Wedbush Reiterates Outperform Rating for Imax Corp. (IMAX)
Imax Corp. (NYSE:IMAX)‘s stock had its “outperform” rating reiterated by investment analysts at Wedbush in a research note issued on Monday. They presently have a $41.50 price target on the stock. Wedbush’s price target would suggest a potential upside of 37.55% from the stock’s previous close.
IMAX has been the subject of several other research reports. Zacks Investment Research cut shares of Imax Corp. from a “hold” rating to a “sell” rating in a research report on Tuesday, June 21st. Benchmark Co. reaffirmed a “buy” rating on shares of Imax Corp. in a research report on Wednesday, June 22nd. Stifel Nicolaus reaffirmed a “buy” rating and issued a $45.00 price target on shares of Imax Corp. in a research report on Thursday, June 23rd. Credit Suisse Group AG reaffirmed a “buy” rating on shares of Imax Corp. in a research report on Wednesday, June 22nd. Finally, Canaccord Genuity reaffirmed a “buy” rating on shares of Imax Corp. in a research report on Wednesday, June 22nd. One investment analyst has rated the stock with a sell rating, two have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $40.56.
Shares of Imax Corp. (NYSE:IMAX) traded down 1.56% during midday trading on Monday, reaching $29.70. 697,867 shares of the company traded hands. The company has a market capitalization of $1.99 billion, a PE ratio of 42.86 and a beta of 1.55. Imax Corp. has a 1-year low of $25.52 and a 1-year high of $40.36. The company has a 50 day moving average price of $29.48 and a 200 day moving average price of $30.78.
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Imax Corp. (NYSE:IMAX) last released its quarterly earnings data on Wednesday, July 20th. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.01. The company earned $91.70 million during the quarter, compared to analysts’ expectations of $91.30 million. Imax Corp. had a net margin of 12.47% and a return on equity of 7.66%. The firm’s quarterly revenue was down 14.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.40 EPS. On average, analysts expect that Imax Corp. will post $0.89 earnings per share for the current year.
In other Imax Corp. news, CEO Richard L. Gelfond sold 7,741 shares of the company’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 transaction, the chief executive officer now owns 102,470 shares in the company, valued at approximately $3,159,150.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 5.80% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. BNP Paribas Arbitrage SA raised its stake 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 last quarter. Advisor Group Inc. acquired a new stake in Imax Corp. during the second quarter worth $121,000. BlackRock Inc. raised its stake 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 last quarter. Mackenzie Financial Corp acquired a new stake in Imax Corp. during the second quarter worth $218,000. Finally, Seven Eight Capital LLC raised its stake 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 last quarter. Hedge funds and other institutional investors own 79.80% of the company’s stock.
Imax Corp. Company Profile
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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