IMAX (NYSE:IMAX – Get Free Report)‘s stock had its “buy” rating reissued by equities researchers at Rosenblatt Securities in a note issued to investors on Wednesday, Benzinga reports. They presently have a $65.00 price target on the stock. Rosenblatt Securities’ price objective would suggest a potential upside of 25.83% from the company’s previous close.
IMAX has been the subject of several other reports. The Goldman Sachs Group boosted their target price on IMAX from $42.00 to $50.00 and gave the stock a “neutral” rating in a report on Friday, September 4th. Weiss Ratings upgraded IMAX from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, October 8th. Morgan Stanley started coverage on shares of IMAX in a research report on Thursday, September 24th. They issued an “overweight” rating and a $63.00 price target on the stock. B. Riley Financial boosted their price objective on shares of IMAX from $61.00 to $64.00 and gave the stock a “buy” rating in a research note on Thursday, October 8th. Finally, JPMorgan Chase & Co. upped their price objective on shares of IMAX from $47.00 to $50.00 and gave the stock an “overweight” rating in a report on Friday, July 24th. One investment 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. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $56.62.
Read Our Latest Stock Analysis on IMAX
IMAX Trading Down 0.0%
IMAX (NYSE:IMAX – Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The company reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.13. IMAX had a return on equity of 15.47% and a net margin of 9.84%. The company 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 company posted $0.26 EPS. The firm’s revenue was up 12.2% on a year-over-year basis. As a group, research analysts predict that IMAX will post 1.62 EPS for the current fiscal year.
Insiders Place Their Bets
In other IMAX news, VP Robert Lister sold 22,500 shares of IMAX 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 transaction, the vice president directly owned 182,375 shares of the company’s stock, valued at $9,406,902.50. The trade was a 10.98% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Natasha Fernandes sold 20,000 shares of the company’s stock in a transaction on Monday, August 24th. The shares were sold at an average price of $54.63, for a total transaction of $1,092,600.00. Following the transaction, the chief financial officer owned 35,596 shares of the company’s stock, valued at approximately $1,944,609.48. The trade was a 35.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 507,257 shares of company stock valued at $26,673,571. Corporate insiders own 20.55% of the company’s stock.
Institutional Investors Weigh In On IMAX
A number of institutional investors have recently added to or reduced their stakes in IMAX. Global Retirement Partners LLC acquired a new stake in IMAX during the second quarter valued at approximately $85,000. Nykredit A S bought a new stake in shares of IMAX in the 2nd quarter valued at approximately $105,000. Caitong International Asset Management Co. Ltd raised its holdings 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. acquired a new position in shares of IMAX in the 4th quarter worth approximately $135,000. Finally, State of Wyoming acquired a new position in shares of IMAX in the 2nd quarter worth approximately $192,000. 93.51% of the stock is owned by institutional investors and hedge funds.
IMAX News Roundup
Here are the key news stories impacting IMAX this week:
- Positive Sentiment: Wedbush estimates that global box office on IMAX screens reached a quarterly record of approximately $712 million, substantially above its prior $401 million forecast. The stronger-than-expected performance could support record third-quarter revenue and earnings. IMAX box office surge drives Wedbush target hike
- Positive Sentiment: Wedbush described IMAX’s third-quarter performance as a “victory” lap but indicated the company has additional growth potential, suggesting analyst confidence extends beyond the current quarter. IMAX Has More to Come After Q3 Victory Lap
- Positive Sentiment: Upcoming high-profile releases are providing further support for IMAX’s content pipeline, including the debut of Greta Gerwig’s Narnia trailer in IMAX and promotional attention around Street Fighter. Greta Gerwig Debuts Narnia Trailer in IMAX
- Positive Sentiment: New and upgraded locations, including a dine-in IMAX screen in Houston with laser projection and luxury seating, could expand IMAX’s premium-screen footprint and improve audience appeal. Star Cinema Grill Cypress Unveils IMAX Experience
- Negative Sentiment: IMAX trades at a relatively high valuation, with a reported P/E ratio above 70, leaving the stock sensitive to any disappointment in box-office results or forward guidance. The broader theater-stock trade has also been mixed, with IMAX lagging gains in AMC and Cinemark in recent coverage. AMC and Cinemark rise while IMAX lags
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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