IMAX’s (IMAX) “Buy” Rating Reaffirmed at Benchmark

IMAX (NYSE:IMAX)‘s stock had its “buy” rating reiterated by equities researchers at Benchmark in a research report issued on Friday,Benzinga reports. They presently have a $30.00 price target on the stock. Benchmark’s price objective indicates a potential upside of 29.98% from the company’s current price.

IMAX has been the subject of several other research reports. Barrington Research reaffirmed an “outperform” rating and set a $24.00 target price on shares of IMAX in a report on Thursday, October 31st. Roth Mkm increased their price objective on shares of IMAX from $27.00 to $28.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Wedbush restated an “outperform” rating on shares of IMAX in a research report on Wednesday, November 27th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $28.00 target price on shares of IMAX in a report on Thursday, October 31st. Finally, StockNews.com upgraded shares of IMAX from a “hold” rating to a “buy” rating in a research report on Thursday, January 2nd. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $25.11.

IMAX Trading Down 2.1 %

Shares of IMAX traded down $0.49 during midday trading on Friday, reaching $23.08. The stock had a trading volume of 318,814 shares, compared to its average volume of 516,785. The firm has a 50 day simple moving average of $25.05 and a 200-day simple moving average of $21.60. The firm has a market cap of $1.22 billion, a PE ratio of 52.46, a P/E/G ratio of 1.69 and a beta of 1.24. IMAX has a one year low of $13.20 and a one year high of $26.84.

IMAX (NYSE:IMAX) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.12. The company had revenue of $91.50 million during the quarter, compared to analysts’ expectations of $93.71 million. IMAX had a return on equity of 7.53% and a net margin of 6.74%. The business’s revenue was down 11.9% on a year-over-year basis. During the same period last year, the firm posted $0.27 earnings per share. As a group, research analysts forecast that IMAX will post 0.77 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Robert D. Lister sold 55,910 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $25.50, for a total value of $1,425,705.00. Following the sale, the executive vice president now owns 138,889 shares in the company, valued at $3,541,669.50. This represents a 28.70 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Kenneth Ian Weissman sold 6,309 shares of the firm’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $25.51, for a total transaction of $160,942.59. Following the completion of the transaction, the insider now directly owns 25,139 shares in the company, valued at approximately $641,295.89. The trade was a 20.06 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 65,176 shares of company stock valued at $1,662,110. 24.08% of the stock is owned by company insiders.

Institutional Trading of IMAX

Several institutional investors and hedge funds have recently modified their holdings of IMAX. FMR LLC grew its holdings in IMAX by 108.4% during the third quarter. FMR LLC now owns 3,949,643 shares of the company’s stock worth $81,007,000 after buying an additional 2,054,031 shares in the last quarter. Lord Abbett & CO. LLC bought a new stake in IMAX in the 3rd quarter worth about $6,322,000. Castleark Management LLC bought a new position in shares of IMAX during the 3rd quarter worth approximately $5,199,000. Pier Capital LLC purchased a new position in shares of IMAX in the 3rd quarter worth approximately $4,221,000. Finally, Victory Capital Management Inc. grew its holdings in shares of IMAX by 9.8% in the third quarter. Victory Capital Management Inc. now owns 1,420,592 shares of the company’s stock valued at $29,136,000 after acquiring an additional 127,371 shares in the last quarter. 93.51% of the stock is owned by hedge funds and other institutional investors.

About IMAX

IMAX Corporation, together with its subsidiaries, operates as a technology platform for entertainment and events worldwide. The company operates in two segments, Content Solutions and Technology Products and Services. The company offers IMAX DMR, a proprietary technology that digitally remasters films and other content into IMAX formats for distribution to the IMAX network; IMAX Enhanced that provides end-to-end technology across streaming content and entertainment devices at home; and SSIMWAVE, an AI-driven video quality solutions for media and entertainment companies.