IMAX (NYSE:IMAX – Get Free Report)‘s stock had its “buy” rating reiterated by stock analysts at Rosenblatt Securities in a report released on Wednesday, Benzinga reports. They currently have a $65.00 price target on the stock. Rosenblatt Securities’ target price suggests a potential upside of 25.83% from the stock’s current price.
Several other research firms also recently commented on IMAX. Zacks Research upgraded shares of IMAX from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 9th. JPMorgan Chase & Co. boosted their price objective on shares of IMAX from $47.00 to $50.00 and gave the company an “overweight” rating in a report on Friday, July 24th. UBS Group set a $65.00 price objective on shares of IMAX in a report on Wednesday, October 7th. Benchmark reissued a “buy” rating on shares of IMAX in a report on Monday, June 22nd. Finally, Roth Capital boosted their price objective on shares of IMAX from $50.00 to $60.00 and gave the company a “buy” rating in a report on Thursday, September 3rd. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $56.62.
View Our Latest Report on IMAX
IMAX Stock Down 0.0%
IMAX (NYSE:IMAX – Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The company reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.13. The company had revenue of $102.84 million for 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 in the prior year, the firm earned $0.26 earnings per share. On average, equities analysts expect that IMAX will post 1.62 EPS for the current fiscal year.
Insider Activity
In other IMAX news, CEO Richard L. Gelfond sold 205,504 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $53.27, for a total value of $10,947,198.08. Following the transaction, the chief executive officer directly owned 765,002 shares of the company’s stock, valued at $40,751,656.54. This trade represents a 21.17% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Robert D. Lister sold 22,500 shares of the firm’s stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $51.58, for a total transaction of $1,160,550.00. Following the completion of the transaction, the vice president directly owned 182,375 shares in the company, valued at approximately $9,406,902.50. This represents a 10.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 507,257 shares of company stock valued at $26,673,571 in the last 90 days. 20.55% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On IMAX
Hedge funds have recently bought and sold shares of the company. BlackRock Inc. bought a new position in IMAX in the 2nd quarter valued at about $115,881,000. Dimensional Fund Advisors LP increased its holdings in IMAX by 1.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,237,230 shares of the company’s stock valued at $47,026,000 after buying an additional 23,401 shares during the period. Wellington Management Group LLP increased its holdings in IMAX by 51.8% in the 2nd quarter. Wellington Management Group LLP now owns 800,193 shares of the company’s stock valued at $31,896,000 after buying an additional 273,122 shares during the period. Nantahala Capital Management LLC bought a new position in IMAX in the 2nd quarter valued at about $26,228,239. Finally, Bank of America Corp DE bought a new position in IMAX in the 2nd quarter valued at about $17,420,000. 93.51% of the stock is owned by institutional investors.
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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