Imax Corporation (NYSE:IMAX) Receives Buy Rating from Piper Jaffray Companies
Imax Corporation (NYSE:IMAX)‘s stock had its “buy” rating reiterated by equities research analysts at Piper Jaffray Companies in a report issued on Friday. They currently have a $35.00 target price on the stock. Piper Jaffray Companies’ price objective would suggest a potential upside of 64.71% from the stock’s previous close.
Several other brokerages have also recently commented on IMAX. Zacks Investment Research raised shares of Imax Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, March 28th. Canaccord Genuity set a $33.00 price target on shares of Imax Corporation and gave the stock a “buy” rating in a research report on Thursday, June 8th. B. Riley reiterated a “buy” rating and set a $43.50 price target on shares of Imax Corporation in a research report on Monday, June 12th. Roth Capital set a $37.00 price target on shares of Imax Corporation and gave the stock a “buy” rating in a research report on Thursday, April 20th. Finally, MKM Partners reiterated a “buy” rating and set a $40.00 price target on shares of Imax Corporation in a research report on Tuesday, April 25th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $36.45.
Shares of Imax Corporation (IMAX) traded up 0.24% during mid-day trading on Friday, hitting $21.25. The company had a trading volume of 1,333,444 shares. The firm’s 50-day moving average price is $23.24 and its 200 day moving average price is $29.46. Imax Corporation has a one year low of $20.05 and a one year high of $35.30. The company has a market capitalization of $1.41 billion, a P/E ratio of 81.73 and a beta of 0.90.
Imax Corporation (NYSE:IMAX) last announced its earnings results on Thursday, April 20th. The company reported $0.06 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.05 by $0.01. Imax Corporation had a net margin of 5.46% and a return on equity of 2.49%. The company had revenue of $68.70 million for the quarter, compared to analysts’ expectations of $71.53 million. During the same period last year, the firm earned $0.22 earnings per share. The business’s revenue for the quarter was down 25.4% on a year-over-year basis. Analysts predict that Imax Corporation will post $0.69 earnings per share for the current fiscal year.
Imax Corporation announced that its Board of Directors has authorized a share repurchase plan on Monday, June 12th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 12.5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
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In other Imax Corporation news, Director Eric A. Demirian sold 2,670 shares of the firm’s stock in a transaction that occurred on Thursday, June 15th. The shares were sold at an average price of $25.10, for a total value of $67,017.00. Following the sale, the director now owns 17,945 shares in the company, valued at $450,419.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 18.90% of the company’s stock.
A number of hedge funds have recently modified their holdings of the stock. BNP Paribas Arbitrage SA increased its position in Imax Corporation by 75.0% in the third quarter. BNP Paribas Arbitrage SA now owns 4,085 shares of the company’s stock valued at $118,000 after buying an additional 1,751 shares during the last quarter. BlackRock Inc. increased its position in Imax Corporation by 130.7% in the first quarter. BlackRock Inc. now owns 3,977 shares of the company’s stock valued at $123,000 after buying an additional 2,253 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in 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. FNY Partners Fund LP acquired a new position in Imax Corporation during the fourth quarter valued at about $173,000. Finally, Ameritas Investment Partners Inc. acquired a new position in Imax Corporation during the first quarter valued at about $173,000. Hedge funds and other 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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