IMAX (NYSE:IMAX) Earns Outperform Rating from Wedbush

IMAX (NYSE:IMAX)‘s stock had its “outperform” rating reissued by research analysts at Wedbush in a report released on Thursday,Benzinga reports. They currently have a $46.00 target price on the stock. Wedbush’s target price indicates a potential upside of 26.09% from the stock’s current price.

Several other analysts also recently weighed in on IMAX. Barrington Research restated an “outperform” rating and set a $42.00 price objective on shares of IMAX in a research report on Monday, January 26th. Wall Street Zen downgraded shares of IMAX from a “strong-buy” rating to a “buy” rating in a research report on Saturday, February 28th. Weiss Ratings restated a “buy (b)” rating on shares of IMAX in a research report on Monday, December 29th. JPMorgan Chase & Co. boosted their price objective on shares of IMAX from $47.00 to $48.00 and gave the stock an “overweight” rating in a research report on Thursday, February 26th. Finally, Macquarie Infrastructure boosted their price objective on shares of IMAX from $39.00 to $44.00 and gave the stock an “outperform” rating in a research report on Thursday, January 15th. Ten investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $43.70.

IMAX Stock Down 0.4%

NYSE IMAX opened at $36.48 on Thursday. IMAX has a 52 week low of $22.54 and a 52 week high of $43.16. The stock has a market capitalization of $1.97 billion, a PE ratio of 58.84, a price-to-earnings-growth ratio of 1.66 and a beta of 0.41. The firm has a 50 day moving average of $38.22 and a two-hundred day moving average of $36.27.

IMAX (NYSE:IMAX) last issued its quarterly earnings data on Wednesday, February 25th. The company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.15. The business had revenue of $125.21 million during the quarter, compared to the consensus estimate of $120.30 million. IMAX had a net margin of 8.50% and a return on equity of 13.53%. The company’s revenue was up 35.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.27 EPS. On average, equities research analysts expect that IMAX will post 1.31 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other IMAX news, CEO Richard L. Gelfond sold 135,046 shares of the company’s stock in a transaction on Friday, April 10th. The shares were sold at an average price of $37.82, for a total transaction of $5,107,439.72. Following the completion of the transaction, the chief executive officer owned 765,002 shares in the company, valued at approximately $28,932,375.64. This represents a 15.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Kevin Douglas sold 330,200 shares of the company’s stock in a transaction on 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 transaction, 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 position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 1,045,341 shares of company stock valued at $39,728,689. 23.18% of the stock is owned by insiders.

Hedge Funds Weigh In On IMAX

A number of institutional investors and hedge funds have recently made changes to their positions in IMAX. CIBC Private Wealth Group LLC acquired a new position in shares of IMAX during the 3rd quarter worth $27,000. Quarry LP grew its stake in shares of IMAX by 166.8% during the 4th quarter. Quarry LP now owns 875 shares of the company’s stock worth $32,000 after purchasing an additional 547 shares during the period. First Horizon Corp acquired a new position in shares of IMAX during the 3rd quarter worth $34,000. Jones Financial Companies Lllp grew its stake in shares of IMAX by 43.8% during 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 during the period. Finally, Clearstead Advisors LLC acquired a new position in shares of IMAX during the 3rd quarter worth $35,000. 93.51% of the stock is owned by institutional investors and hedge funds.

IMAX Company Profile

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.