Prudential Financial Inc. Sells 24,600 Shares of Intrepid Potash, Inc. (NYSE:IPI)

Prudential Financial Inc. decreased its position in Intrepid Potash, Inc. (NYSE:IPI) by 43.1% during the fourth quarter, Holdings Channel reports. The fund owned 32,415 shares of the basic materials company’s stock after selling 24,600 shares during the period. Prudential Financial Inc.’s holdings in Intrepid Potash were worth $711,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of the company. The Manufacturers Life Insurance Company purchased a new stake in shares of Intrepid Potash during the 3rd quarter valued at about $602,000. State Street Corp grew its position in Intrepid Potash by 0.6% during the third quarter. State Street Corp now owns 227,169 shares of the basic materials company’s stock valued at $5,452,000 after buying an additional 1,402 shares during the period. Barclays PLC increased its holdings in Intrepid Potash by 282.6% during the third quarter. Barclays PLC now owns 14,350 shares of the basic materials company’s stock valued at $344,000 after buying an additional 10,599 shares during the last quarter. Geode Capital Management LLC raised its position in Intrepid Potash by 0.8% in the third quarter. Geode Capital Management LLC now owns 231,594 shares of the basic materials company’s stock worth $5,560,000 after acquiring an additional 1,732 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in shares of Intrepid Potash by 11.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 22,477 shares of the basic materials company’s stock worth $539,000 after acquiring an additional 2,242 shares during the last quarter. 56.13% of the stock is owned by hedge funds and other institutional investors.

Intrepid Potash Price Performance

Shares of NYSE:IPI opened at $24.76 on Wednesday. The company has a market capitalization of $327.48 million, a P/E ratio of -7.39 and a beta of 1.78. Intrepid Potash, Inc. has a 1-year low of $18.83 and a 1-year high of $31.29. The firm’s 50 day simple moving average is $26.81 and its two-hundred day simple moving average is $25.70.

Intrepid Potash (NYSE:IPI) last released its earnings results 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). Intrepid Potash had a negative net margin of 16.86% and a negative return on equity of 1.32%. The firm had revenue of $55.80 million for the quarter, compared to analysts’ expectations of $50.35 million. During the same quarter last year, the firm posted ($0.41) EPS. On average, sell-side analysts anticipate that Intrepid Potash, Inc. will post -0.17 earnings per share for the current fiscal year.

Insider Activity

In other Intrepid Potash news, major shareholder Robert P. Jornayvaz III sold 5,600 shares of the stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $27.35, for a total transaction of $153,160.00. Following the completion of the sale, the insider now directly owns 99,063 shares of the company’s stock, valued at $2,709,373.05. This trade represents a 5.35 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have sold 227,822 shares of company stock worth $6,168,606 over the last ninety days. Corporate insiders own 18.00% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. StockNews.com lowered Intrepid Potash from a “hold” rating to a “sell” rating in a research note on Thursday, March 27th. UBS Group reduced their price target on Intrepid Potash from $21.00 to $20.00 and set a “sell” rating for the company in a research report on Tuesday, March 4th.

Intrepid Potash Company Profile

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.