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

IMAX (NYSE:IMAX) had its price target increased by equities research analysts at Macquarie from $28.00 to $30.00 in a report released on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Macquarie’s price objective points to a potential upside of 11.52% from the company’s previous close.

A number of other research analysts have also recently commented on the company. Roth Mkm raised their price target on IMAX from $27.00 to $28.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Wedbush reissued an “outperform” rating and issued a $32.00 target price on shares of IMAX in a report on Thursday. Benchmark restated a “buy” rating and issued a $30.00 target price on shares of IMAX in a research report on Thursday. StockNews.com lowered shares of IMAX from a “buy” rating to a “hold” rating in a research report on Thursday, February 13th. Finally, Barrington Research boosted their price objective on shares of IMAX from $30.00 to $32.00 and gave the company an “outperform” rating in a research report on Thursday. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $30.44.

IMAX Trading Down 1.2 %

NYSE IMAX traded down $0.32 during trading on Thursday, reaching $26.90. The company’s stock had a trading volume of 1,262,543 shares, compared to its average volume of 708,510. The firm has a 50 day moving average price of $24.63 and a 200 day moving average price of $22.93. IMAX has a 12 month low of $14.94 and a 12 month high of $27.38. The firm has a market capitalization of $1.42 billion, a price-to-earnings ratio of 61.14, a price-to-earnings-growth ratio of 1.49 and a beta of 1.22.

IMAX (NYSE:IMAX) last issued its quarterly earnings results on Wednesday, February 19th. The company reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by ($0.14). IMAX had a net margin of 6.74% and a return on equity of 7.53%. The company had revenue of $92.67 million during the quarter, compared to the consensus estimate of $104.08 million. On average, equities analysts forecast that IMAX will post 0.64 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Robert D. Lister sold 55,910 shares of IMAX stock in a transaction on 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 completion of the sale, the executive vice president now owns 138,889 shares in the company, valued at $3,541,669.50. The trade was a 28.70 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Kenneth Ian Weissman sold 6,309 shares of the business’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $25.51, for a total transaction of $160,942.59. Following the transaction, the insider now owns 25,139 shares in the company, valued at $641,295.89. The trade was a 20.06 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 65,176 shares of company stock worth $1,662,110. 24.08% of the stock is currently owned by insiders.

Institutional Investors Weigh In On IMAX

Hedge funds and other institutional investors have recently bought and sold shares of the stock. FMR LLC boosted its position in shares of IMAX by 14.2% during the 4th quarter. FMR LLC now owns 4,508,583 shares of the company’s stock worth $115,420,000 after purchasing an additional 558,940 shares in the last quarter. Ameriprise Financial Inc. raised its stake in IMAX by 36.9% during the 4th quarter. Ameriprise Financial Inc. now owns 1,823,516 shares of the company’s stock worth $46,671,000 after buying an additional 491,172 shares during the period. Royce & Associates LP increased its holdings in shares of IMAX by 3.1% during the third quarter. Royce & Associates LP now owns 1,822,616 shares of the company’s stock valued at $37,382,000 after acquiring an additional 54,850 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of IMAX by 9.8% during the third quarter. Victory Capital Management Inc. now owns 1,420,592 shares of the company’s stock worth $29,136,000 after purchasing an additional 127,371 shares during the period. Finally, Wells Fargo & Company MN raised its position in shares of IMAX by 45.4% during the fourth quarter. Wells Fargo & Company MN now owns 624,510 shares of the company’s stock worth $15,987,000 after purchasing an additional 194,917 shares during the period. 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.