IMAX (NYSE:IMAX) Receives Buy Rating from Benchmark

IMAX (NYSE:IMAX)‘s stock had its “buy” rating reiterated by equities research analysts at Benchmark in a report released on Friday,Benzinga reports. They presently have a $30.00 price target on the stock. Benchmark’s price target suggests a potential upside of 31.03% from the company’s current price.

A number of other research analysts have also issued reports on IMAX. Barrington Research reiterated an “outperform” rating and set a $30.00 price target on shares of IMAX in a research note on Friday, January 10th. Roth Mkm increased their target price on IMAX from $27.00 to $28.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Rosenblatt Securities restated a “buy” rating and issued a $28.00 price target on shares of IMAX in a research note on Thursday. JPMorgan Chase & Co. increased their price objective on IMAX from $20.00 to $21.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Finally, Wedbush restated an “outperform” rating on shares of IMAX in a research report on Wednesday, November 27th. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $27.38.

IMAX Stock Up 2.3 %

IMAX traded up $0.51 on Friday, hitting $22.90. 140,655 shares of the company traded hands, compared to its average volume of 556,427. The company has a 50 day moving average of $24.90 and a 200-day moving average of $21.80. IMAX has a 12-month low of $13.20 and a 12-month high of $26.84. The stock has a market capitalization of $1.21 billion, a PE ratio of 52.05, a PEG ratio of 1.25 and a beta of 1.24.

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

Insider Buying and Selling

In other IMAX news, EVP Robert D. Lister sold 55,910 shares of the company’s stock in a transaction dated 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 sale, the executive vice president now owns 138,889 shares of the company’s stock, valued at $3,541,669.50. This represents a 28.70 % decrease in their ownership of the stock. The sale 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 firm’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $25.52, for a total transaction of $75,462.64. Following the transaction, the chief financial officer now directly owns 14,883 shares of the company’s stock, valued at approximately $379,814.16. This trade represents a 16.58 % 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 in the last three months. Corporate insiders own 24.08% of the company’s stock.

Institutional Trading of IMAX

A number of large investors have recently made changes to their positions in the stock. Huntington National Bank purchased a new position in IMAX in the 3rd quarter valued at about $34,000. Quarry LP lifted its stake in shares of IMAX by 78,333.3% during the third quarter. Quarry LP now owns 2,353 shares of the company’s stock valued at $48,000 after buying an additional 2,350 shares during the period. nVerses Capital LLC acquired a new stake in IMAX during the third quarter worth approximately $70,000. US Bancorp DE boosted its position in IMAX by 23.4% during the third quarter. US Bancorp DE now owns 7,656 shares of the company’s stock worth $157,000 after acquiring an additional 1,452 shares during the last quarter. Finally, Intech Investment Management LLC purchased a new stake in IMAX in the 3rd quarter worth approximately $205,000. Institutional investors and hedge funds 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.