Benchmark Raises IMAX (NYSE:IMAX) Price Target to $30.00

IMAX (NYSE:IMAX) had its target price hoisted by Benchmark from $27.00 to $30.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Benchmark’s price target indicates a potential upside of 15.25% from the stock’s previous close.

Several other research firms also recently commented on IMAX. Wedbush reissued an “outperform” rating on shares of IMAX in a research report on Wednesday, November 27th. JPMorgan Chase & Co. raised their price objective on IMAX from $20.00 to $21.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Barrington Research reiterated an “outperform” rating and set a $24.00 price target on shares of IMAX in a report on Thursday, October 31st. StockNews.com cut shares of IMAX from a “buy” rating to a “hold” rating in a research note on Tuesday, December 10th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $28.00 target price on shares of IMAX in a research report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $25.11.

IMAX Price Performance

Shares of IMAX stock opened at $26.03 on Friday. The firm has a market cap of $1.37 billion, a P/E ratio of 59.16, a PEG ratio of 1.69 and a beta of 1.23. IMAX has a fifty-two week low of $13.20 and a fifty-two week high of $26.84. The stock’s 50-day moving average is $23.52 and its two-hundred day moving average is $20.45.

IMAX (NYSE:IMAX) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.12. The firm had revenue of $91.50 million for the quarter, compared to analyst estimates of $93.71 million. IMAX had a net margin of 6.74% and a return on equity of 7.53%. The company’s revenue for the quarter was down 11.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.27 earnings per share. As a group, research analysts expect that IMAX will post 0.77 EPS for the current year.

Insider Buying and Selling at IMAX

In other news, insider Kenneth Ian Weissman sold 6,309 shares of the stock in a transaction on Monday, December 9th. The shares were sold at an average price of $25.51, for a total value of $160,942.59. Following the completion of the transaction, the insider now owns 25,139 shares in the company, valued at approximately $641,295.89. This represents a 20.06 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Robert D. Lister sold 55,910 shares of IMAX stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $25.50, for a total transaction of $1,425,705.00. Following the sale, the executive vice president now owns 138,889 shares in the company, valued at approximately $3,541,669.50. This trade represents a 28.70 % decrease in their ownership of the stock. 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 in the last quarter. Corporate insiders own 24.08% of the company’s stock.

Hedge Funds Weigh In On IMAX

Hedge funds and other institutional investors have recently modified their holdings of the stock. FMR LLC raised its stake in IMAX by 108.4% during the third quarter. FMR LLC now owns 3,949,643 shares of the company’s stock worth $81,007,000 after acquiring an additional 2,054,031 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of IMAX by 33.1% during the 2nd quarter. Victory Capital Management Inc. now owns 1,293,221 shares of the company’s stock worth $21,687,000 after purchasing an additional 321,506 shares in the last quarter. Lord Abbett & CO. LLC bought a new position in IMAX during the 3rd quarter valued at about $6,322,000. Bank of New York Mellon Corp boosted its position in IMAX by 90.6% in the second quarter. Bank of New York Mellon Corp now owns 587,694 shares of the company’s stock valued at $9,856,000 after buying an additional 279,410 shares in the last quarter. Finally, Castleark Management LLC bought a new stake in IMAX during the third quarter worth about $5,199,000. Institutional investors own 93.51% of the company’s stock.

About IMAX

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.