Brokerages Set IMAX Corporation (NYSE:IMAX) Target Price at $32.80

Shares of IMAX Corporation (NYSE:IMAX) have received a consensus rating of “Moderate Buy” from the eleven ratings firms that are presently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, eight have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among brokerages that have covered the stock in the last year is $32.80.

Several equities research analysts have issued reports on IMAX shares. Barrington Research reissued an “outperform” rating and set a $32.00 target price on shares of IMAX in a research note on Thursday, July 24th. Wall Street Zen raised IMAX from a “hold” rating to a “buy” rating in a research note on Friday, May 16th. Macquarie raised their price target on IMAX from $30.00 to $32.00 and gave the stock an “outperform” rating in a research report on Friday, April 25th. Benchmark raised their price target on IMAX from $30.00 to $32.00 and gave the stock a “buy” rating in a research report on Friday, July 25th. Finally, Roth Capital restated a “buy” rating and set a $36.00 price target on shares of IMAX in a research report on Wednesday, July 9th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. FMR LLC lifted its holdings in IMAX by 14.2% during the 4th quarter. FMR LLC now owns 4,508,583 shares of the company’s stock worth $115,420,000 after buying an additional 558,940 shares during the last quarter. Orbis Allan Gray Ltd increased its position in shares of IMAX by 12.3% during the first quarter. Orbis Allan Gray Ltd now owns 3,882,766 shares of the company’s stock worth $102,311,000 after purchasing an additional 425,081 shares in the last quarter. Ameriprise Financial Inc. increased its position in shares of IMAX by 8.3% during the first quarter. Ameriprise Financial Inc. now owns 1,974,068 shares of the company’s stock worth $52,019,000 after purchasing an additional 150,552 shares in the last quarter. Mizuho Markets Americas LLC increased its position in shares of IMAX by 19.3% during the first quarter. Mizuho Markets Americas LLC now owns 710,489 shares of the company’s stock worth $18,721,000 after purchasing an additional 114,800 shares in the last quarter. Finally, Wells Fargo & Company MN increased its position in shares of IMAX by 45.4% during the fourth quarter. Wells Fargo & Company MN now owns 624,510 shares of the company’s stock worth $15,987,000 after purchasing an additional 194,917 shares in the last quarter. 93.51% of the stock is owned by institutional investors and hedge funds.

IMAX Stock Down 1.2%

IMAX stock opened at $25.67 on Monday. The business has a fifty day moving average of $27.66 and a two-hundred day moving average of $25.78. The stock has a market cap of $1.38 billion, a price-to-earnings ratio of 42.78, a price-to-earnings-growth ratio of 2.05 and a beta of 0.80. IMAX has a 52-week low of $18.76 and a 52-week high of $29.66.

IMAX (NYSE:IMAX) last posted its earnings results on Thursday, July 24th. The company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.07. The company had revenue of $91.68 million during the quarter, compared to analysts’ expectations of $93.04 million. IMAX had a return on equity of 8.62% and a net margin of 9.04%. The firm’s quarterly revenue was up 3.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.18 earnings per share. As a group, sell-side analysts anticipate that IMAX will post 0.91 EPS for the current year.

IMAX declared that its board has approved a stock buyback program on Thursday, June 12th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to repurchase up to 6.5% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

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.