IMAX (NYSE:IMAX) Receives “Outperform” Rating from Wedbush

IMAX (NYSE:IMAX)‘s stock had its “outperform” rating restated by Wedbush in a report issued on Friday,RTT News reports. They currently have a $32.00 price target on the stock. Wedbush’s target price indicates a potential upside of 38.65% from the company’s previous close.

Other equities analysts have also recently issued reports about the company. JPMorgan Chase & Co. upped their price objective on IMAX from $20.00 to $21.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. Barrington Research reiterated an “outperform” rating and issued a $30.00 price objective on shares of IMAX in a report on Friday, January 10th. Roth Mkm upped their price objective on IMAX from $27.00 to $28.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Benchmark reiterated a “buy” rating and issued a $30.00 price objective on shares of IMAX in a report on Friday. Finally, StockNews.com cut IMAX from a “buy” rating to a “hold” rating in a report on Tuesday. Two equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $28.13.

IMAX Stock Up 3.1 %

IMAX stock traded up $0.69 during midday trading on Friday, hitting $23.08. The company’s stock had a trading volume of 288,815 shares, compared to its average volume of 571,343. The stock’s 50-day moving average price is $24.90 and its 200 day moving average price is $21.80. IMAX has a 1 year low of $13.20 and a 1 year high of $26.84. The stock has a market cap of $1.22 billion, a price-to-earnings ratio of 52.46, a PEG ratio of 1.25 and a beta of 1.24.

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

Insiders Place Their Bets

In other news, EVP Robert D. Lister sold 55,910 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $25.50, for a total value of $1,425,705.00. Following the completion of the transaction, the executive vice president now owns 138,889 shares of the company’s stock, valued at approximately $3,541,669.50. This represents a 28.70 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Natasha Fernandes sold 2,957 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was 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 represents a 16.58 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 65,176 shares of company stock worth $1,662,110. 24.08% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Mizuho Markets Americas LLC increased its position in IMAX by 47.5% during the 3rd quarter. Mizuho Markets Americas LLC now owns 387,689 shares of the company’s stock valued at $7,952,000 after buying an additional 124,811 shares in the last quarter. American Century Companies Inc. increased its position in IMAX by 57.0% during the 2nd quarter. American Century Companies Inc. now owns 120,021 shares of the company’s stock valued at $2,013,000 after buying an additional 43,584 shares in the last quarter. Royce & Associates LP increased its position in IMAX by 3.1% during the 3rd quarter. Royce & Associates LP now owns 1,822,616 shares of the company’s stock valued at $37,382,000 after buying an additional 54,850 shares in the last quarter. Quantbot Technologies LP bought a new position in IMAX during the 3rd quarter valued at approximately $777,000. Finally, Lord Abbett & CO. LLC purchased a new stake in IMAX during the 3rd quarter valued at $6,322,000. 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.