The Goldman Sachs Group Forecasts Strong Price Appreciation for IMAX (NYSE:IMAX) Stock

IMAX (NYSE:IMAX) had its price target raised by analysts at The Goldman Sachs Group from $37.00 to $41.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a “neutral” rating on the stock. The Goldman Sachs Group’s price target indicates a potential downside of 0.51% from the stock’s previous close.

A number of other research firms have also weighed in on IMAX. Benchmark increased their price objective on shares of IMAX from $42.00 to $44.00 and gave the stock a “buy” rating in a research report on Thursday, February 26th. Macquarie Infrastructure upped their target price on IMAX from $39.00 to $44.00 and gave the company an “outperform” rating in a research note on Thursday, January 15th. Barrington Research reissued an “outperform” rating and set a $42.00 price target on shares of IMAX in a research note on Monday, January 26th. Roth Mkm restated a “buy” rating and set a $42.00 price objective on shares of IMAX in a report on Monday, December 8th. Finally, Wall Street Zen lowered IMAX from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Ten analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $43.70.

IMAX Stock Down 1.9%

Shares of IMAX opened at $41.21 on Monday. The business has a fifty day moving average of $36.61 and a 200 day moving average of $34.33. The company has a market cap of $2.22 billion, a PE ratio of 66.47, a P/E/G ratio of 2.08 and a beta of 0.33. IMAX has a 52-week low of $20.48 and a 52-week high of $43.16.

IMAX (NYSE:IMAX) last announced its earnings results on Wednesday, February 25th. The company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.15. The business had revenue of $125.21 million for 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 business’s revenue for the quarter was up 35.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.27 earnings per share. As a group, research analysts anticipate that IMAX will post 0.91 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IMAX

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. TD Waterhouse Canada Inc. increased its stake in shares of IMAX by 125.0% during the second quarter. TD Waterhouse Canada Inc. now owns 900 shares of the company’s stock valued at $25,000 after buying an additional 500 shares during the period. CIBC Private Wealth Group LLC bought a new position in IMAX during the 3rd quarter worth about $27,000. Quarry LP increased its position in IMAX by 166.8% during the 4th quarter. Quarry LP now owns 875 shares of the company’s stock valued at $32,000 after purchasing an additional 547 shares during the period. First Horizon Corp bought a new stake in shares of IMAX in the 3rd quarter valued at about $34,000. Finally, Jones Financial Companies Lllp raised its holdings in shares of IMAX by 43.8% in the 3rd quarter. Jones Financial Companies Lllp now owns 1,041 shares of the company’s stock valued at $34,000 after purchasing an additional 317 shares in the last quarter. Institutional investors own 93.51% of the company’s stock.

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.