Imax Corp.’s (IMAX) “Outperform” Rating Reiterated at Wedbush
Imax Corp. (NYSE:IMAX)‘s stock had its “outperform” rating reaffirmed by investment analysts at Wedbush in a research report issued to clients and investors on Wednesday. They currently have a $41.50 price objective on the stock. Wedbush’s price target points to a potential upside of 42.66% from the company’s current price.
Other research analysts have also issued reports about the stock. B. Riley reissued a “buy” rating and set a $40.00 target price on shares of Imax Corp. in a research note on Sunday, June 12th. Zacks Investment Research lowered shares of Imax Corp. from a “hold” rating to a “sell” rating in a research note on Wednesday, July 13th. MKM Partners reissued a “buy” rating and set a $40.00 target price on shares of Imax Corp. in a research note on Tuesday, May 24th. Benchmark Co. reissued a “buy” rating on shares of Imax Corp. in a research note on Wednesday, June 22nd. Finally, Credit Suisse Group AG reissued a “buy” rating on shares of Imax Corp. in a research note on Tuesday, May 24th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $40.56.
Shares of Imax Corp. (NYSE:IMAX) traded up 0.14% on Wednesday, hitting $29.13. 116,074 shares of the stock were exchanged. The company has a market cap of $1.95 billion, a P/E ratio of 42.03 and a beta of 1.62. The firm’s 50-day moving average is $30.59 and its 200-day moving average is $31.07. Imax Corp. has a one year low of $25.52 and a one year high of $40.36.
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Imax Corp. (NYSE:IMAX) last posted its earnings results on Wednesday, July 20th. The company reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.17 by $0.01. The firm earned $91.70 million during the quarter, compared to analyst estimates of $91.30 million. Imax Corp. had a net margin of 12.47% and a return on equity of 7.66%. Imax Corp.’s revenue was down 14.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.40 EPS. On average, equities analysts forecast that Imax Corp. will post $0.91 EPS for the current fiscal year.
In other news, CEO Richard L. Gelfond sold 7,741 shares of the business’s stock in a transaction that occurred on Friday, September 2nd. The shares were sold at an average price of $30.83, for a total transaction of $238,655.03. Following the sale, the chief executive officer now owns 102,470 shares in the company, valued at $3,159,150.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 5.80% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Advisor Group Inc. bought a new position in shares of Imax Corp. during the second quarter worth approximately $121,000. BlackRock Inc. increased its position in shares of Imax Corp. by 130.7% in the first quarter. BlackRock Inc. now owns 3,977 shares of the company’s stock worth $123,000 after buying an additional 2,253 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. increased its position in shares of Imax Corp. by 273.6% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 6,621 shares of the company’s stock worth $206,000 after buying an additional 4,849 shares during the last quarter. Mackenzie Financial Corp bought a new position in shares of Imax Corp. during the second quarter worth approximately $218,000. Finally, Seven Eight Capital LLC increased its position in shares of Imax Corp. by 8.3% in the first quarter. Seven Eight Capital LLC now owns 7,800 shares of the company’s stock worth $243,000 after buying an additional 600 shares during the last quarter. 79.77% of the stock is currently owned by hedge funds and other 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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