BMO Capital Markets Raises Intrepid Potash (NYSE:IPI) Price Target to $23.00

Intrepid Potash (NYSE:IPI - Get Free Report) had its target price increased by research analysts at BMO Capital Markets from $21.00 to $23.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage presently has a "market perform" rating on the basic materials company's stock. BMO Capital Markets' price objective points to a potential downside of 6.69% from the company's previous close.

Separately, StockNews.com raised shares of Intrepid Potash to a "sell" rating in a report on Wednesday, January 24th.

Intrepid Potash Stock Performance

Shares of NYSE IPI traded up $0.06 during trading hours on Friday, hitting $24.65. 196,497 shares of the stock were exchanged, compared to its average volume of 90,160. Intrepid Potash has a 1-year low of $17.23 and a 1-year high of $28.30. The company has a market cap of $326.86 million, a PE ratio of -8.84 and a beta of 2.17. The company's fifty day simple moving average is $20.40 and its two-hundred day simple moving average is $20.44.

Intrepid Potash (NYSE:IPI - Get Free Report) last issued its quarterly earnings results on Wednesday, March 6th. The basic materials company reported ($0.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($0.20). Intrepid Potash had a negative net margin of 12.78% and a negative return on equity of 0.43%. The business had revenue of $49.04 million during the quarter, compared to the consensus estimate of $41.63 million. As a group, sell-side analysts expect that Intrepid Potash will post -0.07 EPS for the current fiscal year.

Insider Activity

In other news, CEO Robert P. Jornayvaz III sold 11,000 shares of the company's stock in a transaction on Monday, March 11th. The shares were sold at an average price of $20.22, for a total value of $222,420.00. Following the sale, the chief executive officer now directly owns 1,531,551 shares of the company's stock, valued at approximately $30,967,961.22. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CEO Robert P. Jornayvaz III sold 5,384 shares of the stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $19.35, for a total transaction of $104,180.40. Following the transaction, the chief executive officer now directly owns 1,518,920 shares of the company's stock, valued at $29,391,102. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Robert P. Jornayvaz III sold 11,000 shares of the stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $20.22, for a total transaction of $222,420.00. Following the transaction, the chief executive officer now directly owns 1,531,551 shares in the company, valued at approximately $30,967,961.22. The disclosure for this sale can be found here. Over the last quarter, insiders sold 96,034 shares of company stock valued at $1,939,525. Company insiders own 18.00% of the company's stock.

Hedge Funds Weigh In On Intrepid Potash

Several large investors have recently added to or reduced their stakes in IPI. Azarias Capital Management L.P. boosted its stake in shares of Intrepid Potash by 39.5% in the 4th quarter. Azarias Capital Management L.P. now owns 604,042 shares of the basic materials company's stock worth $14,431,000 after buying an additional 171,167 shares during the last quarter. First Eagle Investment Management LLC boosted its position in Intrepid Potash by 35.4% in the third quarter. First Eagle Investment Management LLC now owns 341,163 shares of the basic materials company's stock worth $8,584,000 after purchasing an additional 89,125 shares during the last quarter. CastleKnight Management LP grew its stake in Intrepid Potash by 336.2% in the 4th quarter. CastleKnight Management LP now owns 98,600 shares of the basic materials company's stock valued at $2,356,000 after purchasing an additional 75,998 shares during the period. Essex Investment Management Co. LLC purchased a new stake in shares of Intrepid Potash during the 3rd quarter valued at $1,706,000. Finally, Acadian Asset Management LLC boosted its holdings in shares of Intrepid Potash by 517.6% in the 1st quarter. Acadian Asset Management LLC now owns 58,126 shares of the basic materials company's stock worth $1,211,000 after buying an additional 48,715 shares during the last quarter. Institutional investors own 56.13% of the company's stock.

About Intrepid Potash

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.