UBS Group Cuts Intrepid Potash (NYSE:IPI) Price Target to $23.00

Key Points

• UBS Group has downgraded its target price for Intrepid Potash's stock from $24.00 to $23.00, suggesting a potential downside of 22.64% from its current price.
• Despite the downgrade by UBS, Wall Street Zen upgraded Intrepid Potash from a "sell" to a "hold" rating, indicating some positive outlook amidst the mixed sentiments.
• Insider trading activity includes a major shareholder selling off 53,035 shares of Intrepid Potash for approximately $1.82 million, representing a significant reduction in their ownership.

Intrepid Potash (NYSE:IPI - Free Report) had its target price trimmed by UBS Group from $24.00 to $23.00 in a report issued on Thursday morning,Benzinga reports. The brokerage currently has a sell rating on the basic materials company's stock.

Separately, Wall Street Zen upgraded Intrepid Potash from a "sell" rating to a "hold" rating in a research note on Tuesday, May 6th.

Intrepid Potash Stock Up 0.5%

Shares of Intrepid Potash stock traded up $0.14 during trading on Thursday, hitting $28.77. 185,619 shares of the stock traded hands, compared to its average volume of 161,060. The stock has a market cap of $383.20 million, a price-to-earnings ratio of -1.85 and a beta of 1.78. Intrepid Potash has a 52 week low of $20.86 and a 52 week high of $39.01. The firm's fifty day moving average is $35.13 and its 200-day moving average is $31.65.

Intrepid Potash (NYSE:IPI - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The basic materials company reported $0.45 EPS for the quarter, beating analysts' consensus estimates of $0.17 by $0.28. The company had revenue of $71.47 million during the quarter, compared to analysts' expectations of $56.14 million. Intrepid Potash had a positive return on equity of 1.48% and a negative net margin of 71.13%. On average, analysts forecast that Intrepid Potash will post -0.17 earnings per share for the current fiscal year.

Insider Buying and Selling at Intrepid Potash

In other news, major shareholder Robert P. Jornayvaz III sold 53,035 shares of the company's stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $34.30, for a total value of $1,819,100.50. Following the completion of the sale, the insider directly owned 3,950 shares of the company's stock, valued at approximately $135,485. This represents a 93.07% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In the last quarter, insiders have sold 76,105 shares of company stock worth $2,674,074. Insiders own 2.40% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Intrepid Potash by 5.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,572 shares of the basic materials company's stock valued at $193,000 after purchasing an additional 312 shares during the period. Glenorchy Capital Ltd grew its stake in Intrepid Potash by 1.1% in the fourth quarter. Glenorchy Capital Ltd now owns 62,928 shares of the basic materials company's stock worth $1,379,000 after purchasing an additional 714 shares during the period. New York State Teachers Retirement System bought a new position in Intrepid Potash in the first quarter valued at about $29,000. Charles Schwab Investment Management Inc. raised its stake in shares of Intrepid Potash by 4.0% in the first quarter. Charles Schwab Investment Management Inc. now owns 31,254 shares of the basic materials company's stock worth $919,000 after buying an additional 1,212 shares during the period. Finally, EntryPoint Capital LLC grew its holdings in Intrepid Potash by 12.7% during the 1st quarter. EntryPoint Capital LLC now owns 12,092 shares of the basic materials company's stock valued at $355,000 after buying an additional 1,366 shares in 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.