Wells Fargo & Company Cuts IMAX (NYSE:IMAX) Price Target to $30.00

IMAX (NYSE:IMAX) had its price objective decreased by Wells Fargo & Company from $32.00 to $30.00 in a research note published on Thursday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

IMAX has been the subject of a number of other research reports. Wedbush restated an “outperform” rating and issued a $32.00 price objective on shares of IMAX in a research note on Thursday, April 17th. StockNews.com lowered shares of IMAX from a “buy” rating to a “hold” rating in a research report on Thursday, March 27th. Benchmark reaffirmed a “buy” rating and issued a $30.00 price objective on shares of IMAX in a research report on Thursday, April 10th. Macquarie increased their target price on shares of IMAX from $28.00 to $30.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. Finally, Barrington Research reaffirmed an “outperform” rating and issued a $32.00 price target on shares of IMAX in a report on Thursday. One research analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $30.56.

IMAX Price Performance

Shares of IMAX stock opened at $23.89 on Thursday. IMAX has a one year low of $14.94 and a one year high of $27.77. The company has a market cap of $1.27 billion, a P/E ratio of 48.76, a P/E/G ratio of 1.49 and a beta of 0.91. The firm has a 50-day moving average of $24.70 and a 200-day moving average of $24.34.

IMAX (NYSE:IMAX) last posted its earnings results on Wednesday, February 19th. The company reported $0.17 EPS for the quarter, missing the consensus estimate of $0.31 by ($0.14). The firm had revenue of $92.67 million for the quarter, compared to the consensus estimate of $104.08 million. IMAX had a return on equity of 8.60% and a net margin of 7.40%. As a group, research analysts expect that IMAX will post 0.91 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IMAX

Large investors have recently made changes to their positions in the stock. Blue Trust Inc. lifted its holdings in IMAX by 138.5% during the 4th quarter. Blue Trust Inc. now owns 966 shares of the company’s stock worth $25,000 after purchasing an additional 561 shares in the last quarter. Creative Financial Designs Inc. ADV bought a new stake in shares of IMAX during the first quarter valued at about $59,000. Tower Research Capital LLC TRC lifted its holdings in shares of IMAX by 415.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 7,236 shares of the company’s stock worth $185,000 after buying an additional 5,832 shares in the last quarter. Wealthfront Advisers LLC bought a new position in shares of IMAX in the fourth quarter valued at approximately $217,000. Finally, Cornerstone Investment Partners LLC purchased a new position in IMAX during the fourth quarter valued at approximately $248,000. 93.51% of the stock is owned by institutional investors.

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.