IMAX’s (IMAX) Buy Rating Reaffirmed at Rosenblatt Securities

IMAX (NYSE:IMAX)‘s stock had its “buy” rating restated by investment analysts at Rosenblatt Securities in a report released on Thursday,Benzinga reports. They currently have a $28.00 price objective on the stock. Rosenblatt Securities’ target price indicates a potential upside of 20.65% from the stock’s current price.

Several other brokerages have also weighed in on IMAX. Benchmark reissued a “buy” rating and issued a $30.00 price objective on shares of IMAX in a report on Friday, January 10th. Roth Mkm lifted their price objective on IMAX from $27.00 to $28.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Wedbush reaffirmed an “outperform” rating on shares of IMAX in a report on Wednesday, November 27th. Barrington Research reaffirmed an “outperform” rating and set a $30.00 target price on shares of IMAX in a report on Friday, January 10th. Finally, StockNews.com lowered IMAX from a “buy” rating to a “hold” rating in a report on Tuesday. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $28.13.

IMAX Price Performance

NYSE IMAX opened at $23.21 on Thursday. The business’s fifty day moving average is $24.88 and its 200-day moving average is $21.84. IMAX has a one year low of $13.20 and a one year high of $26.84. The stock has a market capitalization of $1.22 billion, a price-to-earnings ratio of 52.74, a PEG ratio of 1.25 and a beta of 1.24.

IMAX (NYSE:IMAX) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.12. IMAX had a return on equity of 7.53% and a net margin of 6.74%. The company had revenue of $91.50 million during the quarter, compared to analyst estimates of $93.71 million. During the same quarter last year, the firm posted $0.27 EPS. The firm’s revenue for the quarter was down 11.9% on a year-over-year basis. Research analysts expect that IMAX will post 0.77 EPS for the current fiscal year.

Insider Transactions at IMAX

In other news, CFO Natasha Fernandes sold 2,957 shares of the business’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $25.52, for a total transaction of $75,462.64. Following the completion of the transaction, the chief financial officer now owns 14,883 shares of the company’s stock, valued at approximately $379,814.16. The trade was a 16.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Kenneth Ian Weissman sold 6,309 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $25.51, for a total value of $160,942.59. Following the completion of the sale, the insider now owns 25,139 shares of the company’s stock, valued at $641,295.89. The trade was a 20.06 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 65,176 shares of company stock valued at $1,662,110. 24.08% of the stock is owned by corporate insiders.

Institutional Trading of IMAX

Hedge funds have recently bought and sold shares of the company. FMR LLC lifted its position in IMAX by 108.4% in the third quarter. FMR LLC now owns 3,949,643 shares of the company’s stock valued at $81,007,000 after purchasing an additional 2,054,031 shares during the last quarter. Royce & Associates LP lifted its position in IMAX by 3.1% in the third quarter. Royce & Associates LP now owns 1,822,616 shares of the company’s stock valued at $37,382,000 after purchasing an additional 54,850 shares during the last quarter. Victory Capital Management Inc. lifted its position in IMAX by 9.8% in the third quarter. Victory Capital Management Inc. now owns 1,420,592 shares of the company’s stock valued at $29,136,000 after purchasing an additional 127,371 shares during the last quarter. Thrivent Financial for Lutherans lifted its position in IMAX by 5.5% in the second quarter. Thrivent Financial for Lutherans now owns 819,325 shares of the company’s stock valued at $13,740,000 after purchasing an additional 42,952 shares during the last quarter. Finally, Mizuho Markets Americas LLC lifted its position in IMAX by 47.5% in the third quarter. Mizuho Markets Americas LLC now owns 387,689 shares of the company’s stock valued at $7,952,000 after purchasing an additional 124,811 shares during the last quarter. Institutional investors own 93.51% of the company’s stock.

IMAX Company Profile

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.