IMAX’s (IMAX) “Buy” Rating Reaffirmed at Rosenblatt Securities

Rosenblatt Securities reissued their buy rating on shares of IMAX (NYSE:IMAX) in a report issued on Thursday,Benzinga reports. The firm currently has a $28.00 price objective on the stock.

Several other brokerages have also recently issued reports on IMAX. Wedbush restated an “outperform” rating on shares of IMAX in a research report on Wednesday, November 27th. Barrington Research restated an “outperform” rating and issued a $30.00 price target on shares of IMAX in a research report on Friday, January 10th. JPMorgan Chase & Co. upped 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. Roth Mkm upped their price target on shares of IMAX from $27.00 to $28.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Finally, Benchmark restated a “buy” rating and issued a $30.00 price target on shares of IMAX in a research report on Friday, January 10th. Two 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’s stock. Based on data from MarketBeat, IMAX currently has an average rating of “Moderate Buy” and an average target price of $27.38.

IMAX Stock Down 1.7 %

Shares of NYSE:IMAX opened at $22.39 on Thursday. The company’s 50 day moving average price is $24.90 and its two-hundred day moving average price is $21.80. IMAX has a 12-month low of $13.20 and a 12-month high of $26.84. The firm has a market cap of $1.18 billion, a PE ratio of 50.89, a PEG ratio of 1.25 and a beta of 1.24.

IMAX (NYSE:IMAX) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.35 earnings per share 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 during the quarter, compared to the consensus estimate of $93.71 million. During the same quarter in the prior year, the firm posted $0.27 EPS. The firm’s quarterly revenue was down 11.9% on a year-over-year basis. On average, research analysts expect that IMAX will post 0.77 EPS for the current year.

Insider Activity at IMAX

In other news, EVP Robert D. Lister sold 55,910 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $25.50, for a total value of $1,425,705.00. Following the sale, the executive vice president now directly owns 138,889 shares of the company’s stock, valued at $3,541,669.50. This represents a 28.70 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Natasha Fernandes sold 2,957 shares of the stock in a transaction dated 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 in the company, valued at $379,814.16. This trade represents a 16.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 65,176 shares of company stock worth $1,662,110 in the last three months. 24.08% of the stock is owned by insiders.

Hedge Funds Weigh In On IMAX

Several institutional investors have recently made changes to their positions in the business. Mizuho Markets Americas LLC increased its holdings in IMAX by 47.5% in the 3rd quarter. Mizuho Markets Americas LLC now owns 387,689 shares of the company’s stock worth $7,952,000 after acquiring an additional 124,811 shares in the last quarter. American Century Companies Inc. increased its holdings in IMAX by 57.0% in the 2nd quarter. American Century Companies Inc. now owns 120,021 shares of the company’s stock worth $2,013,000 after acquiring an additional 43,584 shares in the last quarter. Royce & Associates LP increased its holdings in IMAX by 3.1% in the 3rd quarter. Royce & Associates LP now owns 1,822,616 shares of the company’s stock worth $37,382,000 after acquiring an additional 54,850 shares in the last quarter. Quantbot Technologies LP purchased a new stake in IMAX during the 3rd quarter valued at approximately $777,000. Finally, Lord Abbett & CO. LLC purchased a new stake in IMAX during the 3rd quarter valued at approximately $6,322,000. Institutional investors own 93.51% of the company’s stock.

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.