IMAX Corporation (NYSE:IMAX) Receives $43.70 Consensus PT from Brokerages

IMAX Corporation (NYSE:IMAX) has received an average rating of “Moderate Buy” from the eleven research firms that are currently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating on the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $43.70.

Several research analysts have weighed in on IMAX shares. Rosenblatt Securities restated a “buy” rating and set a $47.00 price objective on shares of IMAX in a report on Tuesday, February 24th. B. Riley Financial reissued a “buy” rating on shares of IMAX in a research report on Monday, December 8th. The Goldman Sachs Group upped their target price on shares of IMAX from $37.00 to $41.00 and gave the stock a “neutral” rating in a report on Monday, March 2nd. Macquarie Infrastructure raised their price target on shares of IMAX from $39.00 to $44.00 and gave the company an “outperform” rating in a research report on Thursday, January 15th. Finally, Wells Fargo & Company boosted their price objective on IMAX from $40.00 to $47.00 and gave the stock an “overweight” rating in a report on Thursday, December 18th.

Insider Activity

In related news, CEO Richard L. Gelfond sold 121,220 shares of IMAX stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $40.10, for a total transaction of $4,860,922.00. Following the transaction, the chief executive officer owned 765,002 shares of the company’s stock, valued at $30,676,580.20. The trade was a 13.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 23.18% of the stock is currently owned by insiders.

Hedge Funds Weigh In On IMAX

Large investors have recently bought and sold shares of the stock. CIBC Private Wealth Group LLC bought a new stake in shares of IMAX in the 3rd quarter worth $27,000. Quarry LP lifted its position in shares of IMAX by 166.8% during the fourth quarter. Quarry LP now owns 875 shares of the company’s stock valued at $32,000 after purchasing an additional 547 shares in the last quarter. TD Waterhouse Canada Inc. boosted its holdings 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. Jones Financial Companies Lllp grew its position in IMAX by 43.8% in the 3rd quarter. Jones Financial Companies Lllp now owns 1,041 shares of the company’s stock worth $34,000 after purchasing an additional 317 shares in the last quarter. Finally, First Horizon Corp bought a new stake in IMAX in the 3rd quarter worth about $34,000. 93.51% of the stock is currently owned by institutional investors.

IMAX Stock Performance

Shares of IMAX stock opened at $38.26 on Tuesday. The stock has a market capitalization of $2.07 billion, a PE ratio of 61.70, a price-to-earnings-growth ratio of 1.88 and a beta of 0.33. IMAX has a 52 week low of $20.48 and a 52 week high of $43.16. The stock has a 50 day moving average price of $36.97 and a two-hundred day moving average price of $34.89.

IMAX (NYSE:IMAX) last issued its earnings results on Wednesday, February 25th. The company reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.15. IMAX had a return on equity of 13.53% and a net margin of 8.50%.The company had revenue of $125.21 million for the quarter, compared to analyst estimates of $120.30 million. During the same period in the prior year, the firm earned $0.27 earnings per share. IMAX’s revenue for the quarter was up 35.1% on a year-over-year basis. Research analysts forecast that IMAX will post 0.91 EPS for the current year.

About IMAX

IMAX Corporation is a global leader in immersive entertainment technologies, specializing in the design, manufacture and distribution of high-resolution cameras, projectors, and proprietary software solutions that enhance both film production and theatrical exhibition. The company licenses its premium large-format system to theatre owners and filmmakers around the world, enabling audiences to experience movies with greater clarity, scale and sound fidelity. IMAX also offers turnkey theatre development services, assisting cinema operators with auditorium design, installation and custom branding to optimize the customer experience.

Founded in 1967 and headquartered in Mississauga, Ontario, IMAX has built a reputation for pioneering film-format innovations, including its patented dual 15-perforation, 70-millimeter projection system.