Gate City Capital Management LLC Sells 545,433 Shares of Intrepid Potash, Inc $IPI

by · The Cerbat Gem

Gate City Capital Management LLC decreased its holdings in shares of Intrepid Potash, Inc (NYSE:IPI – Free Report) by 72.4% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 208,388 shares of the basic materials company’s stock after selling 545,433 shares during the period. Intrepid Potash accounts for about 4.4% of Gate City Capital Management LLC’s portfolio, making the stock its 9th biggest position. Gate City Capital Management LLC owned 1.56% of Intrepid Potash worth $7,446,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in IPI. EverSource Wealth Advisors LLC boosted its holdings in shares of Intrepid Potash by 197.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 819 shares of the basic materials company’s stock worth $29,000 after buying an additional 544 shares in the last quarter. Legal & General Group Plc lifted its position in shares of Intrepid Potash by 123.0% during the 2nd quarter. Legal & General Group Plc now owns 2,112 shares of the basic materials company’s stock valued at $75,000 after acquiring an additional 1,165 shares during the period. Raymond James Financial Inc. bought a new position in Intrepid Potash during the second quarter worth $175,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Intrepid Potash by 5.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,572 shares of the basic materials company’s stock valued at $193,000 after purchasing an additional 312 shares during the period. Finally, Cornerstone Investment Partners LLC bought a new position in shares of Intrepid Potash during the 2nd quarter worth about $208,000. 56.13% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

IPI has been the subject of a number of research analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Intrepid Potash in a research report on Wednesday, October 8th. Zacks Research downgraded Intrepid Potash from a “strong-buy” rating to a “hold” rating in a report on Monday, October 20th. Finally, Wall Street Zen cut Intrepid Potash from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. One investment analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, Intrepid Potash has an average rating of “Sell” and an average target price of $23.00.

Read Our Latest Research Report on Intrepid Potash

Intrepid Potash Stock Down 1.3%

Shares of Intrepid Potash stock opened at $27.18 on Friday. Intrepid Potash, Inc has a 52 week low of $20.86 and a 52 week high of $39.01. The business has a 50 day moving average price of $26.57 and a 200-day moving average price of $30.65. The company has a market cap of $364.92 million, a PE ratio of -1.79 and a beta of 1.78.

Intrepid Potash (NYSE:IPI – Get Free Report) last announced its earnings results on Wednesday, November 5th. The basic materials company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.02). The company had revenue of $53.22 million for the quarter, compared to analysts’ expectations of $49.54 million. Intrepid Potash had a negative net margin of 70.24% and a positive return on equity of 2.32%. As a group, research analysts anticipate that Intrepid Potash, Inc will post -0.17 EPS for the current year.

About Intrepid Potash

(Free Report)

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.

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