IMAX (NYSE:IMAX) Given Outperform Rating at Wedbush

IMAX (NYSE:IMAX)‘s stock had its “outperform” rating reissued by stock analysts at Wedbush in a research note issued on Thursday,RTT News reports. They currently have a $32.00 price objective on the stock. Wedbush’s price target points to a potential upside of 22.96% from the stock’s current price.

Several other equities research analysts have also commented on the stock. Roth Mkm increased their price objective on shares of IMAX from $27.00 to $28.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Wells Fargo & Company upped their price target on shares of IMAX from $26.00 to $32.00 and gave the company an “overweight” rating in a report on Thursday. Rosenblatt Securities raised their price objective on shares of IMAX from $28.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday. JPMorgan Chase & Co. upped their target price on IMAX from $21.00 to $25.00 and gave the company a “neutral” rating in a research note on Thursday, January 30th. Finally, StockNews.com downgraded IMAX from a “buy” rating to a “hold” rating in a research report on Thursday, February 13th. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $30.67.

IMAX Trading Down 3.4 %

Shares of IMAX stock opened at $26.03 on Thursday. The company has a 50-day moving average of $24.65 and a two-hundred day moving average of $23.00. IMAX has a 12-month low of $14.94 and a 12-month high of $27.77. The stock has a market cap of $1.37 billion, a PE ratio of 53.11, a price-to-earnings-growth ratio of 1.50 and a beta of 1.22.

IMAX (NYSE:IMAX) last issued its quarterly earnings data on Wednesday, February 19th. The company reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by ($0.14). The firm had revenue of $92.67 million for the quarter, compared to analyst estimates of $104.08 million. IMAX had a return on equity of 8.79% and a net margin of 7.40%. On average, sell-side analysts forecast that IMAX will post 0.91 EPS for the current fiscal year.

Insider Activity

In related news, CFO Natasha Fernandes sold 2,957 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $25.52, for a total value of $75,462.64. Following the sale, the chief financial officer now directly owns 14,883 shares of the company’s stock, valued at approximately $379,814.16. This trade represents a 16.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Robert D. Lister sold 55,910 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $25.50, for a total transaction of $1,425,705.00. Following the transaction, the executive vice president now directly owns 138,889 shares of the company’s stock, valued at $3,541,669.50. This trade represents a 28.70 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 65,176 shares of company stock valued at $1,662,110 over the last quarter. Company insiders own 24.08% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IMAX. Janney Montgomery Scott LLC increased its stake in IMAX by 1.9% during the fourth quarter. Janney Montgomery Scott LLC now owns 29,176 shares of the company’s stock worth $747,000 after acquiring an additional 533 shares during the last quarter. Blue Trust Inc. increased its position in IMAX by 138.5% during the 4th quarter. Blue Trust Inc. now owns 966 shares of the company’s stock worth $25,000 after purchasing an additional 561 shares in the last quarter. MetLife Investment Management LLC raised its holdings in IMAX by 3.4% in the fourth quarter. MetLife Investment Management LLC now owns 25,918 shares of the company’s stock valued at $664,000 after buying an additional 848 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in IMAX by 3.9% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,395 shares of the company’s stock valued at $625,000 after buying an additional 905 shares in the last quarter. Finally, US Bancorp DE grew its stake in IMAX by 23.4% during the third quarter. US Bancorp DE now owns 7,656 shares of the company’s stock worth $157,000 after buying an additional 1,452 shares during the period. Institutional investors and hedge funds own 93.51% of the company’s stock.

IMAX Company Profile

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.