.39 earnings per share for the quarter, topping analysts' consensus estimates of ($0.12) by $0.51. Intrepid Potash had a negative return on equity of 1.32% and a negative net margin of 16.86%. The firm had revenue of $97.76 million for the quarter, compared to analyst estimates of $72.34 million.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on IPI shares. StockNews.com downgraded shares of Intrepid Potash from a "hold" rating to a "sell" rating in a research report on Thursday, March 27th. UBS Group decreased their target price on Intrepid Potash from $20.00 to $19.00 and set a "sell" rating on the stock in a research report on Wednesday, April 16th.

Insiders Place Their Bets

In related news, major shareholder Robert P. Jornayvaz III sold 57,441 shares of the business's stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $25.84, for a total value of $1,484,275.44. Following the completion of the sale, the insider now directly owns 1,227,559 shares in the company, valued at approximately $31,720,124.56. The trade was a 4.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 170,171 shares of company stock valued at $4,617,835 in the last quarter. 18.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Intrepid Potash

Hedge funds have recently made changes to their positions in the stock. Barclays PLC boosted its holdings in Intrepid Potash by 282.6% in the third quarter. Barclays PLC now owns 14,350 shares of the basic materials company's stock valued at $344,000 after acquiring an additional 10,599 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Intrepid Potash by 11.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 22,477 shares of the basic materials company's stock worth $539,000 after purchasing an additional 2,242 shares during the period. SG Americas Securities LLC increased its position in Intrepid Potash by 14.0% during the 4th quarter. SG Americas Securities LLC now owns 6,743 shares of the basic materials company's stock worth $148,000 after purchasing an additional 830 shares in the last quarter. R Squared Ltd purchased a new position in Intrepid Potash in the fourth quarter valued at approximately $38,000. Finally, Goehring & Rozencwajg Associates LLC lifted its position in Intrepid Potash by 0.6% during the fourth quarter. Goehring & Rozencwajg Associates LLC now owns 209,362 shares of the basic materials company's stock valued at $4,803,000 after buying an additional 1,272 shares in the last quarter. Institutional investors and hedge funds own 56.13% of the company's stock.

Intrepid Potash Stock Up 17.8 %

The firm's 50 day simple moving average is $28.61 and its 200-day simple moving average is $26.61. The company has a market capitalization of $511.26 million, a PE ratio of -11.51 and a beta of 1.80.

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.

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