IMAX’s (IMAX) “Outperform” Rating Reiterated at Wedbush

IMAX (NYSE:IMAX)‘s stock had its “outperform” rating reaffirmed by research analysts at Wedbush in a report released on Friday,RTT News reports. They presently have a $32.00 price objective on the stock. Wedbush’s price target would suggest a potential upside of 37.89% from the company’s current price.

A number of other brokerages also recently commented on IMAX. StockNews.com downgraded shares of IMAX from a “buy” rating to a “hold” rating in a research note on Tuesday, January 14th. Benchmark reaffirmed a “buy” rating and set a $30.00 target price on shares of IMAX in a research note on Friday. Roth Mkm lifted their target price on shares of IMAX from $27.00 to $28.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Rosenblatt Securities reaffirmed a “buy” rating and set a $28.00 target price on shares of IMAX in a research note on Thursday. Finally, Barrington Research reaffirmed an “outperform” rating and set a $30.00 target price on shares of IMAX in a research note on Friday, January 10th. Two research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, IMAX currently has a consensus rating of “Moderate Buy” and an average price target of $28.13.

IMAX Trading Up 3.6 %

IMAX opened at $23.21 on Friday. The firm has a market capitalization of $1.22 billion, a PE ratio of 52.74, a PEG ratio of 1.25 and a beta of 1.24. IMAX has a twelve month low of $13.20 and a twelve month high of $26.84. The firm’s 50-day moving average price is $24.88 and its 200 day moving average price is $21.87.

IMAX (NYSE:IMAX) last issued its earnings results on Wednesday, October 30th. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.12. IMAX had a net margin of 6.74% and a return on equity of 7.53%. The company had revenue of $91.50 million for the quarter, compared to the consensus estimate of $93.71 million. During the same period in the previous year, the firm earned $0.27 earnings per share. IMAX’s quarterly revenue was down 11.9% compared to the same quarter last year. As a group, analysts predict that IMAX will post 0.77 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Natasha Fernandes sold 2,957 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $25.52, for a total transaction of $75,462.64. Following the sale, the chief financial officer now directly owns 14,883 shares of the company’s stock, valued at $379,814.16. This represents a 16.58 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Robert D. Lister sold 55,910 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $25.50, for a total transaction of $1,425,705.00. Following the sale, the executive vice president now directly owns 138,889 shares in the company, valued at approximately $3,541,669.50. The trade was a 28.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 65,176 shares of company stock valued at $1,662,110 in the last ninety days. Company insiders own 24.08% of the company’s stock.

Institutional Investors Weigh In On IMAX

Large investors have recently added to or reduced their stakes in the business. Hedges Asset Management LLC grew its holdings in IMAX by 3.1% during the 4th quarter. Hedges Asset Management LLC now owns 83,600 shares of the company’s stock worth $2,140,000 after acquiring an additional 2,500 shares in the last quarter. Janney Montgomery Scott LLC grew its holdings in IMAX by 1.9% during the 4th quarter. Janney Montgomery Scott LLC now owns 29,176 shares of the company’s stock worth $747,000 after acquiring an additional 533 shares in the last quarter. SG Americas Securities LLC acquired a new position in IMAX during the 4th quarter worth approximately $333,000. Lord Abbett & CO. LLC acquired a new position in IMAX during the 3rd quarter worth approximately $6,322,000. Finally, Public Employees Retirement System of Ohio acquired a new position in IMAX during the 3rd quarter worth approximately $1,555,000. 93.51% of the stock is owned by hedge funds and other institutional investors.

About IMAX

IMAX Corporation, together with its subsidiaries, operates as a technology platform for entertainment and events worldwide. The company operates in two segments, Content Solutions and Technology Products and Services. The company offers IMAX DMR, a proprietary technology that digitally remasters films and other content into IMAX formats for distribution to the IMAX network; IMAX Enhanced that provides end-to-end technology across streaming content and entertainment devices at home; and SSIMWAVE, an AI-driven video quality solutions for media and entertainment companies.