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

Intrepid Potash (NYSE:IPI) had its price objective upped by equities research analysts at BMO Capital Markets from $21.00 to $23.00 in a note issued to investors on Friday, Benzinga reports. The firm currently has a “market perform” rating on the basic materials company’s stock. BMO Capital Markets’ target price points to a potential downside of 7.82% from the company’s current price.

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

Intrepid Potash Price Performance

Shares of IPI stock traded up $0.36 during trading hours on Friday, reaching $24.95. 79,343 shares of the company traded hands, compared to its average volume of 112,763. Intrepid Potash has a 12-month low of $17.23 and a 12-month high of $28.30. The company has a market cap of $330.84 million, a P/E ratio of -8.93 and a beta of 2.17. The firm has a 50-day moving average price of $20.32 and a 200 day moving average price of $20.41.

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

Insider Transactions at Intrepid Potash

In other Intrepid Potash news, CEO Robert P. Jornayvaz III sold 5,384 shares of the company’s stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $19.35, for a total value of $104,180.40. Following the transaction, the chief executive officer now owns 1,518,920 shares of the company’s stock, valued at approximately $29,391,102. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Robert P. Jornayvaz III sold 11,000 shares of the company’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $20.22, for a total transaction of $222,420.00. Following the completion of the sale, the chief executive officer now directly owns 1,531,551 shares in the company, valued at approximately $30,967,961.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert P. Jornayvaz III sold 5,384 shares of the stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $19.35, for a total value 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 disclosure for this sale can be found here. Insiders have sold 96,034 shares of company stock valued at $1,939,525 in the last ninety days. Corporate insiders own 18.00% of the company’s stock.

Hedge Funds Weigh In On Intrepid Potash

Several hedge funds and other institutional investors have recently made changes to their positions in IPI. First Eagle Investment Management LLC grew its stake in Intrepid Potash by 19.4% during the 1st quarter. First Eagle Investment Management LLC now owns 481,670 shares of the basic materials company’s stock worth $10,048,000 after purchasing an additional 78,200 shares in the last quarter. Marquette Asset Management LLC purchased a new stake in Intrepid Potash during the 1st quarter valued at approximately $144,000. Empowered Funds LLC increased its position in Intrepid Potash by 7.7% during the 1st quarter. Empowered Funds LLC now owns 31,732 shares of the basic materials company’s stock worth $662,000 after purchasing an additional 2,275 shares during the period. Azarias Capital Management L.P. increased its position in Intrepid Potash by 12.2% during the 1st quarter. Azarias Capital Management L.P. now owns 677,704 shares of the basic materials company’s stock worth $14,137,000 after purchasing an additional 73,662 shares during the period. Finally, Goehring & Rozencwajg Associates LLC increased its position in Intrepid Potash by 3.4% during the 4th quarter. Goehring & Rozencwajg Associates LLC now owns 162,024 shares of the basic materials company’s stock worth $3,871,000 after purchasing an additional 5,270 shares during the period. Hedge funds and other 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.