Intrepid Potash, Inc. (NYSE:IPI) Major Shareholder Robert P. Jornayvaz III Sells 15,476 Shares of Stock

Intrepid Potash, Inc. (NYSE:IPI) major shareholder Robert P. Jornayvaz III sold 15,476 shares of Intrepid Potash stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $30.58, for a total value of $473,256.08. Following the transaction, the insider now directly owns 1,123,230 shares in the company, valued at approximately $34,348,373.40. The trade was a 1.36 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Major shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Intrepid Potash Stock Performance

Shares of IPI stock opened at $30.07 on Wednesday. The stock has a fifty day simple moving average of $26.58 and a two-hundred day simple moving average of $25.40. The firm has a market capitalization of $397.71 million, a PE ratio of -8.98 and a beta of 2.18. Intrepid Potash, Inc. has a 52-week low of $18.59 and a 52-week high of $31.29.

Intrepid Potash (NYSE:IPI) last released its quarterly earnings data 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). The business had revenue of $55.80 million during the quarter, compared to the consensus estimate of $50.35 million. Intrepid Potash had a negative return on equity of 1.32% and a negative net margin of 16.86%. During the same period last year, the company earned ($0.41) EPS. On average, sell-side analysts forecast that Intrepid Potash, Inc. will post -0.17 EPS for the current fiscal year.

Institutional Investors Weigh In On Intrepid Potash

A number of institutional investors have recently added to or reduced their stakes in IPI. JPMorgan Chase & Co. lifted its holdings in shares of Intrepid Potash by 577.1% in the fourth quarter. JPMorgan Chase & Co. now owns 152,199 shares of the basic materials company’s stock worth $3,336,000 after buying an additional 129,722 shares in the last quarter. Renaissance Technologies LLC lifted its stake in Intrepid Potash by 110.1% in the 4th quarter. Renaissance Technologies LLC now owns 111,871 shares of the basic materials company’s stock worth $2,452,000 after purchasing an additional 58,630 shares in the last quarter. Peapod Lane Capital LLC purchased a new stake in Intrepid Potash in the 4th quarter worth $1,269,000. The Manufacturers Life Insurance Company boosted its holdings in shares of Intrepid Potash by 191.5% during the 4th quarter. The Manufacturers Life Insurance Company now owns 73,166 shares of the basic materials company’s stock valued at $1,604,000 after purchasing an additional 48,068 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of Intrepid Potash during the fourth quarter valued at about $1,028,000. 56.13% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, UBS Group decreased their target price on shares of Intrepid Potash from $21.00 to $20.00 and set a “sell” rating on the stock in a research note on Tuesday, March 4th.

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.