IMAX (NYSE:IMAX) Stock Price Expected to Rise, Macquarie Analyst Says

IMAX (NYSE:IMAX) had its price target hoisted by equities research analysts at Macquarie from $30.00 to $32.00 in a report released on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Macquarie’s price target indicates a potential upside of 33.95% from the stock’s current price.

A number of other equities research analysts have also issued reports on IMAX. StockNews.com lowered shares of IMAX from a “buy” rating to a “hold” rating in a report on Thursday, March 27th. Benchmark reiterated a “buy” rating and issued a $30.00 price target on shares of IMAX in a research note on Thursday, April 10th. Rosenblatt Securities restated a “buy” rating and set a $35.00 price objective on shares of IMAX in a research report on Thursday. Wedbush reissued an “outperform” rating and set a $32.00 price target on shares of IMAX in a research note on Thursday, April 17th. Finally, Wells Fargo & Company reduced their price objective on IMAX from $32.00 to $30.00 and set an “overweight” rating on the stock in a research note on Thursday. One investment analyst has rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, IMAX presently has a consensus rating of “Buy” and an average target price of $30.56.

IMAX Trading Up 2.6 %

Shares of NYSE:IMAX opened at $23.89 on Friday. IMAX has a 12-month low of $14.94 and a 12-month high of $27.77. The company has a market cap of $1.27 billion, a PE ratio of 48.76, a price-to-earnings-growth ratio of 1.49 and a beta of 0.91. The stock has a 50 day moving average of $24.70 and a 200 day moving average of $24.34.

IMAX (NYSE:IMAX) last announced its quarterly earnings data on Wednesday, February 19th. The company reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.14). The firm had revenue of $92.67 million during the quarter, compared to analysts’ expectations of $104.08 million. IMAX had a return on equity of 8.60% and a net margin of 7.40%. Equities research analysts predict that IMAX will post 0.91 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IMAX

Institutional investors and hedge funds have recently modified their holdings of the stock. Lord Abbett & CO. LLC purchased a new position in shares of IMAX during the third quarter valued at approximately $6,322,000. SG Americas Securities LLC bought a new position in shares of IMAX during the fourth quarter valued at approximately $333,000. Janney Montgomery Scott LLC increased its holdings in shares of IMAX by 1.9% in the 4th quarter. Janney Montgomery Scott LLC now owns 29,176 shares of the company’s stock valued at $747,000 after acquiring an additional 533 shares during the period. Hedges Asset Management LLC raised its holdings in IMAX by 3.1% in the fourth quarter. Hedges Asset Management LLC now owns 83,600 shares of the company’s stock worth $2,140,000 after purchasing an additional 2,500 shares in the last quarter. Finally, Blue Trust Inc. lifted its position in IMAX by 138.5% during the fourth quarter. Blue Trust Inc. now owns 966 shares of the company’s stock valued at $25,000 after acquiring an additional 561 shares during the last quarter. Hedge funds and other institutional investors own 93.51% of the company’s stock.

About IMAX

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.