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

Intrepid Potash (NYSE:IPI) had its price target boosted by BMO Capital Markets from $21.00 to $23.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has a “market perform” rating on the basic materials company’s stock. BMO Capital Markets’ target price would indicate a potential downside of 7.82% from the company’s previous close.

Separately, StockNews.com upgraded Intrepid Potash to a “sell” rating in a research report on Wednesday, January 24th.

Intrepid Potash Trading Up 1.5 %

Shares of NYSE:IPI traded up $0.36 during trading on Friday, reaching $24.95. The company’s stock had a trading volume of 79,343 shares, compared to its average volume of 112,763. The stock has a market capitalization of $330.84 million, a PE ratio of -8.93 and a beta of 2.17. Intrepid Potash has a 12 month low of $17.23 and a 12 month high of $28.30. The firm’s 50 day simple moving average is $20.32 and its two-hundred day simple moving average is $20.41.

Intrepid Potash (NYSE:IPI) last released its quarterly earnings results on Wednesday, March 6th. The basic materials company reported ($0.41) EPS for the quarter, missing the consensus estimate of ($0.21) by ($0.20). The company had revenue of $49.04 million during the quarter, compared to analysts’ expectations of $41.63 million. Intrepid Potash had a negative return on equity of 0.43% and a negative net margin of 12.78%. Research analysts anticipate that Intrepid Potash will post -0.07 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Robert P. Jornayvaz III sold 5,384 shares of Intrepid Potash stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 1,518,920 shares of the company’s stock, valued at $29,391,102. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Intrepid Potash news, CEO Robert P. Jornayvaz III sold 63,372 shares of Intrepid Potash stock in a transaction on Friday, March 8th. The shares were sold at an average price of $20.43, for a total value of $1,294,689.96. Following the transaction, the chief executive officer now directly owns 1,542,551 shares of the company’s stock, valued at $31,514,316.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert P. Jornayvaz III sold 5,384 shares of Intrepid Potash stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $19.35, for a total transaction of $104,180.40. Following the completion of the transaction, the chief executive officer now directly owns 1,518,920 shares in the company, valued at $29,391,102. The disclosure for this sale can be found here. Insiders sold a total of 96,034 shares of company stock valued at $1,939,525 over the last 90 days. Insiders own 18.00% of the company’s stock.

Institutional Investors Weigh In On Intrepid Potash

A number of large investors have recently made changes to their positions in the stock. WealthTrust Axiom LLC grew its holdings in shares of Intrepid Potash by 5.0% during the third quarter. WealthTrust Axiom LLC now owns 10,500 shares of the basic materials company’s stock valued at $264,000 after buying an additional 500 shares during the last quarter. Swiss National Bank lifted its position in Intrepid Potash by 5.6% during the third quarter. Swiss National Bank now owns 24,600 shares of the basic materials company’s stock valued at $619,000 after purchasing an additional 1,300 shares during the period. Tower Research Capital LLC TRC raised its position in shares of Intrepid Potash by 77.8% in the fourth quarter. Tower Research Capital LLC TRC now owns 3,273 shares of the basic materials company’s stock worth $78,000 after acquiring an additional 1,432 shares during the period. Empowered Funds LLC raised its position in shares of Intrepid Potash by 7.7% in the first quarter. Empowered Funds LLC now owns 31,732 shares of the basic materials company’s stock worth $662,000 after acquiring an additional 2,275 shares during the period. Finally, Principal Financial Group Inc. raised its position in shares of Intrepid Potash by 28.3% during the 4th quarter. Principal Financial Group Inc. now owns 12,995 shares of the basic materials company’s stock worth $310,000 after purchasing an additional 2,864 shares during the last quarter. 56.13% of the stock is owned by hedge funds and other institutional investors.

Intrepid Potash Company Profile

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.