Imax Corporation (IMAX) PT Set at $35.00 by Piper Jaffray Companies
Imax Corporation (NYSE:IMAX) has been assigned a $35.00 price target by analysts at Piper Jaffray Companies in a report released on Friday. The firm currently has a “buy” rating on the stock. Piper Jaffray Companies’ price target would suggest a potential upside of 64.71% from the company’s current price.
IMAX has been the topic of a number of other reports. B. Riley reaffirmed a “buy” rating and issued a $43.50 target price on shares of Imax Corporation in a report on Sunday, June 18th. Wedbush reaffirmed an “outperform” rating and issued a $35.00 target price on shares of Imax Corporation in a report on Thursday. Canaccord Genuity reaffirmed a “buy” rating and issued a $39.00 target price on shares of Imax Corporation in a report on Monday, April 10th. Benchmark Co. cut shares of Imax Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, June 7th. Finally, MKM Partners cut their target price on shares of Imax Corporation from $40.00 to $30.00 and set a “buy” rating on the stock in a report on Friday, July 7th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $36.45.
Shares of Imax Corporation (IMAX) traded up 0.24% on Friday, reaching $21.25. 1,333,444 shares of the company’s stock were exchanged. The firm has a 50 day moving average of $23.24 and a 200 day moving average of $29.46. The firm has a market capitalization of $1.41 billion, a P/E ratio of 81.73 and a beta of 0.90. Imax Corporation has a one year low of $20.05 and a one year high of $35.30.
Imax Corporation (NYSE:IMAX) last announced its earnings results on Thursday, April 20th. The company reported $0.06 EPS for the quarter, beating analysts’ consensus estimates of $0.05 by $0.01. The business had revenue of $68.70 million for the quarter, compared to analysts’ expectations of $71.53 million. Imax Corporation had a net margin of 5.46% and a return on equity of 2.49%. The company’s quarterly revenue was down 25.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.22 EPS. On average, equities research analysts predict that Imax Corporation will post $0.69 EPS for the current year.
Imax Corporation announced that its Board of Directors has approved a stock repurchase program on Monday, June 12th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 12.5% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.
In other Imax Corporation news, Director Eric A. Demirian sold 2,670 shares of the business’s stock in a transaction on Thursday, June 15th. The shares were sold at an average price of $25.10, for a total transaction of $67,017.00. Following the sale, the director now directly owns 17,945 shares in the company, valued at approximately $450,419.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 18.90% of the stock is currently owned by insiders.
Several large investors have recently modified their holdings of the company. State Board of Administration of Florida Retirement System raised its stake in shares of Imax Corporation by 0.9% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 22,008 shares of the company’s stock valued at $691,000 after buying an additional 190 shares during the last quarter. Blair William & Co. IL raised its stake in shares of Imax Corporation by 1.5% in the first quarter. Blair William & Co. IL now owns 94,231 shares of the company’s stock valued at $3,203,000 after buying an additional 1,408 shares during the last quarter. Trillium Asset Management LLC raised its stake in shares of Imax Corporation by 2.7% in the first quarter. Trillium Asset Management LLC now owns 60,760 shares of the company’s stock valued at $2,066,000 after buying an additional 1,616 shares during the last quarter. American International Group Inc. raised its stake in shares of Imax Corporation by 5.0% in the first quarter. American International Group Inc. now owns 35,583 shares of the company’s stock valued at $1,210,000 after buying an additional 1,701 shares during the last quarter. Finally, Kornitzer Capital Management Inc. KS raised its stake in shares of Imax Corporation by 0.6% in the first quarter. Kornitzer Capital Management Inc. KS now owns 322,710 shares of the company’s stock valued at $10,972,000 after buying an additional 1,895 shares during the last quarter. Institutional investors own 88.77% of the company’s stock.
Imax Corporation Company Profile
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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