JPMorgan Chase & Co. Increases IMAX (NYSE:IMAX) Price Target to $31.00

IMAX (NYSE:IMAX) had its price objective raised by equities research analysts at JPMorgan Chase & Co. from $28.00 to $31.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective suggests a potential downside of 0.61% from the company’s previous close.

A number of other research analysts have also recently commented on the stock. Wall Street Zen cut shares of IMAX from a “strong-buy” rating to a “buy” rating in a report on Friday, August 22nd. Roth Capital restated a “buy” rating and issued a $36.00 price target on shares of IMAX in a report on Wednesday, July 9th. Rosenblatt Securities upped their price target on shares of IMAX from $35.00 to $37.00 and gave the stock a “buy” rating in a report on Friday, July 25th. Wells Fargo & Company increased their target price on shares of IMAX from $30.00 to $34.00 and gave the stock an “overweight” rating in a report on Friday, July 25th. Finally, Barrington Research increased their target price on shares of IMAX from $32.00 to $37.00 and gave the stock an “outperform” rating in a report on Friday, September 19th. Nine analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $34.70.

IMAX Trading Down 2.1%

NYSE IMAX opened at $31.19 on Thursday. The company’s 50-day moving average price is $29.56 and its 200-day moving average price is $27.39. The stock has a market cap of $1.68 billion, a PE ratio of 51.98, a PEG ratio of 2.16 and a beta of 0.62. IMAX has a 12 month low of $19.91 and a 12 month high of $34.14.

IMAX (NYSE:IMAX) last posted its quarterly earnings results on Thursday, July 24th. The company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.07. The firm had revenue of $91.68 million for the quarter, compared to analysts’ expectations of $93.04 million. IMAX had a net margin of 9.04% and a return on equity of 8.62%. The business’s revenue for the quarter was up 3.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.18 earnings per share. As a group, sell-side analysts forecast that IMAX will post 0.91 earnings per share for the current year.

Insider Activity

In other IMAX news, VP Robert D. Lister sold 20,000 shares of the stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $32.80, for a total transaction of $656,000.00. Following the completion of the sale, the vice president directly owned 161,421 shares of the company’s stock, valued at approximately $5,294,608.80. This represents a 11.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Kenneth Ian Weissman sold 15,072 shares of the stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $25.65, for a total transaction of $386,596.80. Following the sale, the insider directly owned 26,133 shares of the company’s stock, valued at approximately $670,311.45. The trade was a 36.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 23.18% of the company’s stock.

Institutional Trading of IMAX

Several hedge funds have recently modified their holdings of the company. Orbis Allan Gray Ltd lifted its position in shares of IMAX by 31.7% during the second quarter. Orbis Allan Gray Ltd now owns 5,113,033 shares of the company’s stock valued at $142,960,000 after buying an additional 1,230,267 shares during the last quarter. Ameriprise Financial Inc. lifted its position in shares of IMAX by 8.3% during the first quarter. Ameriprise Financial Inc. now owns 1,974,068 shares of the company’s stock valued at $52,019,000 after buying an additional 150,552 shares during the last quarter. Nantahala Capital Management LLC lifted its position in shares of IMAX by 24.9% during the second quarter. Nantahala Capital Management LLC now owns 1,133,993 shares of the company’s stock valued at $31,706,000 after buying an additional 225,742 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of IMAX by 10.9% during the second quarter. JPMorgan Chase & Co. now owns 1,029,602 shares of the company’s stock valued at $28,788,000 after buying an additional 101,048 shares during the last quarter. Finally, Primecap Management Co. CA raised its position in shares of IMAX by 1.3% in the 2nd quarter. Primecap Management Co. CA now owns 751,602 shares of the company’s stock valued at $21,015,000 after purchasing an additional 9,902 shares during the last quarter. 93.51% of the stock is owned by hedge funds and other institutional investors.

IMAX Company Profile

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.