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

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

A number of other equities analysts also recently issued reports on IMAX. Wedbush reiterated an “outperform” rating on shares of IMAX in a research report on Wednesday, November 27th. JPMorgan Chase & Co. lifted their price target on shares of IMAX from $20.00 to $21.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Barrington Research restated an “outperform” rating and set a $24.00 price objective on shares of IMAX in a research report on Thursday, October 31st. Roth Mkm lifted their target price on shares of IMAX from $27.00 to $28.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Finally, Rosenblatt Securities restated a “buy” rating and set a $28.00 price target on shares of IMAX in a research report on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $25.78.

IMAX Price Performance

Shares of NYSE IMAX opened at $23.12 on Friday. The stock has a market capitalization of $1.22 billion, a price-to-earnings ratio of 52.55, a PEG ratio of 1.69 and a beta of 1.24. The firm’s 50 day simple moving average is $25.05 and its 200-day simple moving average is $21.60. IMAX has a 12 month low of $13.20 and a 12 month high of $26.84.

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

Insider Buying and Selling at IMAX

In other IMAX news, CFO Natasha Fernandes sold 2,957 shares of the company’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 completion of the sale, the chief financial officer now directly owns 14,883 shares in the company, valued at $379,814.16. This represents a 16.58 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Robert D. Lister sold 55,910 shares of IMAX stock in a transaction 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 transaction, the executive vice president now owns 138,889 shares in the company, valued at approximately $3,541,669.50. This represents a 28.70 % 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

A number of institutional investors have recently bought and sold shares of IMAX. US Bancorp DE grew its stake in shares of IMAX by 23.4% in the 3rd quarter. US Bancorp DE now owns 7,656 shares of the company’s stock valued at $157,000 after buying an additional 1,452 shares during the period. Huntington National Bank acquired a new stake in IMAX during the third quarter worth $34,000. Headlands Technologies LLC acquired a new stake in IMAX during the second quarter worth $35,000. Quarry LP raised its position in IMAX by 78,333.3% in the third quarter. Quarry LP now owns 2,353 shares of the company’s stock valued at $48,000 after purchasing an additional 2,350 shares during the period. Finally, nVerses Capital LLC acquired a new position in shares of IMAX in the 3rd quarter valued at $70,000. 93.51% of the stock is owned by hedge funds and other institutional investors.

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.