IMAX (NYSE:IMAX) Earns Outperform Rating from Wedbush

Wedbush reiterated their outperform rating on shares of IMAX (NYSE:IMAX) in a research note published on Thursday morning,RTT News reports. The firm currently has a $32.00 price objective on the stock.

Other equities research analysts also recently issued reports about the company. JPMorgan Chase & Co. increased their price target on IMAX from $21.00 to $25.00 and gave the stock a “neutral” rating in a report on Thursday, January 30th. Benchmark reiterated a “buy” rating and issued a $30.00 price target on shares of IMAX in a report on Thursday. Barrington Research increased their price target on IMAX from $30.00 to $32.00 and gave the stock an “outperform” rating in a report on Thursday. StockNews.com downgraded IMAX from a “buy” rating to a “hold” rating in a report on Thursday, February 13th. Finally, Wells Fargo & Company increased their price target on IMAX from $26.00 to $32.00 and gave the stock an “overweight” rating in a report on Thursday. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $30.67.

IMAX Price Performance

Shares of IMAX stock opened at $26.03 on Thursday. IMAX has a 1 year low of $14.94 and a 1 year high of $27.77. The stock’s 50 day simple moving average is $24.65 and its two-hundred day simple moving average is $23.01. The company has a market cap of $1.38 billion, a PE ratio of 53.11, a price-to-earnings-growth ratio of 1.49 and a beta of 1.22.

IMAX (NYSE:IMAX) last issued its quarterly earnings data on Wednesday, February 19th. The company reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.14). IMAX had a net margin of 7.40% and a return on equity of 8.60%. The company had revenue of $92.67 million for the quarter, compared to analysts’ expectations of $104.08 million. Equities research analysts expect that IMAX will post 0.91 EPS for the current year.

Insider Buying and Selling at IMAX

In related news, CFO Natasha Fernandes sold 2,957 shares of the firm’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $25.52, for a total value of $75,462.64. Following the completion of the transaction, the chief financial officer now owns 14,883 shares in the company, valued at $379,814.16. This trade represents a 16.58 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Robert D. Lister sold 55,910 shares of the firm’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $25.50, for a total value of $1,425,705.00. Following the completion of the transaction, the executive vice president now owns 138,889 shares of the company’s stock, valued at $3,541,669.50. This trade represents a 28.70 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 65,176 shares of company stock valued at $1,662,110. 24.08% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On IMAX

A number of institutional investors have recently modified their holdings of the stock. FMR LLC raised its stake in shares of IMAX by 14.2% during the 4th quarter. FMR LLC now owns 4,508,583 shares of the company’s stock valued at $115,420,000 after buying an additional 558,940 shares during the last quarter. Ameriprise Financial Inc. raised its stake in shares of IMAX by 36.9% during the 4th quarter. Ameriprise Financial Inc. now owns 1,823,516 shares of the company’s stock valued at $46,671,000 after buying an additional 491,172 shares during the last quarter. Royce & Associates LP raised its stake in shares of IMAX by 3.1% during the 3rd quarter. Royce & Associates LP now owns 1,822,616 shares of the company’s stock valued at $37,382,000 after buying an additional 54,850 shares during the last quarter. Victory Capital Management Inc. raised its stake in shares of IMAX by 9.8% during the 3rd quarter. Victory Capital Management Inc. now owns 1,420,592 shares of the company’s stock valued at $29,136,000 after buying an additional 127,371 shares during the last quarter. Finally, Wells Fargo & Company MN raised its stake in shares of IMAX by 45.4% during the 4th quarter. Wells Fargo & Company MN now owns 624,510 shares of the company’s stock valued at $15,987,000 after buying an additional 194,917 shares during the last quarter. Hedge funds and other institutional investors own 93.51% of the company’s stock.

About IMAX

IMAX Corporation, together with its subsidiaries, operates as a technology platform for entertainment and events worldwide. The company operates in two segments, Content Solutions and Technology Products and Services. The company offers IMAX DMR, a proprietary technology that digitally remasters films and other content into IMAX formats for distribution to the IMAX network; IMAX Enhanced that provides end-to-end technology across streaming content and entertainment devices at home; and SSIMWAVE, an AI-driven video quality solutions for media and entertainment companies.