IMAX (NYSE:IMAX) Price Target Raised to $39.00 at Wedbush

IMAX (NYSE:IMAX) had its price objective boosted by Wedbush from $35.00 to $39.00 in a research note published on Monday morning, Marketbeat.com reports. The brokerage currently has an outperform rating on the stock.

Several other research analysts have also recently issued reports on the company. Wells Fargo & Company upped their price objective on IMAX from $30.00 to $34.00 and gave the stock an “overweight” rating in a research report on Friday, July 25th. Rosenblatt Securities upped their target price on IMAX from $35.00 to $37.00 and gave the company a “buy” rating in a research report on Friday, July 25th. Benchmark upped their target price on IMAX from $30.00 to $32.00 and gave the company a “buy” rating in a research report on Friday, July 25th. Wall Street Zen cut IMAX from a “strong-buy” rating to a “buy” rating in a research report on Friday, August 22nd. Finally, Barrington Research upped their target price on IMAX from $32.00 to $37.00 and gave the company an “outperform” rating in a research report on Friday. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, IMAX presently has a consensus rating of “Moderate Buy” and an average target price of $33.70.

IMAX Stock Performance

NYSE:IMAX opened at $32.64 on Monday. The stock has a 50-day simple moving average of $28.11 and a 200-day simple moving average of $26.71. The stock has a market cap of $1.76 billion, a P/E ratio of 54.40, a P/E/G ratio of 2.17 and a beta of 0.68. IMAX has a 1 year low of $18.76 and a 1 year high of $32.96.

IMAX (NYSE:IMAX) last released its quarterly earnings data 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 business 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 business’s quarterly revenue was up 3.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.18 EPS. On average, equities research analysts predict that IMAX will post 0.91 EPS for the current year.

IMAX announced that its board has approved a stock buyback plan on Thursday, June 12th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to purchase up to 6.5% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at IMAX

In other IMAX news, VP Robert D. Lister sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $32.80, for a total transaction of $656,000.00. Following the completion of the sale, the vice president directly owned 161,421 shares of the company’s stock, valued at $5,294,608.80. This represents a 11.02% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Kenneth Ian Weissman sold 15,072 shares of the company’s stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $25.65, for a total value of $386,596.80. Following the sale, the insider directly owned 26,133 shares of the company’s stock, valued at approximately $670,311.45. This represents a 36.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. 24.08% of the stock is owned by corporate insiders.

Institutional Trading of IMAX

Several institutional investors and hedge funds have recently added to or reduced their stakes in IMAX. TD Waterhouse Canada Inc. raised its stake in shares of IMAX by 125.0% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 900 shares of the company’s stock worth $25,000 after buying an additional 500 shares in the last quarter. Creative Financial Designs Inc. ADV purchased a new position in shares of IMAX during the 1st quarter worth approximately $59,000. Ridgewood Investments LLC purchased a new position in shares of IMAX during the 2nd quarter worth approximately $62,000. Tower Research Capital LLC TRC raised its stake in shares of IMAX by 194.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,148 shares of the company’s stock worth $116,000 after buying an additional 2,740 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new position in shares of IMAX during the 1st quarter worth approximately $202,000. 93.51% of the stock is owned by hedge funds and other 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.