Canaccord Genuity Reiterates “$33.00” Price Target for Imax Corporation (IMAX)
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.
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.
Receive News & Ratings for Imax Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Imax Corporation and related companies with MarketBeat.com's FREE daily email newsletter.