IMAX (NYSE:IMAX) Given Outperform Rating at Barrington Research

Barrington Research restated their outperform rating on shares of IMAX (NYSE:IMAX) in a research note published on Monday morning,Benzinga reports. The firm currently has a $42.00 price objective on the stock.

Other research analysts have also issued reports about the company. Wedbush increased their target price on IMAX from $39.00 to $46.00 and gave the stock an “outperform” rating in a research report on Monday, December 8th. Wells Fargo & Company upped their price target on IMAX from $40.00 to $47.00 and gave the stock an “overweight” rating in a research note on Thursday, December 18th. Wall Street Zen downgraded IMAX from a “strong-buy” rating to a “buy” rating in a report on Friday. JPMorgan Chase & Co. upgraded IMAX from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $32.00 to $47.00 in a report on Monday, December 15th. Finally, The Goldman Sachs Group raised shares of IMAX from a “sell” rating to a “neutral” rating and increased their target price for the stock from $22.00 to $34.00 in a research report on Tuesday, November 25th. 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 data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $42.70.

IMAX Stock Performance

Shares of IMAX stock opened at $34.76 on Monday. The firm has a market capitalization of $1.87 billion, a price-to-earnings ratio of 48.96, a price-to-earnings-growth ratio of 1.71 and a beta of 0.37. IMAX has a one year low of $20.48 and a one year high of $39.98. The company has a 50 day moving average price of $36.48 and a 200 day moving average price of $32.40.

Insider Buying and Selling

In other news, EVP Giovanni M. Dolci sold 6,188 shares of the business’s stock in a transaction on Monday, November 10th. The shares were sold at an average price of $34.25, for a total transaction of $211,939.00. Following the transaction, the executive vice president directly owned 33,000 shares of the company’s stock, valued at approximately $1,130,250. The trade was a 15.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Robert D. Lister sold 50,143 shares of the company’s stock in a transaction on Friday, November 7th. The shares were sold at an average price of $34.67, for a total transaction of $1,738,457.81. Following the completion of the transaction, the vice president owned 161,421 shares of the company’s stock, valued at $5,596,466.07. This trade represents a 23.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 24.08% of the company’s stock.

Institutional Trading of IMAX

A number of hedge funds and other institutional investors have recently made changes to their positions in IMAX. Orbis Allan Gray Ltd boosted its stake in IMAX by 31.7% during the 2nd quarter. Orbis Allan Gray Ltd now owns 5,113,033 shares of the company’s stock valued at $142,960,000 after acquiring an additional 1,230,267 shares during the last quarter. Westfield Capital Management Co. LP acquired a new stake in shares of IMAX in the 3rd quarter valued at about $53,141,000. Nantahala Capital Management LLC lifted its position in shares of 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 last quarter. Victory Capital Management Inc. lifted its position in shares of 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 last quarter. Finally, JPMorgan Chase & Co. grew its stake in IMAX by 10.9% in the second quarter. JPMorgan Chase & Co. now owns 1,029,602 shares of the company’s stock worth $28,788,000 after purchasing an additional 101,048 shares in the last quarter. 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.