IMAX (NYSE:IMAX) Price Target Raised to $44.00

IMAX (NYSE:IMAX) had its price objective boosted by equities researchers at Macquarie from $39.00 to $44.00 in a research note issued on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Macquarie’s target price indicates a potential upside of 21.38% from the stock’s current price.

IMAX has been the subject of several other research reports. Wall Street Zen raised shares of IMAX from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 21st. Roth Capital reaffirmed a “buy” rating and set a $42.00 price objective on shares of IMAX in a report on Monday, December 8th. Weiss Ratings reissued a “buy (b)” rating on shares of IMAX in a report on Monday, December 29th. Rosenblatt Securities raised their target price on shares of IMAX from $42.00 to $47.00 and gave the company a “buy” rating in a research note on Monday, December 8th. Finally, Barrington Research lifted their price target on shares of IMAX from $37.00 to $42.00 and gave the company an “outperform” rating in a report on Monday, December 8th. Ten investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, IMAX currently has a consensus rating of “Moderate Buy” and an average target price of $42.70.

IMAX Trading Up 3.4%

IMAX stock traded up $1.18 during trading on Thursday, reaching $36.25. The company had a trading volume of 920,866 shares, compared to its average volume of 1,295,373. The firm’s 50-day simple moving average is $36.29 and its 200 day simple moving average is $31.85. IMAX has a 52 week low of $20.48 and a 52 week high of $39.98. The firm has a market capitalization of $1.95 billion, a price-to-earnings ratio of 51.07, a price-to-earnings-growth ratio of 1.71 and a beta of 0.37.

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

Insider Buying and Selling at IMAX

In other news, EVP Giovanni M. Dolci sold 6,188 shares of the stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $34.25, for a total value of $211,939.00. Following the sale, the executive vice president directly owned 33,000 shares in the company, valued at approximately $1,130,250. This represents a 15.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Robert D. Lister sold 50,143 shares of the business’s stock in a transaction on Friday, November 7th. The shares were sold at an average price of $34.67, for a total value of $1,738,457.81. Following the transaction, the vice president owned 161,421 shares of the company’s stock, valued at approximately $5,596,466.07. The trade was a 23.70% decrease in their position. The SEC filing for this sale provides additional information. 23.18% of the stock is owned by insiders.

Hedge Funds Weigh In On IMAX

A number of hedge funds and other institutional investors have recently modified their holdings of the business. CIBC Private Wealth Group LLC purchased a new position in shares of IMAX in the 3rd quarter valued at approximately $27,000. TD Waterhouse Canada Inc. raised its holdings in shares of IMAX by 125.0% in 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. Jones Financial Companies Lllp lifted its stake in shares of IMAX by 43.8% during the third quarter. Jones Financial Companies Lllp now owns 1,041 shares of the company’s stock worth $34,000 after buying an additional 317 shares during the period. First Horizon Corp purchased a new stake in shares of IMAX during the third quarter valued at $34,000. Finally, Clearstead Advisors LLC acquired a new position in shares of IMAX in the 3rd quarter valued at $35,000. 93.51% of the stock is currently owned by institutional investors.

IMAX Company Profile

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.