IMAX (NYSE:IMAX – Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a note issued to investors on Saturday, Wall Street Zen reports.
A number of other brokerages have also weighed in on IMAX. Roth Capital upped their target price on shares of IMAX from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Thursday, September 3rd. Wedbush raised their target price on shares of IMAX from $46.00 to $54.00 and gave the company an “outperform” rating in a research note on Friday, July 24th. JPMorgan Chase & Co. lifted their price target on shares of IMAX from $47.00 to $50.00 and gave the company an “overweight” rating in a report on Friday, July 24th. Rosenblatt Securities lifted their price target on shares of IMAX from $60.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, September 9th. Finally, Wells Fargo & Company boosted their price target on shares of IMAX from $41.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Friday, July 24th. Eleven research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $56.15.
Check Out Our Latest Stock Report on IMAX
IMAX Price Performance
IMAX (NYSE:IMAX – Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.13. The business had revenue of $102.84 million during the quarter, compared to analyst estimates of $96.09 million. IMAX had a net margin of 9.84% and a return on equity of 15.47%. The company’s revenue was up 12.2% on a year-over-year basis. During the same period last year, the firm posted $0.26 EPS. Sell-side analysts anticipate that IMAX will post 1.62 EPS for the current fiscal year.
Insider Transactions at IMAX
In other news, insider Kenneth Weissman sold 8,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $54.54, for a total transaction of $436,320.00. Following the sale, the insider directly owned 28,205 shares of the company’s stock, valued at $1,538,300.70. This represents a 22.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Robert Lister sold 22,500 shares of the company’s stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $51.58, for a total value of $1,160,550.00. Following the sale, the vice president directly owned 182,375 shares in the company, valued at $9,406,902.50. This trade represents a 10.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 507,257 shares of company stock worth $26,673,571. 20.55% of the stock is owned by insiders.
Institutional Investors Weigh In On IMAX
Several large investors have recently bought and sold shares of IMAX. Global Retirement Partners LLC purchased a new stake in IMAX during the second quarter valued at $85,000. Nykredit A S bought a new position in IMAX during the second quarter valued at $105,000. Caitong International Asset Management Co. Ltd grew its stake in shares of IMAX by 159.8% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,006 shares of the company’s stock worth $111,000 after buying an additional 1,849 shares in the last quarter. Kemnay Advisory Services Inc. purchased a new position in shares of IMAX in the 4th quarter worth $135,000. Finally, State of Wyoming purchased a new position in shares of IMAX in the 2nd quarter worth $192,000. Institutional investors own 93.51% of the company’s stock.
IMAX Company Profile
IMAX Corporation (NYSE: IMAX) is an entertainment technology company that develops and licenses premium-format motion picture systems for cinemas and other venues. Its offerings combine specialized projection and display technology, immersive sound systems, theater design, and large-format screens to provide audiences with an enhanced presentation experience.
The company supports the theatrical release of films through its IMAX DMR (Digital Media Remastering) process, which adapts and optimizes content for IMAX presentations.
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