Imax Corporation (NYSE:IMAX) has been assigned a $33.00 price objective by research analysts at Canaccord Genuity in a research report issued on Friday. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity’s price target suggests a potential upside of 80.82% from the company’s current price.

IMAX has been the subject of a number of other reports. Zacks Investment Research downgraded Imax Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. ValuEngine downgraded Imax Corporation from a “hold” rating to a “sell” rating in a report on Friday, June 2nd. Roth Capital set a $37.00 price target on Imax Corporation and gave the stock a “buy” rating in a report on Thursday, April 20th. Piper Jaffray Companies set a $35.00 price target on Imax Corporation and gave the stock a “buy” rating in a report on Friday, July 21st. Finally, TheStreet downgraded Imax Corporation from a “b-” rating to a “c” rating in a report on Wednesday, May 17th. Two analysts have rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $34.82.

Shares of Imax Corporation (NYSE:IMAX) opened at 18.25 on Friday. The firm has a market capitalization of $1.18 billion, a PE ratio of 123.31 and a beta of 0.90. Imax Corporation has a 1-year low of $18.12 and a 1-year high of $35.30. The stock has a 50 day moving average price of $20.75 and a 200 day moving average price of $27.70.

Imax Corporation (NYSE:IMAX) last issued its quarterly earnings results on Wednesday, July 26th. The company reported $0.15 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.02) by $0.17. Imax Corporation had a return on equity of 2.39% and a net margin of 2.81%. The firm had revenue of $87.76 million during the quarter, compared to the consensus estimate of $89.26 million. During the same period last year, the business posted $0.18 EPS. The business’s revenue was down 4.3% compared to the same quarter last year. Equities research analysts anticipate that Imax Corporation will post $0.62 earnings per share for the current fiscal year.

Imax Corporation announced that its Board of Directors has approved a stock buyback plan on Monday, June 12th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the company to repurchase up to 12.5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

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In related news, Director Eric A. Demirian sold 2,670 shares of the firm’s stock in a transaction dated Thursday, June 15th. The shares were sold at an average price of $25.10, for a total value of $67,017.00. Following the transaction, the director now owns 17,945 shares of the company’s stock, valued at approximately $450,419.50. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Patrick Mcclymont sold 1,760 shares of the firm’s stock in a transaction dated Wednesday, August 9th. The shares were sold at an average price of $20.50, for a total transaction of $36,080.00. The disclosure for this sale can be found here. Company insiders own 18.90% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the stock. Franklin Resources Inc. boosted its position in shares of Imax Corporation by 33.4% in the second quarter. Franklin Resources Inc. now owns 5,063,469 shares of the company’s stock valued at $111,412,000 after buying an additional 1,266,939 shares during the last quarter. TimesSquare Capital Management LLC acquired a new position in shares of Imax Corporation during the second quarter valued at $84,137,000. Alliancebernstein L.P. boosted its position in shares of Imax Corporation by 2.3% in the second quarter. Alliancebernstein L.P. now owns 3,255,313 shares of the company’s stock valued at $71,617,000 after buying an additional 73,675 shares during the last quarter. Victory Capital Management Inc. boosted its position in shares of Imax Corporation by 4.0% in the first quarter. Victory Capital Management Inc. now owns 3,163,030 shares of the company’s stock valued at $107,543,000 after buying an additional 120,995 shares during the last quarter. Finally, BlackRock Inc. boosted its position in shares of Imax Corporation by 54,861.2% in the first quarter. BlackRock Inc. now owns 2,607,357 shares of the company’s stock valued at $88,651,000 after buying an additional 2,602,613 shares during the last quarter. 80.56% of the stock is currently owned by institutional investors and hedge funds.

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.

Analyst Recommendations for Imax Corporation (NYSE:IMAX)

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