JPMorgan Chase & Co. Forecasts Strong Price Appreciation for IMAX (NYSE:IMAX) Stock

IMAX (NYSE:IMAX) had its target price raised by JPMorgan Chase & Co. from $25.00 to $27.00 in a report published on Friday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

Other equities analysts have also issued reports about the stock. StockNews.com lowered shares of IMAX from a “buy” rating to a “hold” rating in a report on Thursday, February 13th. Wells Fargo & Company lifted their price target on shares of IMAX from $26.00 to $32.00 and gave the stock an “overweight” rating in a report on Thursday. Wedbush reaffirmed an “outperform” rating and issued a $32.00 price target on shares of IMAX in a report on Thursday. Benchmark reaffirmed a “buy” rating and issued a $30.00 price target on shares of IMAX in a report on Thursday. Finally, Barrington Research lifted their price objective on shares of 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $30.67.

IMAX Price Performance

Shares of NYSE IMAX opened at $26.03 on Friday. The company has a market cap of $1.38 billion, a P/E ratio of 53.11, a PEG ratio of 1.49 and a beta of 1.22. IMAX has a 1 year low of $14.94 and a 1 year high of $27.77. The firm has a 50-day simple moving average of $24.65 and a two-hundred day simple moving average of $23.03.

IMAX (NYSE:IMAX) last posted its quarterly earnings results on Wednesday, February 19th. The company reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.31 by ($0.14). IMAX had a net margin of 7.40% and a return on equity of 8.60%. The company had revenue of $92.67 million for the quarter, compared to the consensus estimate of $104.08 million. As a group, equities research analysts expect that IMAX will post 0.91 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Natasha Fernandes sold 2,957 shares of the business’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $25.52, for a total transaction of $75,462.64. Following the completion of the sale, the chief financial officer now owns 14,883 shares of the company’s stock, valued at $379,814.16. The trade was a 16.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Robert D. Lister sold 55,910 shares of the business’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $25.50, for a total transaction of $1,425,705.00. Following the sale, the executive vice president now directly owns 138,889 shares of the company’s stock, valued at $3,541,669.50. This represents a 28.70 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 65,176 shares of company stock worth $1,662,110. Company insiders own 24.08% of the company’s stock.

Institutional Trading of IMAX

Institutional investors and hedge funds have recently modified their holdings of the stock. Mizuho Markets Americas LLC increased its stake in shares of IMAX by 47.5% during the third quarter. Mizuho Markets Americas LLC now owns 387,689 shares of the company’s stock worth $7,952,000 after purchasing an additional 124,811 shares in the last quarter. Royce & Associates LP grew its stake 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 acquiring an additional 54,850 shares in the last quarter. Quantbot Technologies LP purchased a new stake in IMAX during the 3rd quarter valued at about $777,000. Savant Capital LLC purchased a new stake in IMAX during the 4th quarter valued at about $249,000. Finally, Lord Abbett & CO. LLC purchased a new stake in IMAX during the 3rd quarter valued at about $6,322,000. Hedge funds and other institutional investors own 93.51% of the company’s stock.

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.