IMAX (NYSE:IMAX) Price Target Raised to $30.00

IMAX (NYSE:IMAX) had its target price upped by research analysts at Benchmark from $27.00 to $30.00 in a report released on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Benchmark’s price objective suggests a potential upside of 15.25% from the stock’s previous close.

A number of other equities analysts have also recently issued reports on IMAX. Wedbush reaffirmed an “outperform” rating on shares of IMAX in a research note on Wednesday, November 27th. StockNews.com cut IMAX from a “buy” rating to a “hold” rating in a research note on Tuesday, December 10th. Rosenblatt Securities reissued a “buy” rating and issued a $28.00 target price on shares of IMAX in a research note on Thursday, October 31st. Roth Mkm boosted their target price on IMAX from $27.00 to $28.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Finally, JPMorgan Chase & Co. increased their price target on shares of IMAX from $20.00 to $21.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $25.11.

IMAX Stock Performance

NYSE IMAX opened at $26.03 on Friday. IMAX has a 52 week low of $13.20 and a 52 week high of $26.84. The stock has a market capitalization of $1.37 billion, a P/E ratio of 59.16, a price-to-earnings-growth ratio of 1.69 and a beta of 1.23. The stock has a fifty day moving average of $23.52 and a 200-day moving average of $20.45.

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

Insiders Place Their Bets

In related news, EVP Robert D. Lister sold 55,910 shares of the stock in a transaction dated 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 completion of the transaction, the executive vice president now directly owns 138,889 shares in the company, valued at approximately $3,541,669.50. This trade represents a 28.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Natasha Fernandes sold 2,957 shares of the business’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 value of $75,462.64. Following the completion of the sale, the chief financial officer now owns 14,883 shares in the company, valued at $379,814.16. The trade was a 16.58 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 65,176 shares of company stock worth $1,662,110. Company insiders own 24.08% of the company’s stock.

Hedge Funds Weigh In On IMAX

Several hedge funds have recently made changes to their positions in IMAX. Vanguard Group Inc. grew its position in IMAX by 13.2% in the first quarter. Vanguard Group Inc. now owns 584,795 shares of the company’s stock valued at $9,456,000 after purchasing an additional 68,155 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of IMAX by 19.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 13,082 shares of the company’s stock valued at $212,000 after acquiring an additional 2,153 shares in the last quarter. Laurus Investment Counsel Inc. acquired a new stake in shares of IMAX in the second quarter valued at about $150,000. Bank of New York Mellon Corp raised its holdings in IMAX by 90.6% during the second quarter. Bank of New York Mellon Corp now owns 587,694 shares of the company’s stock worth $9,856,000 after acquiring an additional 279,410 shares in the last quarter. Finally, Summit Securities Group LLC acquired a new position in IMAX during the second quarter valued at approximately $80,000. 93.51% of the stock is owned by 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.