IMAX (NYSE:IMAX) Given “Buy” Rating at Rosenblatt Securities

Rosenblatt Securities restated their buy rating on shares of IMAX (NYSE:IMAX) in a report released on Monday morning,Benzinga reports. The firm currently has a $47.00 price objective on the stock.

IMAX has been the topic of several other reports. Weiss Ratings upgraded IMAX from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $60.00 target price on shares of IMAX in a research note on Friday, May 22nd. Wall Street Zen downgraded shares of IMAX from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. JPMorgan Chase & Co. cut their price target on shares of IMAX from $48.00 to $47.00 and set an “overweight” rating on the stock in a report on Friday, May 1st. Finally, Benchmark reiterated a “buy” rating on shares of IMAX in a research note on Monday, June 22nd. Nine research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.30.

IMAX Price Performance

Shares of NYSE IMAX opened at $38.67 on Monday. IMAX has a 1-year low of $24.20 and a 1-year high of $45.52. The business has a 50-day moving average of $39.41 and a 200-day moving average of $37.92. The company has a market capitalization of $2.13 billion, a price-to-earnings ratio of 59.50, a PEG ratio of 1.44 and a beta of 0.37.

IMAX (NYSE:IMAX) last announced its earnings results on Thursday, April 30th. The company reported $0.17 EPS for the quarter, beating the consensus estimate of $0.15 by $0.02. The business had revenue of $81.38 million for the quarter, compared to the consensus estimate of $79.82 million. IMAX had a return on equity of 13.61% and a net margin of 9.08%.The company’s revenue was down 6.1% on a year-over-year basis. During the same period last year, the business posted $0.13 EPS. Research analysts expect that IMAX will post 1.3 EPS for the current fiscal year.

Insider Transactions at IMAX

In related news, CEO Richard L. Gelfond sold 8,943 shares of the firm’s stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $37.33, for a total value of $333,842.19. Following the sale, the chief executive officer directly owned 765,002 shares in the company, valued at $28,557,524.66. This trade represents a 1.16% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 20.55% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in IMAX. Caitong International Asset Management Co. Ltd increased its stake in shares of IMAX by 28.7% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,489 shares of the company’s stock worth $55,000 after purchasing an additional 332 shares in the last quarter. GAMMA Investing LLC lifted its position in IMAX by 22.3% during the fourth quarter. GAMMA Investing LLC now owns 1,874 shares of the company’s stock valued at $69,000 after purchasing an additional 342 shares in the last quarter. ProShare Advisors LLC grew its holdings in IMAX by 6.8% during the fourth quarter. ProShare Advisors LLC now owns 8,000 shares of the company’s stock valued at $296,000 after purchasing an additional 511 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in IMAX by 0.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 108,781 shares of the company’s stock valued at $4,021,000 after purchasing an additional 546 shares during the period. Finally, Quarry LP increased its position in IMAX by 166.8% in the fourth quarter. Quarry LP now owns 875 shares of the company’s stock worth $32,000 after buying an additional 547 shares in the last quarter. Institutional investors and hedge funds own 93.51% of the company’s stock.

Trending Headlines about IMAX

Here are the key news stories impacting IMAX this week:

• Positive Sentiment: Rosenblatt Securities reaffirmed its Buy rating on IMAX and lifted its price target to $47, implying meaningful upside from recent trading levels. Benzinga article
• Positive Sentiment: CEO Richard Gelfond highlighted the success of The Odyssey and IMAX’s movie technology, reinforcing the company’s positioning as the premium venue for big-event films. YouTube interview
• Positive Sentiment: Multiple media reports show strong consumer interest in The Odyssey on IMAX 70mm, including sold-out/limited screenings and fans seeking out theaters that can show the film as intended, which could support near-term box office and IMAX format demand. Arizona theater article
• Positive Sentiment: Coverage emphasizing where to find The Odyssey in IMAX 70mm and early viewer reactions may keep IMAX in the spotlight and drive awareness of its premium format. Yahoo Entertainment article
• Negative Sentiment: Wells Fargo cut IMAX to Equal Weight, a cautious move that may have added pressure to the shares and signaled more limited upside in the near term. American Banking News article

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.