IMAX (NYSE:IMAX) Price Target Raised to $30.00

IMAX (NYSE:IMAX) had its price objective raised by Benchmark from $27.00 to $30.00 in a report published on Friday morning,Benzinga reports. Benchmark currently has a buy rating on the stock.

Several other research firms have also recently weighed in on IMAX. Barrington Research reiterated an “outperform” rating and set a $24.00 price objective on shares of IMAX in a research report on Thursday, October 31st. Roth Mkm lifted their price objective on shares of IMAX from $27.00 to $28.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. StockNews.com lowered shares of IMAX from a “buy” rating to a “hold” rating in a research report on Tuesday, December 10th. Wedbush reiterated an “outperform” rating on shares of IMAX in a research report on Wednesday, November 27th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $28.00 price target on shares of IMAX in a research report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $25.11.

IMAX Price Performance

Shares of IMAX opened at $26.03 on Friday. The company’s 50-day moving average is $23.52 and its 200-day moving average is $20.48. The firm has a market capitalization of $1.37 billion, a PE ratio of 59.16, a PEG ratio of 1.69 and a beta of 1.23. IMAX has a fifty-two week low of $13.20 and a fifty-two week high of $26.84.

IMAX (NYSE:IMAX) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.12. The company had revenue of $91.50 million during the quarter, compared to analysts’ expectations of $93.71 million. IMAX had a return on equity of 7.53% and a net margin of 6.74%. The business’s revenue was down 11.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.27 earnings per share. Analysts predict that IMAX will post 0.77 earnings per share for the current fiscal year.

Insider Transactions at IMAX

In other IMAX news, CFO Natasha Fernandes sold 2,957 shares of the company’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $25.52, for a total value of $75,462.64. Following the completion of the transaction, the chief financial officer now owns 14,883 shares of the company’s stock, valued at $379,814.16. This represents a 16.58 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Robert D. Lister sold 55,910 shares of IMAX stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $25.50, for a total value of $1,425,705.00. Following the sale, the executive vice president now directly owns 138,889 shares in the company, valued at $3,541,669.50. The trade was a 28.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 65,176 shares of company stock valued at $1,662,110. 24.08% of the stock is currently owned by insiders.

Hedge Funds Weigh In On IMAX

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. FMR LLC increased its stake in shares of IMAX by 108.4% in the third quarter. FMR LLC now owns 3,949,643 shares of the company’s stock valued at $81,007,000 after buying an additional 2,054,031 shares during the period. Royce & Associates LP increased its position in IMAX by 3.1% during the 3rd quarter. Royce & Associates LP now owns 1,822,616 shares of the company’s stock valued at $37,382,000 after purchasing an additional 54,850 shares during the period. Victory Capital Management Inc. raised its holdings in IMAX by 9.8% during the 3rd quarter. Victory Capital Management Inc. now owns 1,420,592 shares of the company’s stock worth $29,136,000 after purchasing an additional 127,371 shares during the last quarter. Thrivent Financial for Lutherans lifted its position in shares of IMAX by 5.5% in the 2nd quarter. Thrivent Financial for Lutherans now owns 819,325 shares of the company’s stock worth $13,740,000 after purchasing an additional 42,952 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in shares of IMAX by 90.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 587,694 shares of the company’s stock valued at $9,856,000 after purchasing an additional 279,410 shares during the last quarter. 93.51% of the stock is currently owned by institutional investors and hedge funds.

IMAX Company Profile

IMAX Corporation, together with its subsidiaries, operates as a technology platform for entertainment and events worldwide. The company operates in two segments, Content Solutions and Technology Products and Services. The company offers IMAX DMR, a proprietary technology that digitally remasters films and other content into IMAX formats for distribution to the IMAX network; IMAX Enhanced that provides end-to-end technology across streaming content and entertainment devices at home; and SSIMWAVE, an AI-driven video quality solutions for media and entertainment companies.