Wedbush restated their outperform rating on shares of Imax Corporation (NYSE:IMAX) in a research report report published on Thursday, July 20th. Wedbush currently has a $35.00 price objective on the stock.
IMAX has been the topic of several other reports. B. Riley reissued a buy rating and set a $43.50 price target on shares of Imax Corporation in a research report on Sunday, June 18th. Canaccord Genuity reissued a buy rating and set a $39.00 price target on shares of Imax Corporation in a research report on Monday, April 10th. Benchmark Co. lowered Imax Corporation from a buy rating to a hold rating in a research report on Wednesday, June 7th. MKM Partners lowered their price objective on Imax Corporation from $40.00 to $30.00 and set a buy rating for the company in a research note on Friday, July 7th. Finally, Roth Capital set a $33.00 price objective on Imax Corporation and gave the stock a buy rating in a research note on Tuesday, June 13th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company. Imax Corporation presently has an average rating of Hold and a consensus target price of $34.82.
Imax Corporation (IMAX) opened at 20.65 on Thursday. Imax Corporation has a 12 month low of $19.33 and a 12 month high of $35.30. The stock has a market capitalization of $1.34 billion, a price-to-earnings ratio of 139.53 and a beta of 0.90. The stock’s 50 day moving average is $22.06 and its 200-day moving average is $28.64.
Imax Corporation (NYSE:IMAX) last posted its quarterly earnings results on Wednesday, July 26th. The company reported $0.15 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.02) by $0.17. The business had revenue of $87.76 million for the quarter, compared to analyst estimates of $89.26 million. Imax Corporation had a return on equity of 2.39% and a net margin of 2.81%. The business’s revenue was down 4.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.18 EPS. On average, equities research analysts expect that Imax Corporation will post $0.62 earnings per share for the current year.
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Imax Corporation declared that its board has initiated a stock buyback program on Monday, June 12th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the company to buy up to 12.5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
In other news, Director Eric A. Demirian sold 2,670 shares of the stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $25.10, for a total value of $67,017.00. Following the completion of the transaction, the director now owns 17,945 shares of the company’s stock, valued at $450,419.50. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 18.90% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. boosted its position in shares of Imax Corporation by 54,861.2% in the first quarter. BlackRock Inc. now owns 2,607,357 shares of the company’s stock valued at $88,651,000 after buying an additional 2,602,613 shares in the last quarter. Norges Bank purchased a new position in shares of Imax Corporation during the fourth quarter valued at $36,139,000. Pembroke Management LTD purchased a new position in shares of Imax Corporation during the second quarter valued at $19,949,000. Point72 Asset Management L.P. purchased a new position in shares of Imax Corporation during the first quarter valued at $29,760,000. Finally, Russell Investments Group Ltd. boosted its position in shares of Imax Corporation by 1,652.7% in the first quarter. Russell Investments Group Ltd. now owns 755,254 shares of the company’s stock valued at $25,678,000 after buying an additional 712,163 shares in the last quarter. 89.54% of the stock is owned by institutional investors and hedge funds.
About Imax Corporation
IMAX Corporation is an entertainment technology company. The Company operates through seven segments: IMAX systems; theater system maintenance; joint revenue sharing arrangements; film production and IMAX DMR; film distribution; film post-production, and other. The IMAX systems segment designs, manufactures, sells or leases IMAX theater projection system equipment.
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