Imax Corp. (IMAX) Rating Reiterated by Wedbush
Imax Corp. (NYSE:IMAX)‘s stock had its “outperform” rating reaffirmed by equities research analysts at Wedbush in a research report issued to clients and investors on Monday. They currently have a $41.50 price target on the stock. Wedbush’s price target would indicate a potential upside of 37.55% from the stock’s current price.
IMAX has been the topic of several other reports. Piper Jaffray Cos. reiterated an “overweight” rating and set a $45.00 price objective (up from $40.00) on shares of Imax Corp. in a research report on Sunday, July 24th. B. Riley reiterated a “buy” rating and set a $42.50 price objective on shares of Imax Corp. in a research report on Monday, July 25th. Credit Suisse Group AG reiterated a “buy” rating on shares of Imax Corp. in a research report on Wednesday, June 22nd. Stifel Nicolaus reiterated a “buy” rating and set a $45.00 price objective on shares of Imax Corp. in a research report on Wednesday, August 3rd. Finally, Canaccord Genuity reiterated a “buy” rating on shares of Imax Corp. in a research report on Wednesday, June 22nd. 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 company. The stock has an average rating of “Buy” and an average price target of $40.56.
Shares of Imax Corp. (NYSE:IMAX) traded down 1.29% during trading on Monday, reaching $29.78. The company’s stock had a trading volume of 747,635 shares. Imax Corp. has a 52-week low of $25.52 and a 52-week high of $40.36. The stock has a market cap of $2.00 billion, a price-to-earnings ratio of 42.97 and a beta of 1.55. The stock’s 50 day moving average price is $29.48 and its 200-day moving average price is $30.78.
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Imax Corp. (NYSE:IMAX) last announced its earnings results on Wednesday, July 20th. The company reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.17 by $0.01. The business had revenue of $91.70 million for the quarter, compared to analyst estimates of $91.30 million. Imax Corp. had a return on equity of 7.66% and a net margin of 12.47%. The company’s quarterly revenue was down 14.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.40 EPS. Equities analysts anticipate that Imax Corp. will post $0.89 EPS for the current year.
In other news, CEO Richard L. Gelfond sold 7,741 shares of the firm’s stock in a transaction that occurred on Friday, September 2nd. The stock was sold at an average price of $30.83, for a total value of $238,655.03. Following the completion of the transaction, the chief executive officer now owns 102,470 shares in the company, valued at approximately $3,159,150.10. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 5.80% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BNP Paribas Arbitrage SA raised its position in Imax Corp. by 75.0% in the third quarter. BNP Paribas Arbitrage SA now owns 4,085 shares of the company’s stock worth $118,000 after buying an additional 1,751 shares during the period. Advisor Group Inc. bought a new position in Imax Corp. during the second quarter worth $121,000. BlackRock Inc. raised its position in 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 period. Mackenzie Financial Corp bought a new position in Imax Corp. during the second quarter worth $218,000. Finally, Seven Eight Capital LLC raised its position in 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 period. Institutional investors own 79.80% of the company’s stock.
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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