IMAX (NYSE:IMAX) Price Target Raised to $32.00

IMAX (NYSE:IMAX) had its price target raised by Barrington Research from $30.00 to $32.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

IMAX has been the subject of several other research reports. StockNews.com downgraded shares of IMAX from a “buy” rating to a “hold” rating in a research note on Thursday, February 13th. Benchmark reissued a “buy” rating and issued a $30.00 price objective on shares of IMAX in a research note on Friday, January 17th. 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. JPMorgan Chase & Co. increased their price objective on shares of IMAX from $21.00 to $25.00 and gave the company a “neutral” rating in a research note on Thursday, January 30th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $28.00 price objective on shares of IMAX in a research note on Thursday, January 16th. Two equities 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 company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $30.44.

IMAX Trading Down 1.2 %

Shares of IMAX stock opened at $26.90 on Thursday. The company has a 50 day moving average of $24.65 and a 200-day moving average of $22.96. IMAX has a 1-year low of $14.94 and a 1-year high of $27.38. The company has a market cap of $1.42 billion, a PE ratio of 61.14, a price-to-earnings-growth ratio of 1.49 and a beta of 1.22.

IMAX (NYSE:IMAX) last issued its quarterly earnings results on Wednesday, February 19th. The company reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.14). IMAX had a return on equity of 7.53% and a net margin of 6.74%. The firm had revenue of $92.67 million for the quarter, compared to the consensus estimate of $104.08 million. Research analysts forecast that IMAX will post 0.64 earnings per share for the current year.

Insider Activity

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 transaction of $160,942.59. Following the completion of the sale, the insider now directly owns 25,139 shares in the company, valued at $641,295.89. This represents a 20.06 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Natasha Fernandes sold 2,957 shares of the firm’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $25.52, for a total transaction of $75,462.64. Following the completion of the sale, the chief financial officer now owns 14,883 shares of the company’s stock, valued at $379,814.16. The trade was a 16.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 65,176 shares of company stock valued at $1,662,110. Insiders own 24.08% of the company’s stock.

Institutional Investors Weigh In On IMAX

Large investors have recently bought and sold shares of the stock. Blue Trust Inc. grew its holdings in IMAX by 138.5% in the fourth quarter. Blue Trust Inc. now owns 966 shares of the company’s stock worth $25,000 after purchasing an additional 561 shares during the period. Huntington National Bank acquired a new stake in IMAX in the third quarter worth $34,000. Quarry LP lifted its stake in shares of IMAX by 78,333.3% in the third quarter. Quarry LP now owns 2,353 shares of the company’s stock valued at $48,000 after buying an additional 2,350 shares in the last quarter. Tower Research Capital LLC TRC lifted its stake in shares of IMAX by 415.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 7,236 shares of the company’s stock valued at $185,000 after buying an additional 5,832 shares in the last quarter. Finally, US Bancorp DE lifted its stake in shares of IMAX by 23.4% in the third quarter. US Bancorp DE now owns 7,656 shares of the company’s stock valued at $157,000 after buying an additional 1,452 shares in the last quarter. 93.51% of the stock is currently owned by institutional investors and hedge funds.

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.