IMAX (NYSE:IMAX) Price Target Raised to $50.00

IMAX (NYSE:IMAXGet Free Report) had its target price raised by Barrington Research from $46.00 to $50.00 in a research report issued to clients and investors on Friday. The brokerage currently has an “outperform” rating on the stock. Barrington Research’s price target would indicate a potential upside of 12.00% from the company’s current price.

A number of other brokerages have also issued reports on IMAX. Roth Capital reissued a “buy” rating and issued a $48.00 target price on shares of IMAX in a research report on Thursday. B. Riley Financial reiterated a “buy” rating on shares of IMAX in a report on Monday. Weiss Ratings raised shares of IMAX from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, July 16th. Wedbush raised their price target on shares of IMAX from $46.00 to $54.00 and gave the company an “outperform” rating in a report on Friday. Finally, Rosenblatt Securities restated a “buy” rating and set a $47.00 target price on shares of IMAX in a report on Monday. Ten analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, IMAX presently has an average rating of “Moderate Buy” and an average price target of $49.30.

Check Out Our Latest Stock Analysis on IMAX

IMAX Stock Up 1.5%

Shares of IMAX stock traded up $0.68 during mid-day trading on Friday, hitting $44.64. 398,618 shares of the stock were exchanged, compared to its average volume of 1,154,342. IMAX has a 52-week low of $24.20 and a 52-week high of $45.88. The company has a market cap of $2.46 billion, a PE ratio of 68.66, a price-to-earnings-growth ratio of 1.44 and a beta of 0.37. The firm has a fifty day moving average of $39.80 and a 200 day moving average of $38.00.

IMAX (NYSE:IMAXGet Free Report) last released its quarterly earnings data on Thursday, July 23rd. The company reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.30 by $0.13. IMAX had a return on equity of 13.61% and a net margin of 9.08%.The company had revenue of $102.84 million for the quarter, compared to analyst estimates of $96.09 million. During the same quarter in the previous year, the company posted $0.26 earnings per share. The firm’s revenue for the quarter was up 12.2% compared to the same quarter last year. Equities analysts predict that IMAX will post 1.3 EPS for the current year.

Insider Activity

In related news, CEO Richard L. Gelfond sold 8,943 shares of IMAX stock in a transaction on Monday, April 27th. The shares were sold at an average price of $37.33, for a total transaction of $333,842.19. Following the completion of the transaction, the chief executive officer owned 765,002 shares of the company’s stock, valued at $28,557,524.66. This trade represents a 1.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 20.55% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. CIBC Private Wealth Group LLC bought a new stake in IMAX during the third quarter valued at approximately $27,000. Quarry LP increased its stake in shares of IMAX by 166.8% in the 4th quarter. Quarry LP now owns 875 shares of the company’s stock worth $32,000 after acquiring an additional 547 shares in the last quarter. Caitong International Asset Management Co. Ltd increased its position in IMAX by 2,310.4% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 1,157 shares of the company’s stock valued at $38,000 after buying an additional 1,109 shares in the last quarter. Torren Management LLC bought a new position in shares of IMAX during the fourth quarter valued at $40,000. Finally, Aster Capital Management DIFC Ltd boosted its holdings in shares of IMAX by 863.0% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,666 shares of the company’s stock valued at $62,000 after acquiring an additional 1,493 shares during the last quarter. Institutional investors own 93.51% of the company’s stock.

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About IMAX

(Get Free Report)

IMAX Corporation is a global leader in immersive entertainment technologies, specializing in the design, manufacture and distribution of high-resolution cameras, projectors, and proprietary software solutions that enhance both film production and theatrical exhibition. The company licenses its premium large-format system to theatre owners and filmmakers around the world, enabling audiences to experience movies with greater clarity, scale and sound fidelity. IMAX also offers turnkey theatre development services, assisting cinema operators with auditorium design, installation and custom branding to optimize the customer experience.

Founded in 1967 and headquartered in Mississauga, Ontario, IMAX has built a reputation for pioneering film-format innovations, including its patented dual 15-perforation, 70-millimeter projection system.

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