Intrepid Potash, Inc. (NYSE:IPI) Major Shareholder Sells $870,000.00 in Stock

Intrepid Potash, Inc. (NYSE:IPI) major shareholder Robert P. Jornayvaz III sold 30,000 shares of the stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $29.00, for a total value of $870,000.00. Following the transaction, the insider now owns 1,444,513 shares of the company’s stock, valued at $41,890,877. This represents a 2.03 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Large shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Intrepid Potash Stock Performance

Shares of Intrepid Potash stock opened at $21.79 on Friday. The stock has a market cap of $286.82 million, a price-to-earnings ratio of -6.50 and a beta of 2.21. The stock has a 50 day moving average price of $25.70 and a 200-day moving average price of $24.45. Intrepid Potash, Inc. has a one year low of $17.52 and a one year high of $29.75.

Intrepid Potash (NYSE:IPI) last posted its quarterly earnings data on Monday, November 4th. The basic materials company reported ($0.14) EPS for the quarter, missing the consensus estimate of $0.11 by ($0.25). Intrepid Potash had a negative return on equity of 1.32% and a negative net margin of 16.86%. The firm had revenue of $57.55 million for the quarter, compared to analysts’ expectations of $42.57 million. During the same period in the previous year, the firm earned ($0.53) earnings per share. Sell-side analysts predict that Intrepid Potash, Inc. will post -0.17 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have commented on IPI shares. StockNews.com upgraded shares of Intrepid Potash from a “sell” rating to a “hold” rating in a research report on Wednesday, November 6th. UBS Group upped their target price on shares of Intrepid Potash from $18.00 to $19.00 and gave the company a “sell” rating in a research report on Tuesday, November 5th.

Hedge Funds Weigh In On Intrepid Potash

Several hedge funds have recently added to or reduced their stakes in the company. First Eagle Investment Management LLC grew its stake in shares of Intrepid Potash by 25.1% during the second quarter. First Eagle Investment Management LLC now owns 602,770 shares of the basic materials company’s stock valued at $14,123,000 after buying an additional 121,100 shares during the last quarter. Glenorchy Capital Ltd increased its stake in Intrepid Potash by 95.7% in the third quarter. Glenorchy Capital Ltd now owns 62,214 shares of the basic materials company’s stock worth $1,493,000 after purchasing an additional 30,425 shares during the period. Pinnacle Associates Ltd. purchased a new stake in Intrepid Potash in the third quarter worth $3,100,000. The Manufacturers Life Insurance Company bought a new stake in shares of Intrepid Potash during the third quarter worth $602,000. Finally, Cubist Systematic Strategies LLC bought a new position in shares of Intrepid Potash in the second quarter worth about $979,000. 56.13% of the stock is currently owned by institutional investors.

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.