IMAX’s (IMAX) “Buy” Rating Reaffirmed at Benchmark

IMAX (NYSE:IMAX)‘s stock had its “buy” rating reissued by research analysts at Benchmark in a research report issued on Friday,Benzinga reports. They presently have a $30.00 price target on the stock. Benchmark’s price objective points to a potential upside of 31.03% from the stock’s previous close.

Several other research analysts have also weighed in on IMAX. Wedbush reaffirmed an “outperform” rating on shares of IMAX in a research note on Wednesday, November 27th. StockNews.com cut shares of IMAX from a “buy” rating to a “hold” rating in a research report on Tuesday. JPMorgan Chase & Co. boosted their target price on IMAX from $20.00 to $21.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. Barrington Research restated an “outperform” rating and set a $30.00 price target on shares of IMAX in a research note on Friday, January 10th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $28.00 price objective on shares of IMAX in a research note on Thursday. Two equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, IMAX currently has an average rating of “Moderate Buy” and an average target price of $27.38.

IMAX Stock Performance

Shares of NYSE IMAX traded up $0.51 during midday trading on Friday, reaching $22.90. 140,655 shares of the stock were exchanged, compared to its average volume of 556,427. The stock has a market capitalization of $1.21 billion, a P/E ratio of 52.05, a PEG ratio of 1.25 and a beta of 1.24. The company has a 50 day simple moving average of $24.90 and a 200 day simple moving average of $21.80. IMAX has a twelve month low of $13.20 and a twelve month high of $26.84.

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

Insider Activity at IMAX

In other news, EVP Robert D. Lister sold 55,910 shares of IMAX stock in a transaction on 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 completion of the sale, the executive vice president now directly owns 138,889 shares of the company’s stock, valued at approximately $3,541,669.50. The trade was a 28.70 % decrease in their position. The transaction was disclosed in a document filed 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 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 in the company, valued at $379,814.16. This trade represents a 16.58 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 65,176 shares of company stock worth $1,662,110. Company insiders own 24.08% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Lord Abbett & CO. LLC acquired a new stake in shares of IMAX during the 3rd quarter worth about $6,322,000. Public Employees Retirement System of Ohio acquired a new stake in IMAX during the third quarter worth approximately $1,555,000. Pier Capital LLC purchased a new stake in shares of IMAX during the 3rd quarter worth approximately $4,221,000. Castleark Management LLC acquired a new position in shares of IMAX in the 3rd quarter valued at $5,199,000. Finally, Systematic Financial Management LP purchased a new position in shares of IMAX in the 3rd quarter valued at $838,000. 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.