Zacks Reiterates Neutral Rating for IMAX (IMAX)
IMAX (NASDAQ:IMAX)‘s stock had its “neutral” rating reaffirmed by Zacks in a report issued on Tuesday. They currently have a $28.00 target price on the stock. Zacks‘s price objective points to a potential upside of 4.13% from the company’s current price.
Zacks’ analyst wrote, “IMAX Corp. posted strong financial results for the second quarter of 2014. Both the top and the bottom line outpaced the respective Zacks Consensus Estimate. Hit Hollywood releases, increasing theater installations, higher backlogs and growing presence in China will continue to spur growth for the company moving ahead. Moreover, signing of new deals with Nordic Cinema and Ster-Kinekor will further boost IMAX’s top line. However, an unpredictable movie business, volatile European markets and continuous technological changes may act as headwinds for IMAX. We also believe that the stock is fairly valued at current levels. Therefore, we maintain our long-term Neutral recommendation on IMAX Corp.”
Shares of IMAX (NASDAQ:IMAX) traded down 1.86% during mid-day trading on Tuesday, hitting $26.39. 315,961 shares of the company’s stock traded hands. IMAX has a 52 week low of $24.01 and a 52 week high of $31.23. The stock’s 50-day moving average is $26.73 and its 200-day moving average is $26.75. The company has a market cap of $1.806 billion and a P/E ratio of 43.23. IMAX also was the recipient of unusually large options trading activity on Monday. Investors acquired 33,161 call options on the company. This is an increase of 830% compared to the typical volume of 3,565 call options.
IMAX (NASDAQ:IMAX) last announced its earnings results on Thursday, July 24th. The company reported $0.25 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.27 by $0.02. The company had revenue of $79.15 million for the quarter, compared to the consensus estimate of $81.10 million. During the same quarter last year, the company posted $0.22 earnings per share. IMAX’s revenue was down 3.2% compared to the same quarter last year. On average, analysts predict that IMAX will post $0.78 earnings per share for the current fiscal year.
In other IMAX news, CTO Brian Bonnick unloaded 32,500 shares of the company’s stock on the open market in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $26.75, for a total transaction of $869,375.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
A number of other firms have also recently commented on IMAX. Analysts at Benchmark Co. upgraded shares of IMAX from a “hold” rating to a “buy” rating in a research note on Friday, July 25th. Separately, analysts at Dougherty & Co reiterated a “buy” rating on shares of IMAX in a research note on Thursday, July 24th. They now have a $38.00 price target on the stock. Finally, analysts at B. Riley upgraded shares of IMAX from a “neutral” rating to a “buy” rating in a research note on Monday, July 21st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and nine have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $30.19.
IMAX Corporation, together with its wholly owned subsidiaries, is an entertainment technology companies, specializing in motion picture technologies and presentations.
To view Zacks’ full report, visit Zacks’ official website.
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