Intrepid Potash (NYSE:IPI) Trading 5% Higher - Still a Buy?

Key Points

• Intrepid Potash shares rose about 5% to $40.59 in mid-day trading, despite trading volume running 43% below its average.
• Analyst sentiment remains mixed: one Strong Buy, two Holds and one Sell, resulting in an average Hold rating and a $29 target price—well below the current share price.
• The company missed quarterly EPS estimates, reporting $0.56 versus $0.78 expected, although revenue of $66.69 million exceeded forecasts; institutional investors own 56.13% of the stock.

Intrepid Potash, Inc (NYSE:IPI - Get Free Report) was up 5% during mid-day trading on Tuesday . The stock traded as high as $40.25 and last traded at $40.5930. Approximately 148,311 shares changed hands during trading, a decline of 43% from the average daily volume of 260,596 shares. The stock had previously closed at $38.67.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Freedom Capital raised Intrepid Potash to a "strong-buy" rating in a report on Friday, July 24th. Weiss Ratings reissued a "hold (c)" rating on shares of Intrepid Potash in a report on Wednesday, August 19th. UBS Group boosted their target price on shares of Intrepid Potash from $26.00 to $29.00 and gave the stock a "sell" rating in a research report on Wednesday, August 12th. Finally, Zacks Research upgraded shares of Intrepid Potash from a "strong sell" rating to a "hold" rating in a report on Monday, August 10th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $29.00.

Intrepid Potash Trading Up 6.5%

The firm has a 50 day moving average price of $35.28 and a 200-day moving average price of $37.41. The firm has a market cap of $554.55 million, a price-to-earnings ratio of 20.81 and a beta of 1.24.

Intrepid Potash (NYSE:IPI - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The basic materials company reported $0.56 EPS for the quarter, missing analysts' consensus estimates of $0.78 by ($0.22). The business had revenue of $66.69 million during the quarter, compared to analyst estimates of $64.86 million. Intrepid Potash had a net margin of 8.94% and a return on equity of 4.74%. As a group, equities analysts expect that Intrepid Potash, Inc will post 1.86 earnings per share for the current fiscal year.

Institutional Trading of Intrepid Potash

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Lazard Asset Management LLC purchased a new stake in shares of Intrepid Potash during the first quarter worth about $1,587,000. PDT Partners LLC purchased a new position in Intrepid Potash during the second quarter worth approximately $2,031,000. Janney Montgomery Scott LLC acquired a new position in Intrepid Potash in the first quarter valued at $2,484,000. Deutsche Bank AG acquired a new position in shares of Intrepid Potash in the 2nd quarter valued at about $850,000. Finally, SG Americas Securities LLC increased its position in shares of Intrepid Potash by 1,773.2% in the first quarter. SG Americas Securities LLC now owns 98,754 shares of the basic materials company's stock worth $4,224,000 after acquiring an additional 93,482 shares in the last quarter. 56.13% of the stock is currently owned by hedge funds and other institutional investors.

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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