IMAX (NYSE:IMAX) Price Target Raised to $58.00

IMAX (NYSE:IMAX) had its price target lifted by JPMorgan Chase & Co. from $50.00 to $58.00 in a research note issued to investors on Friday,Benzinga reports. They currently have an overweight rating on the stock.

IMAX has been the topic of a number of other reports. UBS Group set a $65.00 price objective on IMAX in a report on Wednesday, October 7th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $65.00 target price on shares of IMAX in a research note on Wednesday, October 14th. Barrington Research increased their price target on shares of IMAX from $46.00 to $50.00 and gave the company an “outperform” rating in a research report on Friday, July 24th. HC Wainwright reissued a “buy” rating on shares of IMAX in a research note on Friday, July 24th. Finally, Roth Capital reissued a “buy” rating and set a $62.00 price target on shares of IMAX in a research note on Friday. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $58.15.

IMAX Stock Down 0.0%

IMAX opened at $53.35 on Friday. The business’s fifty day simple moving average is $52.57 and its 200 day simple moving average is $44.73. IMAX has a 52 week low of $31.27 and a 52 week high of $57.73. The stock has a market cap of $2.93 billion, a PE ratio of 74.10, a P/E/G ratio of 1.43 and a beta of 0.49.

IMAX (NYSE:IMAX) last issued its quarterly 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 firm had revenue of $102.84 million during the quarter, compared to analyst estimates of $96.09 million. During the same quarter in the previous year, the company posted $0.26 earnings per share. The company’s revenue was up 12.2% compared to the same quarter last year. As a group, equities analysts anticipate that IMAX will post 1.78 earnings per share for the current year.

Insider Buying and Selling

In other IMAX news, CEO Richard L. Gelfond sold 100,000 shares of IMAX stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $53.23, for a total value 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. The trade was a 13.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Robert D. Lister sold 22,500 shares of IMAX stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $51.58, for a total value of $1,160,550.00. Following the completion of the transaction, the vice president directly owned 182,375 shares in the company, valued at $9,406,902.50. This trade represents a 10.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 507,257 shares of company stock valued at $26,673,571. 20.55% of the stock is owned by insiders.

Institutional Trading of IMAX

A number of institutional investors have recently made changes to their positions in the stock. BlackRock Inc. bought a new position in IMAX in the second quarter worth about $115,881,000. Nantahala Capital Management LLC purchased a new stake in IMAX in the second quarter worth about $26,228,239. Bank of America Corp DE bought a new stake in IMAX during the 2nd quarter valued at approximately $17,420,000. Royal Bank of Canada boosted its position in IMAX by 126.5% during the 1st quarter. Royal Bank of Canada now owns 75,777 shares of the company’s stock valued at $2,880,000 after acquiring an additional 362,021 shares in the last quarter. Finally, Primecap Management Co. CA purchased a new position in shares of IMAX during the 2nd quarter worth approximately $10,902,000. Hedge funds and other institutional investors own 93.51% of the company’s stock.

IMAX Company Profile

IMAX Corporation (NYSE: IMAX) is a global entertainment technology company that specializes in premium large-format cinema experiences. The company designs and supplies specialized theater systems that combine large screens, high-resolution projection, advanced sound, and immersive theater design to present feature films, documentaries, live events, and other content.

IMAX supports its theater partners with projection and sound equipment, theater design and installation services, and technology and maintenance support.