Royal Bank of Canada Raises Intertape Polymer Group (TSE:ITP) Price Target to C$18.00

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Intertape Polymer Group (TSE:ITP) had its price objective hoisted by Royal Bank of Canada from C$16.00 to C$18.00 in a research report report published on Monday, BayStreet.CA reports. They currently have an outperform rating on the stock.

A number of other research firms have also weighed in on ITP. TD Securities boosted their target price on Intertape Polymer Group from C$14.00 to C$16.00 and gave the stock a buy rating in a report on Tuesday, July 14th. National Bank Financial boosted their target price on Intertape Polymer Group from C$12.50 to C$13.50 and gave the stock a sector perform rating in a report on Tuesday, July 14th. BMO Capital Markets boosted their price target on Intertape Polymer Group from C$15.00 to C$18.00 in a research note on Monday. Scotiabank boosted their price target on Intertape Polymer Group from C$16.50 to C$17.00 in a research note on Thursday, July 9th. Finally, CIBC boosted their price target on Intertape Polymer Group from C$13.50 to C$16.00 in a research note on Monday.

ITP stock opened at C$15.86 on Monday. The company has a current ratio of 2.47, a quick ratio of 1.04 and a debt-to-equity ratio of 231.15. The firm has a market capitalization of $924.68 million and a PE ratio of 20.87. Intertape Polymer Group has a 1-year low of C$7.02 and a 1-year high of C$18.70. The business’s 50 day simple moving average is C$14.39 and its 200 day simple moving average is C$13.17.

In other news, Director Jorge Nelson Quintas purchased 9,100 shares of Intertape Polymer Group stock in a transaction that occurred on Friday, June 26th. The stock was acquired at an average cost of C$11.58 per share, for a total transaction of C$105,381.64. Following the purchase, the director now directly owns 59,608 shares of the company’s stock, valued at approximately C$690,284.48. Insiders purchased a total of 10,650 shares of company stock valued at $124,463 over the last 90 days.

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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