Imax Corporation (IMAX) Given “Outperform” Rating at Wedbush
Imax Corporation (NYSE:IMAX)‘s stock had its “outperform” rating reaffirmed by research analysts at Wedbush in a report issued on Thursday. They presently have a $35.00 price objective on the stock. Wedbush’s price target indicates a potential upside of 69.49% from the company’s current price.
IMAX has been the subject of a number of other reports. B. Riley reissued a “buy” rating and set a $43.50 target price on shares of Imax Corporation in a research note on Sunday, June 18th. Canaccord Genuity reissued a “buy” rating and set a $39.00 target price on shares of Imax Corporation in a research note on Monday, April 10th. Benchmark Co. downgraded Imax Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, June 7th. MKM Partners cut their target price on Imax Corporation from $40.00 to $30.00 and set a “buy” rating for the company in a research note on Friday, July 7th. Finally, Roth Capital set a $33.00 target price on Imax Corporation and gave the stock a “buy” rating in a research note on Tuesday, June 13th. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $37.45.
Shares of Imax Corporation (IMAX) traded up 1.332% on Thursday, reaching $20.925. The company had a trading volume of 247,280 shares. The firm has a market capitalization of $1.39 billion, a P/E ratio of 80.481 and a beta of 0.90. The company’s 50-day moving average price is $23.35 and its 200 day moving average price is $29.53. Imax Corporation has a 52 week low of $20.05 and a 52 week high of $35.30.
Imax Corporation (NYSE:IMAX) last posted its quarterly earnings data on Thursday, April 20th. The company reported $0.06 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.05 by $0.01. The firm had revenue of $68.70 million during the quarter, compared to the consensus estimate of $71.53 million. Imax Corporation had a return on equity of 2.49% and a net margin of 5.46%. The firm’s revenue was down 25.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.22 EPS. On average, analysts expect that Imax Corporation will post $0.69 EPS for the current year.
Imax Corporation announced that its Board of Directors has approved a stock buyback program on Monday, June 12th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the company to buy up to 12.5% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its shares are undervalued.
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In related news, Director Eric A. Demirian sold 2,670 shares of the business’s stock in a transaction that occurred on Thursday, June 15th. The stock was sold at an average price of $25.10, for a total transaction of $67,017.00. Following the sale, the director now owns 17,945 shares of the company’s stock, valued at $450,419.50. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 18.90% of the stock is owned by insiders.
Large investors have recently made changes to their positions in the company. Sei Investments Co. boosted its stake in shares of Imax Corporation by 25.0% in the first quarter. Sei Investments Co. now owns 206,850 shares of the company’s stock valued at $7,033,000 after buying an additional 41,414 shares during the last quarter. Two Sigma Securities LLC purchased a new stake in shares of Imax Corporation during the first quarter valued at approximately $331,000. Peregrine Capital Management LLC boosted its stake in shares of Imax Corporation by 7.4% in the first quarter. Peregrine Capital Management LLC now owns 1,109,121 shares of the company’s stock valued at $37,488,000 after buying an additional 76,309 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Imax Corporation by 78.9% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,774 shares of the company’s stock valued at $156,000 after buying an additional 2,546 shares during the last quarter. Finally, Paloma Partners Management Co purchased a new stake in shares of Imax Corporation during the first quarter valued at approximately $1,504,000. 88.77% of the stock is currently owned by hedge funds and other institutional investors.
About Imax Corporation
IMAX Corporation is an entertainment technology company. The Company operates through seven segments: IMAX systems; theater system maintenance; 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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