Scotiabank Trims Intertape Polymer Group (ITP) Target Price to C$26.00

Intertape Polymer Group (TSE:ITP) had its price target lowered by Scotiabank from C$27.00 to C$26.00 in a research report sent to investors on Monday. Scotiabank currently has an outperform rating on the stock.

Other research analysts have also recently issued reports about the stock. Cormark dropped their target price on shares of Intertape Polymer Group from C$24.50 to C$21.00 in a report on Friday, May 11th. TD Securities lowered their price target on shares of Intertape Polymer Group from C$28.00 to C$26.00 and set a buy rating on the stock in a research report on Friday, May 11th. Finally, Royal Bank of Canada increased their price target on shares of Intertape Polymer Group from C$26.00 to C$27.00 and gave the company an outperform rating in a research report on Friday, March 9th.

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Shares of Intertape Polymer Group stock opened at C$18.75 on Monday. Intertape Polymer Group has a 12-month low of C$17.49 and a 12-month high of C$25.41.

Intertape Polymer Group (TSE:ITP) last issued its earnings results on Thursday, March 8th. The company reported C$0.25 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of C$0.30 by C($0.05). Intertape Polymer Group had a net margin of 7.92% and a return on equity of 32.31%. The company had revenue of C$301.52 million during the quarter, compared to analysts’ expectations of C$301.80 million.

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 29th. Stockholders of record on Friday, June 15th will be given a $0.18 dividend. The ex-dividend date is Thursday, June 14th. This represents a $0.72 annualized dividend and a dividend yield of 3.84%.

In other news, Director Melbourne F. Yull sold 13,700 shares of the stock in a transaction that occurred on Friday, March 23rd. The shares were sold at an average price of C$20.35, for a total value of C$278,795.00. Also, Director Melbourne F. Yull sold 10,400 shares of the stock in a transaction that occurred on Wednesday, March 21st. The shares were sold at an average price of C$20.79, for a total transaction of C$216,216.00. Insiders sold 44,100 shares of company stock worth $903,811 over the last quarter.

About Intertape Polymer Group

Intertape Polymer Group Inc, together with its subsidiaries, operates in the 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.