Rosenblatt Securities Reiterates Buy Rating for IMAX (NYSE:IMAX)

IMAX (NYSE:IMAX)‘s stock had its “buy” rating restated by equities research analysts at Rosenblatt Securities in a research report issued to clients and investors on Friday, Benzinga reports. They currently have a $28.00 target price on the stock. Rosenblatt Securities’ target price indicates a potential upside of 43.52% from the stock’s previous close.

Several other brokerages also recently commented on IMAX. Macquarie lifted their price target on IMAX from $24.00 to $26.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. Benchmark reiterated a “buy” rating and set a $22.00 target price on shares of IMAX in a research note on Thursday, June 20th. B. Riley increased their price target on shares of IMAX from $27.00 to $30.00 and gave the company a “buy” rating in a report on Monday, July 8th. Roth Mkm boosted their price objective on shares of IMAX from $23.00 to $27.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Finally, Barrington Research reiterated an “outperform” rating and issued a $24.00 target price on shares of IMAX in a research note on Wednesday, September 25th. One analyst has rated the stock with a sell rating, two have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, IMAX currently has an average rating of “Moderate Buy” and a consensus target price of $23.67.

IMAX Trading Down 1.6 %

NYSE IMAX opened at $19.51 on Friday. IMAX has a 1 year low of $13.20 and a 1 year high of $22.13. The company has a fifty day simple moving average of $20.56 and a 200 day simple moving average of $18.03. The company has a market cap of $1.03 billion, a P/E ratio of 40.65, a P/E/G ratio of 1.38 and a beta of 1.25.

IMAX (NYSE:IMAX) last released its quarterly earnings results on Thursday, July 25th. The company reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.07 by $0.11. The company had revenue of $88.96 million during the quarter, compared to analysts’ expectations of $74.52 million. IMAX had a net margin of 5.97% and a return on equity of 7.78%. The business’s quarterly revenue was down 9.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.17 earnings per share. Equities research analysts forecast that IMAX will post 0.69 EPS for the current fiscal year.

Institutional Investors Weigh In On IMAX

Institutional investors have recently added to or reduced their stakes in the stock. Private Capital Management LLC boosted its stake in shares of IMAX by 54.3% in the 4th quarter. Private Capital Management LLC now owns 1,185,715 shares of the company’s stock valued at $17,809,000 after purchasing an additional 417,169 shares in the last quarter. Victory Capital Management Inc. grew its stake in IMAX by 33.1% during the second quarter. Victory Capital Management Inc. now owns 1,293,221 shares of the company’s stock worth $21,687,000 after buying an additional 321,506 shares during the last quarter. Acadian Asset Management LLC increased its holdings in shares of IMAX by 178.7% during the first quarter. Acadian Asset Management LLC now owns 490,917 shares of the company’s stock worth $7,934,000 after buying an additional 314,742 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of 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 acquiring an additional 279,410 shares during the last quarter. Finally, Pembroke Management LTD boosted its holdings in shares of IMAX by 35.2% in the 2nd quarter. Pembroke Management LTD now owns 474,761 shares of the company’s stock worth $7,962,000 after acquiring an additional 123,648 shares in the last quarter. 93.51% of the stock is 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.