Intrepid Potash, Inc. (NYSE:IPI) was the recipient of a significant increase in short interest in the month of June. As of June 30th, there was short interest totalling 2,847,700 shares, an increase of 6.5% from the May 30th total of 2,674,100 shares. Based on an average daily volume of 396,200 shares, the days-to-cover ratio is presently 7.2 days. Currently, 3.0% of the company’s shares are sold short.
Shares of Intrepid Potash stock opened at $3.58 on Wednesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.94 and a current ratio of 4.31. The company has a market capitalization of $458.64 million, a P/E ratio of 39.78 and a beta of 1.20. The company’s 50 day simple moving average is $3.29. Intrepid Potash has a 52 week low of $2.51 and a 52 week high of $4.41.
Intrepid Potash (NYSE:IPI) last announced its earnings results on Tuesday, May 7th. The basic materials company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. The company had revenue of $57.60 million during the quarter, compared to the consensus estimate of $53.90 million. Intrepid Potash had a return on equity of 4.02% and a net margin of 8.11%. The firm’s revenue for the quarter was up .5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.01 earnings per share. On average, equities analysts predict that Intrepid Potash will post 0.2 EPS for the current year.
In related news, insider Robert P. Jornayvaz III acquired 17,675 shares of the company’s stock in a transaction dated Tuesday, May 28th. The stock was purchased at an average price of $3.11 per share, with a total value of $54,969.25. Following the completion of the purchase, the insider now owns 2,089,144 shares in the company, valued at approximately $6,497,237.84. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Robert P. Jornayvaz III acquired 25,835 shares of the company’s stock in a transaction dated Friday, May 17th. The shares were bought at an average cost of $3.27 per share, with a total value of $84,480.45. Following the purchase, the chief executive officer now owns 1,206,650 shares of the company’s stock, valued at approximately $3,945,745.50. The disclosure for this purchase can be found here. In the last three months, insiders have bought 62,205 shares of company stock valued at $197,554. Insiders own 27.80% of the company’s stock.
Several institutional investors have recently made changes to their positions in the stock. WINTON GROUP Ltd raised its holdings in shares of Intrepid Potash by 44.7% during the second quarter. WINTON GROUP Ltd now owns 300,087 shares of the basic materials company’s stock valued at $1,008,000 after acquiring an additional 92,687 shares in the last quarter. Kennedy Capital Management Inc. raised its holdings in Intrepid Potash by 13.5% in the first quarter. Kennedy Capital Management Inc. now owns 851,418 shares of the basic materials company’s stock worth $3,227,000 after purchasing an additional 101,418 shares in the last quarter. Sawtooth Solutions LLC bought a new position in Intrepid Potash in the first quarter worth $274,000. Schneider Capital Management Corp raised its holdings in Intrepid Potash by 9.6% in the first quarter. Schneider Capital Management Corp now owns 122,105 shares of the basic materials company’s stock worth $463,000 after purchasing an additional 10,725 shares in the last quarter. Finally, THB Asset Management raised its holdings in Intrepid Potash by 52.5% in the first quarter. THB Asset Management now owns 140,867 shares of the basic materials company’s stock worth $533,000 after purchasing an additional 48,490 shares in the last quarter. Institutional investors own 43.67% of the company’s stock.
A number of brokerages recently commented on IPI. TheStreet downgraded Bancorp from a “b-” rating to a “c” rating in a report on Monday, April 8th. ValuEngine downgraded Zumiez from a “hold” rating to a “sell” rating in a report on Tuesday, July 2nd. Finally, Zacks Investment Research upgraded LTC Properties from a “hold” rating to a “buy” rating and set a $53.00 target price for the company in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $5.00.
About Intrepid Potash
Intrepid Potash, Inc produces and sells potash and langbeinite products in the United States and internationally. It operates through three segments: Potash, Trio, and Oilfield Solutions. The Potash segment offers muriate of potash or potassium chloride for use as a fertilizer input in the agricultural market; as a component in drilling and fracturing fluids for oil and gas wells, as well as an input to other industrial processes in the industrial market; and as a nutrient supplement in the animal feed market.
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