IMAX Corporation (NYSE:IMAX) Receives $41.50 Consensus Target Price from Analysts

Shares of IMAX Corporation (NYSE:IMAX) have earned an average rating of “Moderate Buy” from the eleven ratings firms that are currently covering the stock, Marketbeat reports. One research analyst has rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $41.50.

A number of equities analysts have weighed in on IMAX shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of IMAX in a research note on Monday, December 22nd. Wall Street Zen raised shares of IMAX from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 21st. JPMorgan Chase & Co. raised IMAX from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $32.00 to $47.00 in a report on Monday, December 15th. Wedbush lifted their target price on IMAX from $39.00 to $46.00 and gave the company an “outperform” rating in a research note on Monday, December 8th. Finally, The Goldman Sachs Group upgraded IMAX from a “sell” rating to a “neutral” rating and boosted their target price for the stock from $22.00 to $34.00 in a research report on Tuesday, November 25th.

IMAX Stock Performance

IMAX stock opened at $37.47 on Thursday. The business’s fifty day moving average is $35.58 and its two-hundred day moving average is $31.27. The firm has a market cap of $2.02 billion, a P/E ratio of 52.77, a P/E/G ratio of 2.29 and a beta of 0.41. IMAX has a 52 week low of $20.48 and a 52 week high of $39.98.

IMAX (NYSE:IMAX) last announced its earnings results on Thursday, October 23rd. The company reported $0.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.16. The company had revenue of $106.65 million during the quarter, compared to analyst estimates of $102.88 million. IMAX had a return on equity of 9.91% and a net margin of 10.47%.The firm’s quarterly revenue was up 16.6% compared to the same quarter last year. During the same period last year, the company posted $0.35 earnings per share. On average, equities research analysts predict that IMAX will post 0.91 earnings per share for the current year.

Insider Activity

In other news, VP Robert D. Lister sold 50,143 shares of IMAX stock in a transaction that occurred on Friday, November 7th. The shares were sold at an average price of $34.67, for a total transaction of $1,738,457.81. Following the completion of the sale, the vice president owned 161,421 shares in the company, valued at $5,596,466.07. The trade was a 23.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Giovanni M. Dolci sold 6,188 shares of the business’s stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $34.25, for a total transaction of $211,939.00. Following the sale, the executive vice president directly owned 33,000 shares of the company’s stock, valued at approximately $1,130,250. This trade represents a 15.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 24.08% of the company’s stock.

Institutional Trading of IMAX

A number of institutional investors have recently bought and sold shares of IMAX. Aurora Investment Counsel lifted its stake in shares of IMAX by 0.4% in the 3rd quarter. Aurora Investment Counsel now owns 70,235 shares of the company’s stock valued at $2,300,000 after purchasing an additional 308 shares during the period. Jones Financial Companies Lllp increased its holdings in IMAX by 43.8% in the third quarter. Jones Financial Companies Lllp now owns 1,041 shares of the company’s stock valued at $34,000 after purchasing an additional 317 shares during the last quarter. Arizona State Retirement System lifted its stake in IMAX by 2.8% in the third quarter. Arizona State Retirement System now owns 13,517 shares of the company’s stock valued at $443,000 after buying an additional 364 shares during the period. TD Waterhouse Canada Inc. boosted its holdings in IMAX by 125.0% during the second quarter. TD Waterhouse Canada Inc. now owns 900 shares of the company’s stock worth $25,000 after buying an additional 500 shares during the last quarter. Finally, Legal & General Group Plc boosted its holdings in IMAX by 1.5% during the second quarter. Legal & General Group Plc now owns 50,969 shares of the company’s stock worth $1,425,000 after buying an additional 756 shares during the last quarter. Institutional investors and hedge funds own 93.51% of the company’s stock.

About IMAX

IMAX Corporation is a global leader in immersive entertainment technologies, specializing in the design, manufacture and distribution of high-resolution cameras, projectors, and proprietary software solutions that enhance both film production and theatrical exhibition. The company licenses its premium large-format system to theatre owners and filmmakers around the world, enabling audiences to experience movies with greater clarity, scale and sound fidelity. IMAX also offers turnkey theatre development services, assisting cinema operators with auditorium design, installation and custom branding to optimize the customer experience.

Founded in 1967 and headquartered in Mississauga, Ontario, IMAX has built a reputation for pioneering film-format innovations, including its patented dual 15-perforation, 70-millimeter projection system.