Brokerages Set IMAX Corporation (NYSE:IMAX) Target Price at $34.70

Shares of IMAX Corporation (NYSE:IMAX) have received a consensus rating of “Moderate Buy” from the twelve research firms that are currently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and nine have assigned a buy recommendation to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $34.70.

Several brokerages have recently issued reports on IMAX. B. Riley reiterated a “buy” rating on shares of IMAX in a research note on Friday. Wedbush increased their price objective on IMAX from $35.00 to $39.00 and gave the company an “outperform” rating in a research note on Monday, September 22nd. Benchmark increased their price objective on IMAX from $30.00 to $32.00 and gave the company a “buy” rating in a research note on Friday, July 25th. Wall Street Zen upgraded IMAX from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Finally, JPMorgan Chase & Co. increased their price objective on IMAX from $28.00 to $31.00 and gave the company a “neutral” rating in a research note on Thursday, October 9th.

IMAX Price Performance

Shares of IMAX stock opened at $31.17 on Friday. The stock has a market capitalization of $1.68 billion, a price-to-earnings ratio of 51.95, a price-to-earnings-growth ratio of 2.12 and a beta of 0.62. IMAX has a 12 month low of $19.91 and a 12 month high of $34.14. The business has a 50-day moving average of $29.68 and a 200 day moving average of $27.43.

IMAX (NYSE:IMAX) last announced its quarterly earnings data on Thursday, July 24th. The company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.07. The business had revenue of $91.68 million for 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 company’s revenue for the quarter was up 3.1% compared to the same quarter last year. During the same period last year, the firm earned $0.18 earnings per share. Equities research analysts anticipate that IMAX will post 0.91 earnings per share for the current year.

Insider Buying and Selling at IMAX

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

Institutional Investors Weigh In On IMAX

Institutional investors have recently added to or reduced their stakes in the business. TD Waterhouse Canada Inc. lifted its stake in IMAX by 125.0% during the second quarter. TD Waterhouse Canada Inc. now owns 900 shares of the company’s stock worth $25,000 after purchasing an additional 500 shares during the last quarter. Ridgewood Investments LLC purchased a new stake in IMAX during the second quarter worth approximately $62,000. Creative Financial Designs Inc. ADV purchased a new stake in IMAX during the first quarter worth approximately $59,000. Tower Research Capital LLC TRC lifted its stake in IMAX by 194.6% during the second quarter. Tower Research Capital LLC TRC now owns 4,148 shares of the company’s stock worth $116,000 after purchasing an additional 2,740 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new stake in IMAX during the first quarter worth approximately $202,000. 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.