MKM Partners Reaffirms Buy Rating for Imax Corp. (IMAX)
Imax Corp. (NYSE:IMAX)‘s stock had its “buy” rating restated by equities research analysts at MKM Partners in a research note issued to investors on Tuesday. They currently have a $40.00 target price on the stock. MKM Partners’ target price suggests a potential upside of 32.71% from the stock’s current price.
IMAX has been the topic of a number of other reports. Wedbush reiterated an “outperform” rating and issued a $41.50 target price on shares of Imax Corp. in a research report on Wednesday, September 21st. Zacks Investment Research downgraded Imax Corp. from a “hold” rating to a “sell” rating in a research report on Tuesday, September 20th. Macquarie decreased their target price on Imax Corp. from $42.00 to $41.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 14th. Piper Jaffray Cos. reiterated an “overweight” rating and issued a $45.00 target price (up from $40.00) on shares of Imax Corp. in a research report on Sunday, July 24th. Finally, Canaccord Genuity reiterated a “buy” rating on shares of Imax Corp. in a research report on Wednesday, June 22nd. One investment analyst has rated the stock with a sell rating, two have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $40.56.
Shares of Imax Corp. (NYSE:IMAX) traded up 1.41% during midday trading on Tuesday, hitting $30.14. The stock had a trading volume of 896,519 shares. The company’s 50 day moving average is $29.48 and its 200 day moving average is $30.77. The company has a market cap of $2.02 billion, a PE ratio of 43.49 and a beta of 1.55. Imax Corp. has a 52-week low of $25.52 and a 52-week high of $40.36.
Imax Corp. (NYSE:IMAX) last posted its earnings results on Wednesday, July 20th. The company reported $0.18 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.01. The company had revenue of $91.70 million for the quarter, compared to the consensus estimate of $91.30 million. Imax Corp. had a return on equity of 7.66% and a net margin of 12.47%. The firm’s revenue for the quarter was down 14.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.40 earnings per share. On average, analysts anticipate that Imax Corp. will post $0.89 earnings per share for the current year.
In related news, CEO Richard L. Gelfond sold 7,741 shares of the stock in a transaction that occurred on Friday, September 2nd. The stock was sold at an average price of $30.83, for a total value of $238,655.03. Following the transaction, the chief executive officer now owns 102,470 shares of the company’s stock, valued at $3,159,150.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 5.80% of the stock is owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in IMAX. BNP Paribas Arbitrage SA boosted its stake in shares of Imax Corp. by 75.0% in the third quarter. BNP Paribas Arbitrage SA now owns 4,085 shares of the company’s stock valued at $118,000 after buying an additional 1,751 shares during the period. Advisor Group Inc. bought a new stake in shares of Imax Corp. during the second quarter valued at about $121,000. BlackRock Inc. boosted its stake in shares of Imax Corp. by 130.7% in the first quarter. BlackRock Inc. now owns 3,977 shares of the company’s stock valued at $123,000 after buying an additional 2,253 shares during the period. Mackenzie Financial Corp bought a new stake in shares of Imax Corp. during the second quarter valued at about $218,000. Finally, Seven Eight Capital LLC boosted its stake in shares of Imax Corp. by 8.3% in the first quarter. Seven Eight Capital LLC now owns 7,800 shares of the company’s stock valued at $243,000 after buying an additional 600 shares during the period. 79.80% of the stock is currently owned by institutional investors and hedge funds.
Imax Corp. Company Profile
IMAX Corporation is an entertainment technology company. The Company operates through seven segments: the IMAX systems, the theater system maintenance, the joint revenue sharing arrangements, film production and IMAX DMR, film distribution, film post-production and other. The IMAX systems segment designs, manufactures, sells or leases IMAX theater projection system equipment.
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