Intrepid Potash, Inc (NYSE:IPI) hit a new 52-week high during trading on Thursday after an insider bought additional shares in the company. The company traded as high as $3.07 and last traded at $3.05, with a volume of 1,354,938 shares. The stock had previously closed at $2.93.
Specifically, SVP John G. Mansanti sold 12,669 shares of the business’s stock in a transaction that occurred on Friday, June 2nd. The stock was sold at an average price of $2.24, for a total transaction of $28,378.56. Following the completion of the sale, the senior vice president now owns 48,483 shares in the company, valued at $108,601.92. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Robert P. Jornayvaz III acquired 50,000 shares of Intrepid Potash stock in a transaction dated Monday, May 22nd. The shares were purchased at an average price of $2.30 per share, with a total value of $115,000.00. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 956,683 shares of company stock valued at $2,706,412. Corporate insiders own 27.20% of the company’s stock.
A number of equities research analysts have recently issued reports on IPI shares. BidaskClub upgraded Intrepid Potash from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. Zacks Investment Research upgraded Intrepid Potash from a “hold” rating to a “buy” rating and set a $2.00 price objective for the company in a report on Wednesday, April 26th. Finally, BMO Capital Markets restated a “hold” rating and set a $2.00 price objective on shares of Intrepid Potash in a report on Friday, July 7th.
The stock’s market capitalization is $363.31 million. The stock has a 50 day moving average price of $2.50 and a 200 day moving average price of $2.11.
Intrepid Potash (NYSE:IPI) last released its earnings results on Tuesday, May 2nd. The basic materials company reported ($0.15) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.09) by $0.06. Intrepid Potash had a negative net margin of 33.27% and a negative return on equity of 14.71%. The company had revenue of $48.30 million for the quarter, compared to the consensus estimate of $33.18 million. During the same period in the prior year, the company earned ($0.22) earnings per share. The firm’s revenue was down 34.1% on a year-over-year basis. On average, equities analysts expect that Intrepid Potash, Inc will post ($0.30) EPS for the current year.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in IPI. Parametric Portfolio Associates LLC increased its position in Intrepid Potash by 30.6% in the first quarter. Parametric Portfolio Associates LLC now owns 126,394 shares of the basic materials company’s stock worth $217,000 after buying an additional 29,646 shares in the last quarter. Wellington Management Group LLP increased its position in Intrepid Potash by 180.0% in the first quarter. Wellington Management Group LLP now owns 126,757 shares of the basic materials company’s stock worth $218,000 after buying an additional 81,484 shares in the last quarter. Segantii Capital Management Ltd increased its position in Intrepid Potash by 1,134.8% in the first quarter. Segantii Capital Management Ltd now owns 138,300 shares of the basic materials company’s stock worth $238,000 after buying an additional 127,100 shares in the last quarter. Royce & Associates LP increased its position in Intrepid Potash by 7.7% in the first quarter. Royce & Associates LP now owns 339,406 shares of the basic materials company’s stock worth $584,000 after buying an additional 24,406 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in Intrepid Potash by 1.4% in the first quarter. Bank of New York Mellon Corp now owns 568,163 shares of the basic materials company’s stock worth $977,000 after buying an additional 7,793 shares in the last quarter. 42.40% of the stock is owned by hedge funds and other institutional investors.
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About Intrepid Potash
Intrepid Potash, Inc is a producer of muriate of potash (potassium chloride or potash) and langbeinite (sulfate of potash magnesia) in the United States, which it markets and sells as Trio. The Company operates in the extraction, production and sale of potassium-related products. Its products are potash and Trio.
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