Insider Selling: Intrepid Potash, Inc. (NYSE:IPI) Major Shareholder Sells 8,984 Shares of Stock

Intrepid Potash, Inc. (NYSE:IPI) major shareholder Robert P. Jornayvaz III sold 8,984 shares of the company’s stock in a transaction that occurred on Wednesday, March 26th. The stock was sold at an average price of $30.56, for a total value of $274,551.04. Following the completion of the sale, the insider now owns 1,105,545 shares in the company, valued at $33,785,455.20. The trade was a 0.81 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Large shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Intrepid Potash Stock Performance

Shares of IPI opened at $29.39 on Friday. The stock has a market capitalization of $388.67 million, a PE ratio of -8.77 and a beta of 2.18. The company’s fifty day moving average is $26.76 and its 200 day moving average is $25.51. Intrepid Potash, Inc. has a fifty-two week low of $18.83 and a fifty-two week high of $31.29.

Intrepid Potash (NYSE:IPI) last posted its earnings results on Monday, March 3rd. The basic materials company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.06). Intrepid Potash had a negative return on equity of 1.32% and a negative net margin of 16.86%. The business had revenue of $55.80 million during the quarter, compared to the consensus estimate of $50.35 million. During the same quarter last year, the firm earned ($0.41) earnings per share. As a group, research analysts forecast that Intrepid Potash, Inc. will post -0.17 earnings per share for the current year.

Institutional Investors Weigh In On Intrepid Potash

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IPI. The Manufacturers Life Insurance Company bought a new position in shares of Intrepid Potash during the 3rd quarter valued at approximately $602,000. State Street Corp increased its position in Intrepid Potash by 0.6% during the third quarter. State Street Corp now owns 227,169 shares of the basic materials company’s stock valued at $5,452,000 after acquiring an additional 1,402 shares during the last quarter. Barclays PLC increased its position in Intrepid Potash by 282.6% during the third quarter. Barclays PLC now owns 14,350 shares of the basic materials company’s stock valued at $344,000 after acquiring an additional 10,599 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Intrepid Potash by 0.8% in the third quarter. Geode Capital Management LLC now owns 231,594 shares of the basic materials company’s stock valued at $5,560,000 after acquiring an additional 1,732 shares during the period. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Intrepid Potash by 11.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 22,477 shares of the basic materials company’s stock worth $539,000 after acquiring an additional 2,242 shares during the last quarter. 56.13% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on IPI. UBS Group reduced their price target on Intrepid Potash from $21.00 to $20.00 and set a “sell” rating for the company in a report on Tuesday, March 4th. StockNews.com lowered shares of Intrepid Potash from a “hold” rating to a “sell” rating in a research note on Thursday.

Intrepid Potash Company Profile

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.