Intrepid Potash (NYSE:IPI) Downgraded to “Hold” at Zacks Investment Research

Intrepid Potash (NYSE:IPI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Thursday, Zacks.com reports.

According to Zacks, “INTREPID POTASH, Inc. is the largest producer of potash in the U.S. and is dedicated to the production and marketing of potash and langbeinite, another mineral containing potassium. Intrepid owns five active potash production facilities — three in New Mexico and two in Utah “

Several other equities research analysts have also weighed in on IPI. BMO Capital Markets upped their price objective on Intrepid Potash from $15.00 to $30.00 and gave the company a “market perform” rating in a research note on Wednesday, March 3rd. TheStreet upgraded Intrepid Potash from a “d+” rating to a “c-” rating in a research note on Friday, March 5th. Finally, Roth Capital upped their price objective on Intrepid Potash from $11.00 to $38.00 and gave the company a “buy” rating in a research note on Thursday, March 4th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $25.90.

IPI traded down $1.69 on Thursday, hitting $27.79. 88,889 shares of the stock traded hands, compared to its average volume of 202,048. Intrepid Potash has a 52 week low of $7.60 and a 52 week high of $39.19. The company has a quick ratio of 0.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.04. The company has a market cap of $373.66 million, a price-to-earnings ratio of -20.59 and a beta of 2.13. The business has a fifty day moving average of $29.44.

Intrepid Potash (NYSE:IPI) last issued its quarterly earnings results on Sunday, May 2nd. The basic materials company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.05. Intrepid Potash had a negative return on equity of 4.12% and a negative net margin of 8.47%. The firm had revenue of $59.39 million for the quarter, compared to analyst estimates of $57.80 million. During the same period in the previous year, the company posted ($0.20) earnings per share. On average, research analysts forecast that Intrepid Potash will post 0.85 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IPI. Royce & Associates LP grew its position in Intrepid Potash by 75.9% during the 1st quarter. Royce & Associates LP now owns 1,048,449 shares of the basic materials company’s stock worth $34,137,000 after acquiring an additional 452,274 shares during the last quarter. Hillsdale Investment Management Inc. bought a new stake in Intrepid Potash during the 1st quarter worth approximately $4,086,000. D. E. Shaw & Co. Inc. lifted its holdings in Intrepid Potash by 238.4% during the 1st quarter. D. E. Shaw & Co. Inc. now owns 146,945 shares of the basic materials company’s stock worth $4,785,000 after buying an additional 103,520 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Intrepid Potash by 14.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 598,727 shares of the basic materials company’s stock worth $19,494,000 after buying an additional 74,995 shares in the last quarter. Finally, Acadian Asset Management LLC lifted its holdings in Intrepid Potash by 42.2% during the 1st quarter. Acadian Asset Management LLC now owns 118,539 shares of the basic materials company’s stock worth $3,858,000 after buying an additional 35,195 shares in the last quarter. Institutional investors and hedge funds own 37.20% of the company’s stock.

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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