Intrepid Potash, Inc. (NYSE:IPI) Sees Large Increase in Short Interest

Intrepid Potash, Inc. (NYSE:IPIGet Rating) was the recipient of a significant increase in short interest during the month of April. As of April 15th, there was short interest totalling 460,700 shares, an increase of 53.0% from the March 31st total of 301,100 shares. Currently, 5.0% of the company’s shares are sold short. Based on an average trading volume of 547,700 shares, the days-to-cover ratio is presently 0.8 days.

In related news, SVP Robert E. Baldridge sold 16,039 shares of the firm’s stock in a transaction that occurred on Friday, March 18th. The shares were sold at an average price of $64.89, for a total transaction of $1,040,770.71. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Clearway Capital Management Ll sold 10,000 shares of the stock in a transaction that occurred on Wednesday, February 2nd. The stock was sold at an average price of $46.46, for a total transaction of $464,600.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 150,956 shares of company stock worth $9,881,704. 18.20% of the stock is owned by company insiders.

Institutional investors have recently added to or reduced their stakes in the stock. Two Sigma Investments LP increased its stake in Intrepid Potash by 4.4% during the 3rd quarter. Two Sigma Investments LP now owns 54,867 shares of the basic materials company’s stock worth $1,695,000 after buying an additional 2,327 shares during the period. Verity Asset Management Inc. acquired a new position in Intrepid Potash during the 4th quarter worth $258,000. Brown Advisory Inc. acquired a new position in Intrepid Potash during the 4th quarter worth $480,000. Geode Capital Management LLC grew its holdings in Intrepid Potash by 2.6% during the 3rd quarter. Geode Capital Management LLC now owns 171,186 shares of the basic materials company’s stock worth $5,289,000 after acquiring an additional 4,345 shares in the last quarter. Finally, Patriot Financial Group Insurance Agency LLC grew its holdings in Intrepid Potash by 32.4% during the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 2,780 shares of the basic materials company’s stock worth $119,000 after acquiring an additional 680 shares in the last quarter. 37.41% of the stock is currently owned by hedge funds and other institutional investors.

Shares of IPI stock opened at $76.58 on Friday. The company’s fifty day simple moving average is $81.90 and its 200-day simple moving average is $56.74. Intrepid Potash has a 52 week low of $22.82 and a 52 week high of $121.72. The company has a market cap of $1.04 billion, a PE ratio of 4.12 and a beta of 2.12.

Intrepid Potash (NYSE:IPIGet Rating) last issued its earnings results on Monday, March 7th. The basic materials company reported $0.60 EPS for the quarter, missing the Zacks’ consensus estimate of $1.16 by ($0.56). Intrepid Potash had a net margin of 92.42% and a return on equity of 4.47%. The business had revenue of $64.04 million during the quarter. During the same quarter in the previous year, the company posted ($0.05) earnings per share. As a group, equities analysts forecast that Intrepid Potash will post 7.03 earnings per share for the current fiscal year.

Intrepid Potash announced that its board has initiated a stock buyback program on Monday, March 7th that permits the company to buyback $35.00 million in outstanding shares. This buyback authorization permits the basic materials company to buy up to 3.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

A number of research firms have weighed in on IPI. StockNews.com downgraded shares of Intrepid Potash from a “buy” rating to a “hold” rating in a research note on Thursday, April 21st. UBS Group increased their price target on shares of Intrepid Potash from $23.00 to $25.00 and gave the stock a “sell” rating in a research note on Tuesday, January 4th. Zacks Investment Research raised shares of Intrepid Potash from a “hold” rating to a “buy” rating and set a $94.00 price target on the stock in a research note on Thursday, April 7th. Finally, TheStreet raised shares of Intrepid Potash from a “c+” rating to a “b-” rating in a research note on Thursday, March 10th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $47.75.

About Intrepid Potash (Get Rating)

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 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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