Intertape Polymer Group (TSE:ITP) Share Price Crosses Below 200-Day Moving Average of $18.46

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Intertape Polymer Group (TSE:ITP) passed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $18.46 and traded as low as $18.38. Intertape Polymer Group shares last traded at $18.50, with a volume of 49,157 shares trading hands.

A number of brokerages have recently commented on ITP. National Bank Financial upped their price target on Intertape Polymer Group from C$21.50 to C$22.50 and gave the company an “outperform” rating in a research report on Friday, August 9th. BMO Capital Markets set a C$23.00 price target on Intertape Polymer Group and gave the company an “outperform” rating in a research report on Friday, June 28th. Finally, Cormark dropped their price target on Intertape Polymer Group from C$23.00 to C$21.50 in a research report on Friday, August 9th.

The company has a current ratio of 2.52, a quick ratio of 1.05 and a debt-to-equity ratio of 220.25. The business has a 50-day moving average price of C$18.43 and a 200 day moving average price of C$18.46. The stock has a market cap of $1.10 billion and a PE ratio of 29.37.

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be given a dividend of $0.195 per share. This represents a $0.78 dividend on an annualized basis and a dividend yield of 4.22%. The ex-dividend date of this dividend is Friday, September 13th. This is a boost from Intertape Polymer Group’s previous quarterly dividend of $0.19. Intertape Polymer Group’s dividend payout ratio is currently 88.89%.

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

About Intertape Polymer Group (TSE:ITP)

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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