Cormark Research Analysts Decrease Earnings Estimates for Intertape Polymer Group (ITP)
Intertape Polymer Group (TSE:ITP) – Investment analysts at Cormark cut their FY2018 earnings estimates for shares of Intertape Polymer Group in a research report issued on Monday. Cormark analyst G. Fairweather now anticipates that the company will post earnings of $1.42 per share for the year, down from their prior forecast of $1.55.
Several other brokerages have also recently weighed in on ITP. TD Securities upped their price target on Intertape Polymer Group from C$27.00 to C$28.00 and gave the stock a “buy” rating in a research note on Wednesday, May 10th. Scotiabank reissued a “focus stock” rating and issued a C$28.50 target price on shares of Intertape Polymer Group in a research note on Thursday, May 4th. Finally, Royal Bank Of Canada increased their target price on Intertape Polymer Group from C$28.00 to C$29.00 and gave the stock an “outperform” rating in a research note on Tuesday, June 13th.
Shares of Intertape Polymer Group (ITP) traded up 1.14% during trading on Wednesday, reaching $20.38. The company’s stock had a trading volume of 343,087 shares. The stock’s 50 day moving average is $24.11 and its 200 day moving average is $23.60. The firm has a market cap of $1.20 billion and a P/E ratio of 22.40. Intertape Polymer Group has a one year low of $19.76 and a one year high of $25.74.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be paid a $0.14 dividend. This is a boost from Intertape Polymer Group’s previous quarterly dividend of $0.12. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.78%. The ex-dividend date is Thursday, September 14th.
In related news, Director Melbourne F. Yull sold 50,000 shares of the stock in a transaction on Thursday, June 22nd. The stock was sold at an average price of C$24.54, for a total transaction of C$1,227,000.00. Also, Director Robert Beil sold 3,725 shares of the stock in a transaction on Monday, June 19th. The shares were sold at an average price of C$24.51, for a total value of C$91,299.75. Over the last three months, insiders sold 170,725 shares of company stock worth $4,192,890.
About Intertape Polymer Group
Intertape Polymer Group Inc, together with its subsidiaries, operates in the specialty packaging industry in Canada, the United States, and internationally. It develops, manufactures, and sells various paper and film based pressure sensitive and water activated tapes, polyethylene and specialized polyolefin films, woven coated fabrics, and complementary packaging systems for industrial and retail use.
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