Intrepid Potash (NYSE:IPI) Hits New 52-Week High – Time to Buy?

Intrepid Potash, Inc. (NYSE:IPI) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $38.87 and last traded at $37.92, with a volume of 25432 shares trading hands. The stock had previously closed at $38.10.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. StockNews.com raised shares of Intrepid Potash from a “sell” rating to a “hold” rating in a research report on Tuesday, May 6th. UBS Group reduced their price target on shares of Intrepid Potash from $20.00 to $19.00 and set a “sell” rating for the company in a research report on Wednesday, April 16th.

Intrepid Potash Stock Performance

The company’s fifty day moving average is $30.02 and its 200-day moving average is $27.12. The company has a market capitalization of $483.54 million, a PE ratio of -10.84 and a beta of 1.80.

Intrepid Potash (NYSE:IPI) last released its earnings results on Monday, May 5th. The basic materials company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.12) by $0.51. The company had revenue of $97.76 million during the quarter, compared to analyst estimates of $72.34 million. Intrepid Potash had a negative net margin of 16.86% and a negative return on equity of 1.32%. On average, sell-side analysts expect that Intrepid Potash, Inc. will post -0.17 EPS for the current fiscal year.

Insider Buying and Selling

In other Intrepid Potash news, major shareholder Robert P. Jornayvaz III sold 59,701 shares of the stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $37.66, for a total transaction of $2,248,339.66. Following the completion of the sale, the insider now directly owns 1,044,162 shares of the company’s stock, valued at $39,323,140.92. This trade represents a 5.41% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In the last ninety days, insiders sold 229,872 shares of company stock valued at $6,866,175. 18.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Intrepid Potash

A number of institutional investors have recently added to or reduced their stakes in IPI. New York State Teachers Retirement System purchased a new stake in Intrepid Potash during the 1st quarter valued at approximately $29,000. R Squared Ltd purchased a new position in shares of Intrepid Potash in the fourth quarter valued at $38,000. State of Wyoming purchased a new position in shares of Intrepid Potash in the fourth quarter valued at $46,000. BNP Paribas Financial Markets purchased a new position in shares of Intrepid Potash in the fourth quarter valued at $87,000. Finally, FNY Investment Advisers LLC purchased a new position in shares of Intrepid Potash in the first quarter valued at $102,000. 56.13% of the stock is owned by hedge funds and other institutional investors.

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.