IMAX Corporation (NYSE:IMAX) Receives $48.00 Average Price Target from Brokerages

IMAX Corporation (NYSE:IMAX) has been given a consensus rating of “Moderate Buy” by the twelve brokerages that are currently covering the firm, MarketBeat Ratings reports. Three analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $48.00.

A number of analysts have recently commented on the stock. Weiss Ratings cut shares of IMAX from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, May 22nd. The Goldman Sachs Group boosted their target price on shares of IMAX from $37.00 to $41.00 and gave the company a “neutral” rating in a report on Monday, March 2nd. Benchmark boosted their target price on shares of IMAX from $44.00 to $60.00 and gave the company a “buy” rating in a report on Friday, May 22nd. JPMorgan Chase & Co. dropped their target price on shares of IMAX from $48.00 to $47.00 and set an “overweight” rating on the stock in a report on Friday, May 1st. Finally, Barrington Research boosted their target price on shares of IMAX from $42.00 to $46.00 and gave the company an “outperform” rating in a report on Friday, May 1st.

IMAX Stock Up 1.6%

NYSE:IMAX opened at $39.30 on Friday. The stock has a market cap of $2.16 billion, a P/E ratio of 60.46, a price-to-earnings-growth ratio of 1.37 and a beta of 0.37. The firm’s fifty day simple moving average is $36.85 and its 200 day simple moving average is $36.89. IMAX has a twelve month low of $24.20 and a twelve month high of $43.16.

IMAX (NYSE:IMAX) last released its quarterly earnings results on Thursday, April 30th. The company reported $0.17 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.02. IMAX had a net margin of 9.08% and a return on equity of 13.61%. The business had revenue of $81.38 million for the quarter, compared to analysts’ expectations of $79.82 million. During the same quarter in the previous year, the business posted $0.13 earnings per share. The firm’s revenue for the quarter was down 6.1% compared to the same quarter last year. On average, analysts expect that IMAX will post 1.34 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Kevin Douglas sold 330,200 shares of the business’s stock in a transaction on Monday, March 16th. The shares were sold at an average price of $37.82, for a total transaction of $12,488,164.00. Following the sale, the insider owned 3,657,450 shares in the company, valued at approximately $138,324,759. The trade was a 8.28% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Richard L. Gelfond sold 8,943 shares of the business’s stock in a transaction on Monday, April 27th. The shares were sold at an average price of $37.33, for a total transaction of $333,842.19. Following the sale, the chief executive officer owned 765,002 shares in the company, valued at approximately $28,557,524.66. This trade represents a 1.16% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 1,054,284 shares of company stock worth $40,062,532. Company insiders own 20.55% of the company’s stock.

Hedge Funds Weigh In On IMAX

Several large investors have recently modified their holdings of IMAX. Westfield Capital Management Co. LP purchased a new position in shares of IMAX in the 3rd quarter worth about $53,141,000. Orbis Allan Gray Ltd raised its position in shares of IMAX by 31.7% in the 2nd quarter. Orbis Allan Gray Ltd now owns 5,113,033 shares of the company’s stock worth $142,960,000 after purchasing an additional 1,230,267 shares during the last quarter. Divisadero Street Capital Management LP purchased a new position in shares of IMAX in the 3rd quarter worth about $20,975,000. Marsico Capital Management LLC purchased a new position in shares of IMAX in the 4th quarter worth about $18,149,000. Finally, Balyasny Asset Management L.P. purchased a new position in shares of IMAX in the 2nd quarter worth about $12,568,000. Hedge funds and other institutional investors own 93.51% of the company’s stock.

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.