Barrington Research Reaffirms “Outperform” Rating for IMAX (NYSE:IMAX)

IMAX (NYSE:IMAX)‘s stock had its “outperform” rating reissued by stock analysts at Barrington Research in a research report issued on Monday,Benzinga reports. They presently have a $42.00 target price on the stock. Barrington Research’s price objective points to a potential upside of 21.08% from the company’s current price.

IMAX has been the subject of a number of other reports. The Goldman Sachs Group raised shares of IMAX from a “sell” rating to a “neutral” rating and increased their price objective for the company from $22.00 to $34.00 in a report on Tuesday, November 25th. Rosenblatt Securities upped their target price on shares of IMAX from $42.00 to $47.00 and gave the stock a “buy” rating in a research report on Monday, December 8th. JPMorgan Chase & Co. upgraded shares of IMAX from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $32.00 to $47.00 in a report on Monday, December 15th. Macquarie boosted their price target on shares of IMAX from $39.00 to $44.00 and gave the stock an “outperform” rating in a research note on Thursday, January 15th. Finally, B. Riley restated a “buy” rating on shares of IMAX in a research report on Monday, December 8th. Ten research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $42.70.

IMAX Stock Performance

Shares of IMAX stock opened at $34.69 on Monday. IMAX has a fifty-two week low of $20.48 and a fifty-two week high of $39.98. The company has a market capitalization of $1.87 billion, a P/E ratio of 48.86, a P/E/G ratio of 1.72 and a beta of 0.37. The company has a fifty day moving average of $36.45 and a 200 day moving average of $32.46.

Insider Activity at IMAX

In other news, EVP Giovanni M. Dolci sold 6,188 shares of IMAX stock in a transaction that occurred 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 transaction, the executive vice president owned 33,000 shares in the company, valued at approximately $1,130,250. The trade was a 15.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Robert D. Lister sold 50,143 shares of the business’s stock in a transaction that occurred on Friday, November 7th. The shares were 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. This represents a 23.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 24.08% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of IMAX. JPMorgan Chase & Co. boosted its stake in shares of IMAX by 10.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,029,602 shares of the company’s stock worth $28,788,000 after purchasing an additional 101,048 shares during the period. Aurora Investment Counsel purchased a new stake in IMAX in the 2nd quarter worth about $1,955,000. Pembroke Management LTD lifted its stake in IMAX by 18.4% in the third quarter. Pembroke Management LTD now owns 516,622 shares of the company’s stock worth $16,919,000 after purchasing an additional 80,229 shares during the last quarter. Harbor Capital Advisors Inc. purchased a new position in shares of IMAX during the third quarter valued at approximately $897,000. Finally, RWA Wealth Partners LLC bought a new position in shares of IMAX during the second quarter valued at approximately $701,000. 93.51% of the stock is owned by hedge funds and other institutional investors.

IMAX Company Profile

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.