Imax (NYSE:IMAX)‘s stock had its “buy” rating reissued by investment analysts at Barrington Research in a report released on Tuesday. They presently have a $30.00 price objective on the stock. Barrington Research’s price objective points to a potential upside of 51.75% from the company’s current price.
The analysts wrote, “We feel the Hong Kong and PSA issues have largely run their course and management is being more selective in its capital investments. Further, we are encouraged by new opportunities in the core business line such as greater flexibility in screen usage (now primarily international but hopefully extending to domestic markets), reduced screening periods for individual films within a larger number of titles (with very few running more than a couple of weeks) and experimentation with reseating options. Attention to the cost structure is also important to profitability. These elements are contributing to our renewed confidence in this story.””
Several other equities research analysts have also commented on IMAX. Zacks Investment Research upgraded shares of Imax from a “sell” rating to a “hold” rating in a research report on Tuesday, March 6th. Roth Capital restated a “neutral” rating and set a $22.50 target price (down from $25.00) on shares of Imax in a research report on Wednesday, February 28th. Piper Jaffray Companies lowered shares of Imax from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $28.00 to $21.00 in a research report on Wednesday, January 10th. B. Riley boosted their target price on shares of Imax from $35.00 to $37.75 and gave the stock a “buy” rating in a research report on Wednesday, February 28th. Finally, ValuEngine lowered shares of Imax from a “hold” rating to a “sell” rating in a research report on Sunday, December 31st. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the company’s stock. Imax currently has a consensus rating of “Hold” and an average price target of $28.43.
Imax (IMAX) traded down $0.38 during trading hours on Tuesday, reaching $19.77. 140,228 shares of the company were exchanged, compared to its average volume of 1,028,313. Imax has a 1 year low of $17.58 and a 1 year high of $34.60. The stock has a market cap of $1,346.72, a price-to-earnings ratio of 492.62, a price-to-earnings-growth ratio of 1.55 and a beta of 0.82.
In other news, CEO Greg Foster sold 4,889 shares of Imax stock in a transaction on Thursday, March 8th. The stock was sold at an average price of $20.40, for a total transaction of $99,735.60. Following the completion of the transaction, the chief executive officer now owns 77,604 shares of the company’s stock, valued at approximately $1,583,121.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Patrick Mcclymont sold 2,811 shares of Imax stock in a transaction on Thursday, March 8th. The stock was sold at an average price of $20.40, for a total value of $57,344.40. Following the transaction, the chief financial officer now directly owns 2,145 shares of the company’s stock, valued at approximately $43,758. The disclosure for this sale can be found here. Insiders have sold a total of 24,131 shares of company stock valued at $501,243 in the last ninety days. Corporate insiders own 18.90% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Imax by 4.6% in the 2nd quarter. Vanguard Group Inc. now owns 268,791 shares of the company’s stock valued at $5,913,000 after purchasing an additional 11,760 shares during the last quarter. Cortina Asset Management LLC lifted its position in shares of Imax by 13.0% during the 3rd quarter. Cortina Asset Management LLC now owns 396,434 shares of the company’s stock worth $8,979,000 after buying an additional 45,706 shares during the period. American International Group Inc. lifted its position in shares of Imax by 8.1% during the 3rd quarter. American International Group Inc. now owns 38,684 shares of the company’s stock worth $876,000 after buying an additional 2,892 shares during the period. Eagle Asset Management Inc. lifted its position in shares of Imax by 4.8% during the 3rd quarter. Eagle Asset Management Inc. now owns 207,030 shares of the company’s stock worth $4,689,000 after buying an additional 9,389 shares during the period. Finally, Legal & General Group Plc lifted its position in shares of Imax by 25.8% during the 3rd quarter. Legal & General Group Plc now owns 26,561 shares of the company’s stock worth $601,000 after buying an additional 5,452 shares during the period. 86.01% of the stock is owned by institutional investors and hedge funds.
Imax Company Profile
IMAX Corporation is an entertainment technology company. The Company operates through seven segments: IMAX systems; theater system maintenance; joint revenue sharing arrangements; film production and IMAX DMR; film distribution; film post-production, and other. The IMAX systems segment designs, manufactures, sells or leases IMAX theater projection system equipment.
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