Ameriprise Financial Inc. grew its holdings in shares of Intrepid Potash, Inc (NYSE:IPI) by 14.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 969,755 shares of the basic materials company’s stock after buying an additional 122,189 shares during the period. Ameriprise Financial Inc. owned 0.74% of Intrepid Potash worth $2,191,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also made changes to their positions in the company. Radnor Capital Management LLC lifted its holdings in Intrepid Potash by 87.1% during the 2nd quarter. Radnor Capital Management LLC now owns 46,400 shares of the basic materials company’s stock worth $105,000 after buying an additional 21,600 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in Intrepid Potash by 12.3% during the 2nd quarter. Wells Fargo & Company MN now owns 57,809 shares of the basic materials company’s stock worth $131,000 after buying an additional 6,336 shares during the last quarter. Rhumbline Advisers purchased a new stake in Intrepid Potash during the 2nd quarter worth about $241,000. Parametric Portfolio Associates LLC lifted its holdings in Intrepid Potash by 30.6% during the 1st 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 during the last quarter. Finally, Wellington Management Group LLP lifted its holdings in Intrepid Potash by 180.0% during the 1st 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 during the last quarter. 47.30% of the stock is owned by institutional investors.
In related news, insider Robert P. Jornayvaz III purchased 20,000 shares of Intrepid Potash stock in a transaction dated Monday, August 7th. The shares were acquired at an average price of $3.31 per share, with a total value of $66,200.00. Following the completion of the transaction, the insider now owns 1,206,650 shares of the company’s stock, valued at approximately $3,994,011.50. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Clearway Capital Management Lt purchased 476,400 shares of Intrepid Potash stock in a transaction dated Friday, August 11th. The shares were bought at an average cost of $3.37 per share, for a total transaction of $1,605,468.00. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 981,300 shares of company stock valued at $3,301,725. 27.30% of the stock is currently owned by corporate insiders.
IPI has been the subject of a number of recent analyst reports. Zacks Investment Research raised Intrepid Potash from a “sell” rating to a “buy” rating and set a $3.75 price target for the company in a report on Wednesday, August 9th. BidaskClub raised Intrepid Potash from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. BMO Capital Markets reaffirmed a “hold” rating and set a $2.00 price target on shares of Intrepid Potash in a report on Friday, July 7th. Finally, UBS AG downgraded Intrepid Potash from a “neutral” rating to a “sell” rating and lifted their price target for the stock from $2.00 to $2.50 in a report on Monday, August 7th.
Intrepid Potash (NYSE:IPI) last posted its quarterly earnings data on Monday, October 30th. The basic materials company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.02. The company had revenue of $32.06 million during the quarter, compared to analysts’ expectations of $33.15 million. Intrepid Potash had a negative net margin of 22.88% and a negative return on equity of 8.09%. The firm’s revenue for the quarter was down 26.5% on a year-over-year basis. During the same period in the prior year, the company posted ($0.22) EPS.
Intrepid Potash Company Profile
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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