Pinnacle Associates Ltd. Buys New Position in Intrepid Potash, Inc. (NYSE:IPI)

Pinnacle Associates Ltd. acquired a new position in shares of Intrepid Potash, Inc. (NYSE:IPI - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 129,782 shares of the basic materials company's stock, valued at approximately $3,100,000. Pinnacle Associates Ltd. owned 0.98% of Intrepid Potash as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of IPI. Empowered Funds LLC boosted its position in shares of Intrepid Potash by 7.7% during the 1st quarter. Empowered Funds LLC now owns 31,732 shares of the basic materials company's stock worth $662,000 after acquiring an additional 2,275 shares in the last quarter. Marquette Asset Management LLC bought a new stake in Intrepid Potash during the first quarter worth $144,000. First Eagle Investment Management LLC boosted its holdings in shares of Intrepid Potash by 19.4% in the 1st quarter. First Eagle Investment Management LLC now owns 481,670 shares of the basic materials company's stock valued at $10,048,000 after purchasing an additional 78,200 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Intrepid Potash by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 553,185 shares of the basic materials company's stock valued at $11,539,000 after purchasing an additional 14,133 shares during the last quarter. Finally, Acadian Asset Management LLC raised its holdings in shares of Intrepid Potash by 517.6% during the 1st quarter. Acadian Asset Management LLC now owns 58,126 shares of the basic materials company's stock worth $1,211,000 after buying an additional 48,715 shares in the last quarter. 56.13% of the stock is owned by institutional investors.

Intrepid Potash Price Performance

Shares of IPI stock traded up $0.28 on Friday, hitting $25.37. 43,922 shares of the company's stock were exchanged, compared to its average volume of 88,267. Intrepid Potash, Inc. has a 12 month low of $17.52 and a 12 month high of $28.00. The company has a 50 day moving average of $24.10 and a 200 day moving average of $23.75. The stock has a market cap of $336.91 million, a P/E ratio of -6.73 and a beta of 2.18.

Intrepid Potash (NYSE:IPI - Get Free Report) last announced its quarterly earnings results on Monday, August 5th. The basic materials company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.08). The company had revenue of $62.06 million for the quarter, compared to the consensus estimate of $50.88 million. Intrepid Potash had a negative net margin of 19.19% and a negative return on equity of 2.02%. During the same period last year, the firm posted $0.33 earnings per share. Sell-side analysts predict that Intrepid Potash, Inc. will post 0.27 EPS for the current fiscal year.

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.