Intrepid Potash (NYSE:IPI) Downgraded by StockNews.com to “Sell”

Intrepid Potash (NYSE:IPI) was downgraded by equities research analysts at StockNews.com from a “hold” rating to a “sell” rating in a report issued on Thursday.

Separately, UBS Group decreased their target price on Intrepid Potash from $21.00 to $20.00 and set a “sell” rating on the stock in a research report on Tuesday, March 4th.

Intrepid Potash Stock Performance

Shares of NYSE IPI traded down $0.17 during trading hours on Thursday, hitting $30.07. 138,220 shares of the stock were exchanged, compared to its average volume of 100,340. Intrepid Potash has a 1-year low of $18.83 and a 1-year high of $31.29. The company has a market cap of $397.73 million, a PE ratio of -8.98 and a beta of 2.18. The company’s fifty day simple moving average is $26.71 and its two-hundred day simple moving average is $25.46.

Intrepid Potash (NYSE:IPI) last issued its earnings results on Monday, March 3rd. The basic materials company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.06). Intrepid Potash had a negative net margin of 16.86% and a negative return on equity of 1.32%. The business had revenue of $55.80 million during the quarter, compared to analyst estimates of $50.35 million. During the same period in the prior year, the business posted ($0.41) EPS. As a group, sell-side analysts expect that Intrepid Potash will post -0.17 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Robert P. Jornayvaz III sold 15,476 shares of Intrepid Potash stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $30.58, for a total transaction of $473,256.08. Following the sale, the insider now directly owns 1,123,230 shares in the company, valued at $34,348,373.40. This trade represents a 1.36 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last quarter, insiders have sold 218,821 shares of company stock valued at $5,893,545. 18.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Intrepid Potash

Several large investors have recently modified their holdings of IPI. JPMorgan Chase & Co. grew its stake in shares of Intrepid Potash by 577.1% in the fourth quarter. JPMorgan Chase & Co. now owns 152,199 shares of the basic materials company’s stock worth $3,336,000 after purchasing an additional 129,722 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in Intrepid Potash by 110.1% during the 4th quarter. Renaissance Technologies LLC now owns 111,871 shares of the basic materials company’s stock worth $2,452,000 after buying an additional 58,630 shares during the period. Peapod Lane Capital LLC acquired a new stake in shares of Intrepid Potash in the fourth quarter valued at about $1,269,000. The Manufacturers Life Insurance Company increased its stake in shares of Intrepid Potash by 191.5% in the fourth quarter. The Manufacturers Life Insurance Company now owns 73,166 shares of the basic materials company’s stock valued at $1,604,000 after buying an additional 48,068 shares during the period. Finally, Raymond James Financial Inc. bought a new position in shares of Intrepid Potash during the fourth quarter worth about $1,028,000. 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.