IMAX Corporation (NYSE:IMAX) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of IMAX Corporation (NYSE:IMAX) have been given a consensus recommendation of “Moderate Buy” by the eleven brokerages that are presently covering the stock, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating on the company. The average 1 year price target among brokers that have covered the stock in the last year is $36.40.

IMAX has been the subject of a number of recent research reports. Roth Capital raised their target price on IMAX from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Tuesday, October 14th. Wedbush boosted their target price on shares of IMAX from $35.00 to $39.00 and gave the company an “outperform” rating in a report on Monday, September 22nd. Barrington Research reaffirmed an “outperform” rating and set a $37.00 price target on shares of IMAX in a research report on Thursday, October 23rd. Wells Fargo & Company raised their target price on IMAX from $34.00 to $40.00 and gave the stock an “overweight” rating in a research note on Friday, October 24th. Finally, Wall Street Zen upgraded IMAX from a “buy” rating to a “strong-buy” rating in a research report on Sunday.

IMAX Trading Down 2.8%

NYSE:IMAX opened at $35.85 on Friday. The company has a market cap of $1.93 billion, a P/E ratio of 50.49, a P/E/G ratio of 2.05 and a beta of 0.60. IMAX has a twelve month low of $20.48 and a twelve month high of $37.57. The company’s 50-day moving average price is $33.51 and its 200-day moving average price is $29.79.

IMAX (NYSE:IMAX) last issued its earnings results on Thursday, October 23rd. The company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.16. The business had revenue of $106.65 million for the quarter, compared to analysts’ expectations of $102.88 million. IMAX had a return on equity of 9.91% and a net margin of 10.47%.The business’s revenue for the quarter was up 16.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.35 EPS. On average, analysts expect that IMAX will post 0.91 earnings per share for the current year.

Insider Activity

In other IMAX news, EVP Giovanni M. Dolci sold 6,188 shares of the company’s stock in a transaction dated Monday, November 10th. The shares were sold at an average price of $34.25, for a total value of $211,939.00. Following the transaction, the executive vice president owned 33,000 shares of the company’s stock, valued at $1,130,250. This represents a 15.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Robert D. Lister sold 50,143 shares of the stock in a transaction dated Friday, November 7th. The stock was sold at an average price of $34.67, for a total transaction of $1,738,457.81. Following the transaction, the vice president directly owned 161,421 shares of the company’s stock, valued at approximately $5,596,466.07. This trade represents a 23.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 76,331 shares of company stock worth $2,606,397. 23.18% of the stock is owned by insiders.

Institutional Trading of IMAX

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Orbis Allan Gray Ltd boosted its position in shares of IMAX by 31.7% during the second quarter. Orbis Allan Gray Ltd now owns 5,113,033 shares of the company’s stock worth $142,960,000 after buying an additional 1,230,267 shares during the period. Ameriprise Financial Inc. boosted its holdings in IMAX by 8.3% during the 1st quarter. Ameriprise Financial Inc. now owns 1,974,068 shares of the company’s stock valued at $52,019,000 after acquiring an additional 150,552 shares during the period. Westfield Capital Management Co. LP acquired a new position in IMAX in the 3rd quarter valued at about $53,141,000. Nantahala Capital Management LLC increased its stake in IMAX by 24.9% during the second quarter. Nantahala Capital Management LLC now owns 1,133,993 shares of the company’s stock worth $31,706,000 after purchasing an additional 225,742 shares during the period. Finally, Victory Capital Management Inc. increased its stake in IMAX by 0.3% during the third quarter. Victory Capital Management Inc. now owns 1,083,992 shares of the company’s stock worth $35,501,000 after purchasing an additional 3,494 shares during the period. Hedge funds and other institutional investors own 93.51% of the company’s stock.

IMAX Company Profile

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.