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

Rosenblatt Securities reissued their buy rating on shares of IMAX (NYSE:IMAX) in a report issued on Monday morning,Benzinga reports. Rosenblatt Securities currently has a $35.00 target price on the stock.

A number of other brokerages also recently issued reports on IMAX. Wall Street Zen upgraded shares of IMAX from a “hold” rating to a “buy” rating in a report on Friday, May 16th. Wells Fargo & Company reduced their price objective on shares of IMAX from $32.00 to $30.00 and set an “overweight” rating on the stock in a report on Thursday, April 24th. Wedbush reaffirmed an “outperform” rating and set a $32.00 target price on shares of IMAX in a research note on Thursday, April 17th. Benchmark restated a “buy” rating and set a $30.00 price target on shares of IMAX in a research report on Thursday, April 10th. Finally, Barrington Research reissued an “outperform” rating and issued a $32.00 price objective on shares of IMAX in a research note on Thursday, April 24th. One research analyst has rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, IMAX presently has an average rating of “Buy” and a consensus target price of $31.70.

IMAX Stock Performance

NYSE IMAX opened at $29.19 on Monday. IMAX has a fifty-two week low of $16.06 and a fifty-two week high of $29.66. The firm has a market capitalization of $1.57 billion, a P/E ratio of 62.11, a price-to-earnings-growth ratio of 1.85 and a beta of 0.81. The stock’s fifty day moving average is $25.81 and its two-hundred day moving average is $25.29.

IMAX (NYSE:IMAX) last announced its quarterly earnings data on Wednesday, April 23rd. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. IMAX had a net margin of 6.98% and a return on equity of 7.79%. The firm had revenue of $86.67 million during the quarter, compared to analyst estimates of $82.95 million. During the same quarter in the prior year, the firm posted $0.15 earnings per share. IMAX’s quarterly revenue was up 9.6% on a year-over-year basis. As a group, sell-side analysts forecast that IMAX will post 0.91 EPS for the current year.

IMAX declared that its Board of Directors has initiated a share repurchase program on Thursday, June 12th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 6.5% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Savant Capital LLC purchased a new position in IMAX during the fourth quarter worth about $249,000. Blue Trust Inc. boosted its position in shares of IMAX by 138.5% in the 4th quarter. Blue Trust Inc. now owns 966 shares of the company’s stock worth $25,000 after buying an additional 561 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of IMAX by 69.3% in the fourth quarter. Principal Financial Group Inc. now owns 103,946 shares of the company’s stock valued at $2,661,000 after purchasing an additional 42,562 shares during the last quarter. Impact Investors Inc acquired a new stake in IMAX during the 4th quarter valued at $763,000. Finally, Proficio Capital Partners LLC purchased a new stake in IMAX during the 4th quarter worth about $502,000. 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.