IMAX (NYSE:IMAX) Receives “Buy” Rating from Benchmark

Benchmark reaffirmed their buy rating on shares of IMAX (NYSE:IMAX) in a research report report published on Friday morning,Benzinga reports. Benchmark currently has a $30.00 price objective on the stock.

Several other brokerages have also recently weighed in on IMAX. JPMorgan Chase & Co. upped their target price on IMAX from $20.00 to $21.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. Rosenblatt Securities reiterated a “buy” rating and set a $28.00 target price on shares of IMAX in a report on Thursday, October 31st. StockNews.com upgraded shares of IMAX from a “hold” rating to a “buy” rating in a report on Thursday, January 2nd. Wedbush reiterated an “outperform” rating on shares of IMAX in a research note on Wednesday, November 27th. Finally, Barrington Research reissued an “outperform” rating and issued a $24.00 price objective on shares of IMAX in a research note on Thursday, October 31st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $25.78.

IMAX Price Performance

IMAX stock opened at $23.12 on Friday. IMAX has a 12 month low of $13.20 and a 12 month high of $26.84. The firm’s 50-day moving average is $25.05 and its 200 day moving average is $21.60. The company has a market capitalization of $1.22 billion, a PE ratio of 52.55, a P/E/G ratio of 1.69 and a beta of 1.24.

IMAX (NYSE:IMAX) last issued its earnings results on Wednesday, October 30th. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.12. The business 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 quarterly revenue was down 11.9% compared to the same quarter last year. During the same period last year, the company posted $0.27 earnings per share. Sell-side analysts forecast that IMAX will post 0.77 EPS for the current fiscal year.

Insider Activity

In related news, CFO Natasha Fernandes sold 2,957 shares of the stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $25.52, for a total value of $75,462.64. Following the completion of the transaction, the chief financial officer now directly owns 14,883 shares of the company’s stock, valued at $379,814.16. This trade represents a 16.58 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Kenneth Ian Weissman sold 6,309 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $25.51, for a total transaction of $160,942.59. Following the sale, the insider now directly owns 25,139 shares in the company, valued at approximately $641,295.89. This represents a 20.06 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 65,176 shares of company stock worth $1,662,110. Insiders own 24.08% of the company’s stock.

Hedge Funds Weigh In On IMAX

Several hedge funds have recently made changes to their positions in the company. Principal Financial Group Inc. increased its holdings in shares of IMAX by 18.5% in the second quarter. Principal Financial Group Inc. now owns 63,818 shares of the company’s stock valued at $1,070,000 after purchasing an additional 9,974 shares during the period. Wedbush Securities Inc. increased its holdings in IMAX by 112.7% in the 2nd quarter. Wedbush Securities Inc. now owns 29,651 shares of the company’s stock worth $497,000 after buying an additional 15,712 shares during the period. Headlands Technologies LLC acquired a new stake in IMAX during the 2nd quarter valued at approximately $35,000. American Century Companies Inc. boosted its holdings in shares of IMAX by 57.0% in the 2nd quarter. American Century Companies Inc. now owns 120,021 shares of the company’s stock valued at $2,013,000 after acquiring an additional 43,584 shares during the last quarter. Finally, XTX Topco Ltd acquired a new stake in shares of IMAX in the second quarter worth $208,000. 93.51% of the stock is owned by institutional investors and hedge funds.

IMAX Company Profile

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.