IMAX (NYSE:IMAX – Get Free Report)‘s stock had its “buy” rating restated by equities researchers at Rosenblatt Securities in a report issued on Wednesday, Benzinga reports. They currently have a $65.00 price target on the stock. Rosenblatt Securities’ target price would indicate a potential upside of 25.83% from the stock’s current price.
Several other analysts have also weighed in on IMAX. HC Wainwright reaffirmed a “buy” rating on shares of IMAX in a report on Friday, July 24th. Roth Capital increased their price target on shares of IMAX from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Thursday, September 3rd. The Goldman Sachs Group increased their price target on shares of IMAX from $42.00 to $50.00 and gave the company a “neutral” rating in a research note on Friday, September 4th. Seaport Research Partners reissued a “buy” rating and set a $50.00 price target on shares of IMAX in a research note on Wednesday, June 24th. Finally, Wall Street Zen raised shares of IMAX from a “hold” rating to a “buy” rating in a research note on Saturday. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $56.62.
View Our Latest Stock Analysis on IMAX
IMAX Stock Performance
IMAX (NYSE:IMAX – Get Free Report) last announced its earnings results on Thursday, July 23rd. The company reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.30 by $0.13. The business had revenue of $102.84 million during the quarter, compared to analysts’ expectations of $96.09 million. IMAX had a net margin of 9.84% and a return on equity of 15.47%. The firm’s revenue for the quarter was up 12.2% on a year-over-year basis. During the same quarter last year, the company posted $0.26 EPS. As a group, analysts anticipate that IMAX will post 1.62 EPS for the current year.
Insiders Place Their Bets
In other news, CEO Richard Gelfond sold 100,000 shares of the firm’s stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $53.23, for a total transaction of $5,323,000.00. Following the sale, the chief executive officer owned 665,002 shares of the company’s stock, valued at $35,398,056.46. This trade represents a 13.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Kenneth Weissman sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $54.54, for a total value of $436,320.00. Following the sale, the insider directly owned 28,205 shares in the company, valued at approximately $1,538,300.70. This represents a 22.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 507,257 shares of company stock worth $26,673,571. 20.55% of the stock is owned by company insiders.
Institutional Investors Weigh In On IMAX
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Global Retirement Partners LLC acquired a new stake in IMAX in the 2nd quarter valued at $85,000. Nykredit A S acquired a new position in IMAX in the 2nd quarter valued at about $105,000. Caitong International Asset Management Co. Ltd boosted its holdings in IMAX by 159.8% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,006 shares of the company’s stock valued at $111,000 after purchasing an additional 1,849 shares during the period. Kemnay Advisory Services Inc. bought a new stake in IMAX in the 4th quarter valued at about $135,000. Finally, State of Wyoming acquired a new stake in shares of IMAX during the 2nd quarter worth approximately $192,000. 93.51% of the stock is currently owned by institutional investors and hedge funds.
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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