IMAX (NYSE:IMAX) Stock Price Expected to Rise, Macquarie Analyst Says

IMAX (NYSE:IMAX) had its target price boosted by stock analysts at Macquarie from $39.00 to $44.00 in a research note issued on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Macquarie’s target price would suggest a potential upside of 21.38% from the stock’s current price.

A number of other equities research analysts have also recently commented on IMAX. Wedbush raised their price objective on shares of IMAX from $39.00 to $46.00 and gave the stock an “outperform” rating in a research note on Monday, December 8th. Wall Street Zen raised shares of IMAX from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 21st. JPMorgan Chase & Co. upgraded shares of IMAX from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $32.00 to $47.00 in a research report on Monday, December 15th. B. Riley restated a “buy” rating on shares of IMAX in a research note on Monday, December 8th. Finally, Benchmark reaffirmed a “buy” rating on shares of IMAX in a report on Monday, January 5th. Ten investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $42.70.

IMAX Trading Up 3.4%

Shares of IMAX stock traded up $1.18 during trading hours on Thursday, hitting $36.25. The company’s stock had a trading volume of 920,866 shares, compared to its average volume of 1,295,373. The stock has a market cap of $1.95 billion, a PE ratio of 51.07, a price-to-earnings-growth ratio of 1.71 and a beta of 0.37. IMAX has a 12-month low of $20.48 and a 12-month high of $39.98. The company has a 50 day moving average of $36.29 and a 200 day moving average of $31.85.

IMAX (NYSE:IMAX) last posted its quarterly earnings results on Thursday, October 23rd. The company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.31 by $0.16. The company had revenue of $106.65 million for the quarter, compared to analyst estimates of $102.88 million. IMAX had a net margin of 10.47% and a return on equity of 9.91%. The firm’s revenue was up 16.6% on a year-over-year basis. During the same period in the prior year, the company earned $0.35 earnings per share. As a group, analysts anticipate that IMAX will post 0.91 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, VP Robert D. Lister sold 50,143 shares of the company’s stock in a transaction that occurred on Friday, November 7th. The stock was sold at an average price of $34.67, for a total value of $1,738,457.81. Following the completion of the sale, the vice president directly owned 161,421 shares in the company, valued at $5,596,466.07. This represents a 23.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Giovanni M. Dolci sold 6,188 shares of IMAX stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $34.25, for a total value of $211,939.00. Following the transaction, the executive vice president owned 33,000 shares in the company, valued at approximately $1,130,250. The trade was a 15.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 23.18% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. TD Waterhouse Canada Inc. increased its position in IMAX by 125.0% during the second quarter. TD Waterhouse Canada Inc. now owns 900 shares of the company’s stock worth $25,000 after purchasing an additional 500 shares during the last quarter. CIBC Private Wealth Group LLC purchased a new stake in shares of IMAX in the 3rd quarter valued at approximately $27,000. First Horizon Corp acquired a new stake in shares of IMAX during the 3rd quarter worth approximately $34,000. Jones Financial Companies Lllp raised its position in shares of IMAX by 43.8% during the 3rd quarter. Jones Financial Companies Lllp now owns 1,041 shares of the company’s stock valued at $34,000 after buying an additional 317 shares during the period. Finally, Clearstead Advisors LLC acquired a new position in IMAX in the third quarter valued at approximately $35,000. Institutional investors and hedge funds own 93.51% of the company’s stock.

About IMAX

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.