Imax Corp. (IMAX) Receives “Buy” Rating from B. Riley
Imax Corp. (NYSE:IMAX)‘s stock had its “buy” rating restated by investment analysts at B. Riley in a note issued to investors on Wednesday. They presently have a $42.50 price objective on the stock. B. Riley’s target price would indicate a potential upside of 28.79% from the company’s current price.
Other equities research analysts also recently issued reports about the stock. Wedbush set a $42.00 price objective on shares of Imax Corp. and gave the stock a “buy” rating in a research report on Sunday, October 23rd. Zacks Investment Research downgraded shares of Imax Corp. from a “hold” rating to a “sell” rating in a research report on Tuesday, July 19th. Stifel Nicolaus reissued a “buy” rating and set a $45.00 target price on shares of Imax Corp. in a research report on Wednesday, August 3rd. Canaccord Genuity reissued a “buy” rating on shares of Imax Corp. in a research report on Tuesday, July 19th. Finally, Roth Capital set a $38.00 target price on shares of Imax Corp. and gave the company a “buy” rating in a research report on Monday, October 17th. Three analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. Imax Corp. currently has a consensus rating of “Buy” and a consensus target price of $40.72.
Imax Corp. (NYSE:IMAX) opened at 33.00 on Wednesday. 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 PE ratio of 53.57 and a beta of 1.20. The company has a 50-day moving average of $30.08 and a 200-day moving average of $30.75.
Imax Corp. (NYSE:IMAX) last issued its quarterly earnings data on Thursday, October 20th. The company reported $0.12 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.08 by $0.04. Imax Corp. had a net margin of 10.86% and a return on equity of 5.99%. The business earned $86.60 million during the quarter, compared to the consensus estimate of $77.09 million. During the same period in the prior year, the firm posted $0.17 EPS. The firm’s quarterly revenue was up 1.8% compared to the same quarter last year. On average, equities research analysts anticipate that Imax Corp. will post $0.82 EPS for the current year.
In other news, CEO Richard L. Gelfond sold 7,741 shares of the stock in a transaction on Friday, September 2nd. The shares were 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 approximately $3,159,150.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Andrew Cripps sold 100,000 shares of the stock in a transaction on Friday, October 21st. The stock was sold at an average price of $31.47, for a total transaction of $3,147,000.00. Following the completion of 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. 5.80% of the stock is currently owned by insiders.
Several institutional investors have recently added to or reduced their stakes in IMAX. Prudential Financial Inc. acquired a new position in Imax Corp. during the first quarter valued at approximately $426,000. BlackRock Inc. raised its position in 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 in the last quarter. BlackRock Institutional Trust Company N.A. raised its position in Imax Corp. by 2.2% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 580,828 shares of the company’s stock valued at $18,058,000 after buying an additional 12,322 shares in the last quarter. State Street Corp raised its position in Imax Corp. by 3.6% in the first quarter. State Street Corp now owns 1,004,997 shares of the company’s stock valued at $31,247,000 after buying an additional 34,468 shares in the last quarter. Finally, Nuveen Asset Management LLC raised 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 valued at $7,426,000 after buying an additional 74,958 shares in the last quarter. 86.18% of the stock is currently owned by 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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