Wells Fargo & Company Issues Positive Forecast for IMAX (NYSE:IMAX) Stock Price

IMAX (NYSE:IMAX) had its price target upped by Wells Fargo & Company from $26.00 to $32.00 in a research report sent to investors on Thursday,Benzinga reports. They currently have an overweight rating on the stock.

Several other equities analysts also recently commented on the stock. Benchmark reaffirmed a “buy” rating and set a $30.00 price objective on shares of IMAX in a research note on Friday, January 17th. StockNews.com lowered IMAX from a “buy” rating to a “hold” rating in a research report on Thursday, February 13th. Rosenblatt Securities increased their price objective on IMAX from $28.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday. JPMorgan Chase & Co. boosted their target price on IMAX from $21.00 to $25.00 and gave the company a “neutral” rating in a research note on Thursday, January 30th. Finally, Barrington Research raised their price target on IMAX from $30.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $30.67.

IMAX Price Performance

Shares of IMAX stock opened at $26.03 on Thursday. IMAX has a one year low of $14.94 and a one year high of $27.77. The business’s 50 day simple moving average is $24.65 and its two-hundred day simple moving average is $23.01. The stock has a market capitalization of $1.38 billion, a P/E ratio of 53.11, a price-to-earnings-growth ratio of 1.49 and a beta of 1.22.

IMAX (NYSE:IMAX) last issued its earnings results on Wednesday, February 19th. The company reported $0.17 EPS for the quarter, missing the consensus estimate of $0.31 by ($0.14). The firm had revenue of $92.67 million during the quarter, compared to analysts’ expectations of $104.08 million. IMAX had a return on equity of 8.60% and a net margin of 7.40%. Sell-side analysts expect that IMAX will post 0.91 earnings per share for the current fiscal year.

Insider Activity at IMAX

In other IMAX news, CFO Natasha Fernandes sold 2,957 shares of the business’s stock in a transaction 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 sale, the chief financial officer now directly owns 14,883 shares of the company’s stock, valued at approximately $379,814.16. The trade was a 16.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Robert D. Lister sold 55,910 shares of the firm’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $25.50, for a total value of $1,425,705.00. Following the transaction, the executive vice president now owns 138,889 shares of the company’s stock, valued at $3,541,669.50. The trade was a 28.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 65,176 shares of company stock worth $1,662,110 over the last ninety days. 24.08% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On IMAX

A number of hedge funds have recently bought and sold shares of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of IMAX by 87.3% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 147,978 shares of the company’s stock valued at $3,788,000 after buying an additional 68,957 shares during the last quarter. Squarepoint Ops LLC bought a new position in IMAX in the 4th quarter valued at approximately $999,000. Two Sigma Investments LP purchased a new stake in IMAX during the 4th quarter valued at $2,411,000. State of Wyoming increased its holdings in shares of IMAX by 184.6% in the 4th quarter. State of Wyoming now owns 21,606 shares of the company’s stock worth $553,000 after purchasing an additional 14,014 shares in the last quarter. Finally, Polar Asset Management Partners Inc. increased its holdings in shares of IMAX by 191.6% in the 4th quarter. Polar Asset Management Partners Inc. now owns 204,536 shares of the company’s stock worth $5,236,000 after purchasing an additional 134,389 shares in the last quarter. 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.