Intrepid Potash (NYSE:IPI) Stock Rating Lowered by Zacks Investment Research

Zacks Investment Research downgraded shares of Intrepid Potash (NYSE:IPI) from a buy rating to a hold rating in a research report released 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 research firms have also recently issued reports on IPI. ValuEngine cut Zumiez from a hold rating to a sell rating in a report on Tuesday, July 2nd. TheStreet cut Bancorp from a b- rating to a c rating in a report on Monday, April 8th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus price target of $5.00.

IPI stock opened at $3.56 on Thursday. The company has a current ratio of 4.31, a quick ratio of 1.94 and a debt-to-equity ratio of 0.13. Intrepid Potash has a 12-month low of $2.51 and a 12-month high of $4.41. The firm has a market cap of $466.51 million, a PE ratio of 27.38 and a beta of 1.19. The business has a 50-day moving average price of $3.31.

Intrepid Potash (NYSE:IPI) last posted its quarterly earnings data on Tuesday, May 7th. The basic materials company reported $0.05 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.04 by $0.01. Intrepid Potash had a return on equity of 4.02% and a net margin of 8.11%. The company had revenue of $57.60 million for the quarter, compared to analysts’ expectations of $53.90 million. During the same period in the previous year, the firm posted $0.01 EPS. Intrepid Potash’s revenue was up .5% compared to the same quarter last year. As a group, equities research analysts anticipate that Intrepid Potash will post 0.2 earnings per share for the current fiscal year.

In other Intrepid Potash news, CEO Robert P. Jornayvaz III bought 25,835 shares of the firm’s stock in a transaction on Friday, May 17th. The shares were acquired 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 directly owns 1,206,650 shares of the company’s stock, valued at approximately $3,945,745.50. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Robert P. Jornayvaz III bought 15,000 shares of the firm’s stock in a transaction on Friday, May 24th. The stock was acquired at an average cost of $3.11 per share, for a total transaction of $46,650.00. Following the completion of the purchase, the chief executive officer now directly owns 2,089,144 shares in the company, valued at $6,497,237.84. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 62,205 shares of company stock worth $197,554. 27.80% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IPI. Investors Research Corp purchased a new position in Intrepid Potash in the 1st quarter worth approximately $25,000. Squarepoint Ops LLC purchased a new position in Intrepid Potash in the 4th quarter worth approximately $27,000. Macquarie Group Ltd. purchased a new position in Intrepid Potash in the 4th quarter worth approximately $35,000. Legal & General Group Plc lifted its stake in Intrepid Potash by 24.1% in the 4th quarter. Legal & General Group Plc now owns 18,218 shares of the basic materials company’s stock worth $47,000 after purchasing an additional 3,533 shares in the last quarter. Finally, Heritage Investors Management Corp purchased a new position in Intrepid Potash in the 1st quarter worth approximately $57,000. 43.67% of the stock is currently owned by institutional investors and hedge funds.

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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