Seaport Research Partners Boosts IMAX (NYSE:IMAX) Price Target to $45.00

IMAX (NYSE:IMAX) had its target price raised by investment analysts at Seaport Research Partners from $43.00 to $45.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Seaport Research Partners’ price target points to a potential upside of 18.80% from the stock’s previous close.

Several other research firms have also commented on IMAX. Wedbush reiterated an “outperform” rating and issued a $46.00 target price on shares of IMAX in a research note on Monday, February 23rd. The Goldman Sachs Group upped their target price on IMAX from $37.00 to $41.00 and gave the company a “neutral” rating in a research note on Monday, March 2nd. Wall Street Zen lowered IMAX from a “strong-buy” rating to a “buy” rating in a research note on Saturday, February 28th. Wells Fargo & Company upped their target price on IMAX from $40.00 to $47.00 and gave the company an “overweight” rating in a research note on Thursday, December 18th. Finally, JPMorgan Chase & Co. upped their target price on IMAX from $47.00 to $48.00 and gave the company an “overweight” rating in a research note on Thursday, February 26th. Ten research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $43.70.

IMAX Trading Down 0.8%

IMAX stock opened at $37.88 on Wednesday. The firm has a market capitalization of $2.05 billion, a P/E ratio of 61.09, a PEG ratio of 1.74 and a beta of 0.41. The stock has a fifty day moving average price of $38.10 and a 200 day moving average price of $35.99. IMAX has a 52 week low of $20.48 and a 52 week high of $43.16.

IMAX (NYSE:IMAX) last released its earnings results on Wednesday, February 25th. The company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.43 by $0.15. The firm had revenue of $125.21 million during the quarter, compared to analyst estimates of $120.30 million. IMAX had a return on equity of 13.53% and a net margin of 8.50%.The business’s quarterly revenue was up 35.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.27 earnings per share. As a group, equities analysts predict that IMAX will post 0.91 EPS for the current year.

Insider Transactions at IMAX

In other IMAX news, insider Kevin Douglas sold 330,200 shares of the business’s stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $37.82, for a total transaction of $12,488,164.00. Following the completion of the sale, the insider owned 3,657,450 shares of the company’s stock, valued at approximately $138,324,759. The trade was a 8.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Richard L. Gelfond sold 12,987 shares of the business’s stock in a transaction dated Monday, April 6th. The shares were sold at an average price of $40.26, for a total value of $522,856.62. Following the sale, the chief executive officer directly owned 765,002 shares of the company’s stock, valued at approximately $30,798,980.52. This trade represents a 1.67% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 714,244 shares of company stock valued at $27,347,019. 23.18% of the stock is owned by company insiders.

Institutional Investors Weigh In On IMAX

A number of institutional investors have recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd grew its position in IMAX by 159.8% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,006 shares of the company’s stock valued at $111,000 after acquiring an additional 1,849 shares during the period. Sit Investment Associates Inc. grew its position in IMAX by 184.9% during the fourth quarter. Sit Investment Associates Inc. now owns 50,350 shares of the company’s stock valued at $1,861,000 after acquiring an additional 32,675 shares during the period. Virtu Financial LLC purchased a new stake in IMAX during the fourth quarter valued at about $493,000. Wellington Management Group LLP boosted its position in shares of IMAX by 41.7% in the fourth quarter. Wellington Management Group LLP now owns 839,303 shares of the company’s stock worth $31,021,000 after buying an additional 247,009 shares during the period. Finally, Occudo Quantitative Strategies LP purchased a new stake in shares of IMAX in the fourth quarter worth about $709,000. Hedge funds and other institutional investors own 93.51% of the company’s stock.

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.