IMAX (NYSE:IMAX – Get Free Report)‘s stock had its “buy” rating restated by Rosenblatt Securities in a research report issued to clients and investors on Wednesday, Benzinga reports. They currently have a $65.00 target price on the stock. Rosenblatt Securities’ target price would indicate a potential upside of 25.66% from the company’s current price.
Several other research analysts also recently weighed in on IMAX. Morgan Stanley started coverage on shares of IMAX in a research report on Thursday, September 24th. They set an “overweight” rating and a $63.00 price target for the company. Wall Street Zen upgraded shares of IMAX from a “hold” rating to a “buy” rating in a research report on Saturday. Barrington Research upped their price target on shares of IMAX from $46.00 to $50.00 and gave the stock an “outperform” rating in a research report on Friday, July 24th. Benchmark restated a “buy” rating on shares of IMAX in a research report on Monday, June 22nd. Finally, The Goldman Sachs Group upped their price target on shares of IMAX from $42.00 to $50.00 and gave the stock a “neutral” rating in a research report on Friday, September 4th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, IMAX currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.62.
Read Our Latest Research Report on IMAX
IMAX Stock Up 0.1%
IMAX (NYSE:IMAX – Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The company reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.13. IMAX had a net margin of 9.84% and a return on equity of 15.47%. The firm had revenue of $102.84 million during the quarter, compared to the consensus estimate of $96.09 million. During the same quarter in the prior year, the firm earned $0.26 EPS. The company’s revenue for the quarter was up 12.2% on a year-over-year basis. On average, equities analysts forecast that IMAX will post 1.62 earnings per share for the current fiscal year.
Insider Activity at IMAX
In other IMAX news, insider Kenneth Weissman sold 8,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $54.54, for a total value of $436,320.00. Following the completion of the transaction, the insider owned 28,205 shares of the company’s stock, valued at $1,538,300.70. This trade represents a 22.10% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Robert D. Lister sold 22,500 shares of the firm’s stock in a transaction that occurred on 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 of the company’s stock, valued at $9,406,902.50. This represents a 10.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 507,257 shares of company stock worth $26,673,571. Company insiders own 20.55% of the company’s stock.
Hedge Funds Weigh In On IMAX
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Global Retirement Partners LLC purchased a new stake in IMAX in the second quarter valued at $85,000. Nykredit A S purchased a new stake in IMAX in the second quarter valued at $105,000. Caitong International Asset Management Co. Ltd lifted its position in IMAX by 159.8% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,006 shares of the company’s stock valued at $111,000 after acquiring an additional 1,849 shares during the last quarter. Kemnay Advisory Services Inc. purchased a new stake in IMAX in the fourth quarter valued at $135,000. Finally, State of Wyoming acquired a new position in IMAX in the second quarter valued at $192,000. Hedge funds and other institutional investors own 93.51% of the company’s stock.
About IMAX
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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