IMAX Corporation (NYSE:IMAX) Given Consensus Recommendation of “Moderate Buy” by Brokerages

IMAX Corporation (NYSE:IMAX) has received a consensus rating of “Moderate Buy” from the eleven research firms that are currently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $41.50.

A number of brokerages have recently commented on IMAX. B. Riley reissued a “buy” rating on shares of IMAX in a report on Monday, December 8th. Rosenblatt Securities increased their target price on shares of IMAX from $42.00 to $47.00 and gave the company a “buy” rating in a research report on Monday, December 8th. Weiss Ratings restated a “buy (b)” rating on shares of IMAX in a research report on Monday. Roth Capital reaffirmed a “buy” rating and issued a $42.00 price target on shares of IMAX in a research note on Monday, December 8th. Finally, Benchmark raised their price objective on shares of IMAX from $40.00 to $42.00 and gave the company a “buy” rating in a research note on Monday, December 8th.

IMAX Trading Up 0.7%

Shares of NYSE IMAX opened at $37.73 on Thursday. The stock has a 50 day simple moving average of $35.25 and a 200-day simple moving average of $31.04. The company has a market cap of $2.03 billion, a PE ratio of 53.13, a P/E/G ratio of 2.28 and a beta of 0.41. IMAX has a 12-month low of $20.48 and a 12-month high of $39.98.

IMAX (NYSE:IMAX) last posted its earnings results on Thursday, October 23rd. The company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.31 by $0.16. The firm had revenue of $106.65 million for the quarter, compared to analysts’ expectations of $102.88 million. IMAX had a return on equity of 9.91% and a net margin of 10.47%.The firm’s revenue was up 16.6% compared to the same quarter last year. During the same period last year, the firm earned $0.35 EPS. Sell-side analysts forecast that IMAX will post 0.91 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Giovanni M. Dolci sold 6,188 shares of the company’s stock in a transaction on Monday, November 10th. The stock was sold at an average price of $34.25, for a total value of $211,939.00. Following the completion of the sale, the executive vice president owned 33,000 shares in the company, valued at $1,130,250. This represents a 15.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Robert D. Lister sold 50,143 shares of IMAX stock in a transaction dated Friday, November 7th. The stock was sold at an average price of $34.67, for a total value of $1,738,457.81. Following the transaction, the vice president directly owned 161,421 shares in the company, valued at approximately $5,596,466.07. The trade was a 23.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 23.18% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Orbis Allan Gray Ltd lifted its position in shares of IMAX by 31.7% during the 2nd quarter. Orbis Allan Gray Ltd now owns 5,113,033 shares of the company’s stock valued at $142,960,000 after acquiring an additional 1,230,267 shares during the last quarter. Ameriprise Financial Inc. raised its position in shares of IMAX by 8.3% during the first quarter. Ameriprise Financial Inc. now owns 1,974,068 shares of the company’s stock worth $52,019,000 after purchasing an additional 150,552 shares during the period. Westfield Capital Management Co. LP acquired a new stake in shares of IMAX during the third quarter worth $53,141,000. Nantahala Capital Management LLC lifted its holdings in shares of IMAX by 24.9% during the second quarter. Nantahala Capital Management LLC now owns 1,133,993 shares of the company’s stock valued at $31,706,000 after purchasing an additional 225,742 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its position in shares of IMAX by 0.3% in the 3rd quarter. Victory Capital Management Inc. now owns 1,083,992 shares of the company’s stock valued at $35,501,000 after purchasing an additional 3,494 shares during the period. Institutional investors own 93.51% of the company’s stock.

About IMAX

IMAX Corporation is a global leader in immersive entertainment technologies, specializing in the design, manufacture and distribution of high-resolution cameras, projectors, and proprietary software solutions that enhance both film production and theatrical exhibition. The company licenses its premium large-format system to theatre owners and filmmakers around the world, enabling audiences to experience movies with greater clarity, scale and sound fidelity. IMAX also offers turnkey theatre development services, assisting cinema operators with auditorium design, installation and custom branding to optimize the customer experience.

Founded in 1967 and headquartered in Mississauga, Ontario, IMAX has built a reputation for pioneering film-format innovations, including its patented dual 15-perforation, 70-millimeter projection system.