Cormark Analysts Decrease Earnings Estimates for Intertape Polymer Group (TSE:ITP)

Intertape Polymer Group (TSE:ITP) – Research analysts at Cormark reduced their FY2019 earnings per share (EPS) estimates for shares of Intertape Polymer Group in a report released on Thursday, August 8th. Cormark analyst M. Macdougall now expects that the company will post earnings of $1.05 per share for the year, down from their previous estimate of $1.27. Cormark also issued estimates for Intertape Polymer Group’s FY2020 earnings at $1.54 EPS.

Several other brokerages also recently issued reports on ITP. BMO Capital Markets set a C$23.00 price objective on shares of Intertape Polymer Group and gave the stock an “outperform” rating in a research report on Friday, June 28th. National Bank Financial increased their price objective on shares of Intertape Polymer Group from C$21.50 to C$22.50 and gave the stock an “outperform” rating in a research report on Friday, August 9th.

Shares of ITP stock opened at C$18.50 on Monday. The stock’s fifty day moving average is C$18.39. The company has a debt-to-equity ratio of 217.52, a current ratio of 2.49 and a quick ratio of 0.97. Intertape Polymer Group has a 12-month low of C$14.60 and a 12-month high of C$19.97. The company has a market capitalization of $1.11 billion and a P/E ratio of 23.72.

In related news, Senior Officer Silvano Iaboni sold 5,000 shares of the firm’s stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of C$18.35, for a total value of C$91,750.00. Following the completion of the transaction, the insider now owns 26,274 shares of the company’s stock, valued at C$482,127.90. Also, Director Robert Beil sold 8,248 shares of the firm’s stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of C$18.43, for a total transaction of C$152,042.81. Following the completion of the transaction, the director now directly owns 43,885 shares of the company’s stock, valued at approximately C$808,971.70.

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be given a $0.195 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.78 dividend on an annualized basis and a yield of 4.22%. This is an increase from Intertape Polymer Group’s previous quarterly dividend of $0.19. Intertape Polymer Group’s dividend payout ratio (DPR) is 71.79%.

Intertape Polymer Group Company Profile

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, protective packaging and engineered coated products, and complementary packaging systems for industrial and retail use.

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