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

IMAX (NYSE:IMAX) had its price objective raised by equities research analysts at The Goldman Sachs Group from $42.00 to $50.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. The Goldman Sachs Group’s price objective would indicate a potential downside of 3.43% from the company’s previous close.

A number of other analysts have also recently weighed in on IMAX. Rosenblatt Securities reaffirmed a “buy” rating and set a $60.00 target price on shares of IMAX in a research note on Wednesday, August 19th. Wells Fargo & Company boosted their target price on shares of IMAX from $41.00 to $45.00 and gave the company an “equal weight” rating in a research report on Friday, July 24th. HC Wainwright reiterated a “buy” rating on shares of IMAX in a research note on Friday, July 24th. JPMorgan Chase & Co. increased their target price on shares of IMAX from $47.00 to $50.00 and gave the company an “overweight” rating in a report on Friday, July 24th. Finally, Wall Street Zen downgraded IMAX from a “buy” rating to a “hold” rating in a research note on Saturday, August 22nd. Ten research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $54.00.

IMAX Price Performance

IMAX stock traded down $0.14 during trading hours on Friday, reaching $51.77. 215,491 shares of the stock were exchanged, compared to its average volume of 1,176,694. The firm’s 50-day moving average is $46.15 and its 200-day moving average is $41.20. IMAX has a 12 month low of $28.93 and a 12 month high of $55.57. The company has a market cap of $2.84 billion, a price-to-earnings ratio of 71.90, a PEG ratio of 1.66 and a beta of 0.40.

IMAX (NYSE:IMAX) last released its 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 business had revenue of $102.84 million for the quarter, compared to analyst estimates of $96.09 million. During the same quarter in the prior year, the company posted $0.26 earnings per share. IMAX’s revenue was up 12.2% on a year-over-year basis. As a group, equities research analysts forecast that IMAX will post 1.49 earnings per share for the current year.

Insiders Place Their Bets

In other IMAX news, insider Kenneth Weissman sold 8,000 shares of the stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $54.54, for a total value of $436,320.00. Following the completion of the sale, the insider owned 28,205 shares in the company, valued at approximately $1,538,300.70. This represents a 22.10% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Richard Gelfond sold 100,000 shares of the stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $53.23, for a total transaction of $5,323,000.00. Following the transaction, the chief executive officer directly owned 665,002 shares of the company’s stock, valued at $35,398,056.46. This trade represents a 13.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 484,757 shares of company stock worth $25,513,021. Company insiders own 20.55% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Orbis Allan Gray Ltd lifted its holdings in shares of IMAX by 31.7% during the 2nd quarter. Orbis Allan Gray Ltd now owns 5,113,033 shares of the company’s stock valued at $142,960,000 after purchasing an additional 1,230,267 shares during the last quarter. BlackRock Inc. acquired a new stake in shares of IMAX during the 2nd quarter worth approximately $115,881,000. Westfield Capital Management Co. LP lifted its stake in shares of IMAX by 44.6% in the 4th quarter. Westfield Capital Management Co. LP now owns 2,346,486 shares of the company’s stock valued at $86,726,000 after purchasing an additional 723,861 shares during the last quarter. California State Teachers Retirement System increased its position in shares of IMAX by 3,785.1% during the second quarter. California State Teachers Retirement System now owns 2,104,728 shares of the company’s stock valued at $83,894,000 after acquiring an additional 2,050,554 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in IMAX by 1.9% during the first quarter. Dimensional Fund Advisors LP now owns 1,237,230 shares of the company’s stock worth $47,026,000 after purchasing an additional 23,401 shares in the last quarter. 93.51% of the stock is currently owned by institutional investors.

IMAX Company Profile

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.