Imax Corp. (IMAX) Receives Average Recommendation of “Buy” from Brokerages
Imax Corp. (NYSE:IMAX) has been assigned an average rating of “Buy” from the sixteen ratings firms that are currently covering the stock. Three research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $40.85.
Several brokerages recently commented on IMAX. B. Riley reaffirmed a “buy” rating and issued a $42.50 price objective on shares of Imax Corp. in a report on Tuesday, September 20th. Wedbush set a $42.00 price objective on Imax Corp. and gave the stock a “buy” rating in a report on Sunday, October 23rd. Zacks Investment Research lowered Imax Corp. from a “hold” rating to a “sell” rating in a report on Tuesday, July 19th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $45.00 price objective on shares of Imax Corp. in a report on Wednesday, August 3rd. Finally, Canaccord Genuity reiterated a “buy” rating on shares of Imax Corp. in a research report on Tuesday, July 19th.
Imax Corp. (NYSE:IMAX) opened at 33.00 on Friday. The firm has a 50-day moving average price of $30.08 and a 200-day moving average price of $30.75. Imax Corp. has a 52 week low of $25.52 and a 52 week high of $40.36. The company has a market capitalization of $2.20 billion, a price-to-earnings ratio of 53.57 and a beta of 1.20.
Imax Corp. (NYSE:IMAX) last issued its quarterly earnings data on Thursday, October 20th. The company reported $0.12 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.08 by $0.04. Imax Corp. had a return on equity of 5.99% and a net margin of 10.86%. The company earned $86.60 million during the quarter, compared to analyst estimates of $77.09 million. During the same quarter in the previous year, the company posted $0.17 earnings per share. Imax Corp.’s revenue was up 1.8% compared to the same quarter last year. Analysts anticipate that Imax Corp. will post $0.82 EPS for the current fiscal year.
In other news, CEO Richard L. Gelfond sold 7,741 shares of the company’s stock in a transaction that occurred on Friday, September 2nd. The stock was sold at an average price of $30.83, for a total transaction 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Andrew Cripps sold 100,000 shares of the company’s stock in a transaction that occurred on Friday, October 21st. The shares were sold at an average price of $31.47, for a total value of $3,147,000.00. Following the transaction, the insider now directly owns 1,389 shares in the company, valued at approximately $43,711.83. The disclosure for this sale can be found here. Company insiders own 5.80% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in IMAX. Nuveen Asset Management LLC boosted its position in Imax Corp. by 45.7% in the first quarter. Nuveen Asset Management LLC now owns 238,861 shares of the company’s stock worth $7,426,000 after buying an additional 74,958 shares in the last quarter. BlackRock Inc. boosted its position in Imax Corp. by 130.7% in the first quarter. BlackRock Inc. now owns 3,977 shares of the company’s stock worth $123,000 after buying an additional 2,253 shares in the last quarter. Stephens Inc. AR raised its stake in shares of Imax Corp. by 17.3% in the second quarter. Stephens Inc. AR now owns 13,928 shares of the company’s stock worth $411,000 after buying an additional 2,051 shares during the last quarter. Swiss National Bank raised its stake in shares of Imax Corp. by 1.1% in the second quarter. Swiss National Bank now owns 105,600 shares of the company’s stock worth $3,113,000 after buying an additional 1,100 shares during the last quarter. Finally, Trillium Asset Management LLC raised its stake in shares of Imax Corp. by 1.0% in the second quarter. Trillium Asset Management LLC now owns 65,488 shares of the company’s stock worth $1,931,000 after buying an additional 618 shares during the last quarter. 86.18% of the stock is currently owned by hedge funds and other institutional investors.
About Imax Corp.
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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