MKM Partners Reaffirms Buy Rating for Imax Corp. (IMAX)
Imax Corp. (NYSE:IMAX)‘s stock had its “buy” rating reissued by equities research analysts at MKM Partners in a research note issued on Tuesday. They presently have a $40.00 price target on the stock. MKM Partners’ target price points to a potential upside of 32.71% from the company’s current price.
Other analysts have also issued research reports about the stock. Roth Capital initiated coverage on shares of Imax Corp. in a research report on Wednesday, July 20th. They set a “buy” rating and a $38.00 price target on the stock. Canaccord Genuity reaffirmed a “buy” rating on shares of Imax Corp. in a research report on Tuesday, July 19th. Credit Suisse Group AG reissued a “buy” rating on shares of Imax Corp. in a research report on Wednesday, June 22nd. Stifel Nicolaus reissued a “buy” rating and issued a $45.00 target price on shares of Imax Corp. in a research report on Thursday, June 23rd. Finally, Benchmark Co. reissued a “buy” rating on shares of Imax Corp. in a research report on Wednesday, June 22nd. One 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 stock. Imax Corp. presently has a consensus rating of “Buy” and an average target price of $40.56.
Shares of Imax Corp. (NYSE:IMAX) traded up 1.41% during mid-day trading on Tuesday, reaching $30.14. The company’s stock had a trading volume of 896,519 shares. The stock has a 50 day moving average of $29.48 and a 200-day moving average of $30.77. Imax Corp. has a one year low of $25.52 and a one year high of $40.36. The stock has a market cap of $2.02 billion, a P/E ratio of 43.49 and a beta of 1.55.
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Imax Corp. (NYSE:IMAX) last released its quarterly earnings results on Wednesday, July 20th. The company reported $0.18 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.17 by $0.01. The firm had revenue of $91.70 million for 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%. The business’s revenue for the quarter was down 14.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.40 EPS. On average, equities research analysts expect that Imax Corp. will post $0.89 EPS for the current fiscal year.
In other Imax Corp. news, CEO Richard L. Gelfond sold 7,741 shares of the company’s stock in a transaction on Friday, September 2nd. The shares were 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 $3,159,150.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 5.80% of the stock is currently owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Nuveen Asset Management LLC increased its position in Imax Corp. by 45.7% in the first quarter. Nuveen Asset Management LLC now owns 238,861 shares of the company’s stock valued at $7,426,000 after buying an additional 74,958 shares in the last quarter. BlackRock Inc. boosted its stake 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. Stephens Inc. AR boosted its stake in shares of Imax Corp. by 17.3% in the second quarter. Stephens Inc. AR now owns 13,928 shares of the company’s stock worth $411,000 after buying an additional 2,051 shares during the last quarter. Swiss National Bank boosted its stake in shares of Imax Corp. by 1.1% in the second quarter. Swiss National Bank now owns 105,600 shares of the company’s stock worth $3,113,000 after buying an additional 1,100 shares during the last quarter. Finally, Pacad Investment Ltd. acquired a new stake in shares of Imax Corp. during the first quarter worth approximately $255,000. 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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