Benchmark Forecasts Strong Price Appreciation for IMAX (NYSE:IMAX) Stock

IMAX (NYSE:IMAX) had its target price increased by Benchmark from $27.00 to $30.00 in a research note released on Friday,Benzinga reports. They currently have a buy rating on the stock.

IMAX has been the topic of a number of other research reports. Wedbush restated an “outperform” rating on shares of IMAX in a report on Wednesday, November 27th. JPMorgan Chase & Co. raised their price target on shares of IMAX from $20.00 to $21.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. Roth Mkm boosted their price target on shares of IMAX from $27.00 to $28.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Barrington Research reiterated an “outperform” rating and issued a $24.00 price objective on shares of IMAX in a report on Thursday, October 31st. Finally, StockNews.com cut IMAX from a “buy” rating to a “hold” rating in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $25.11.

IMAX Trading Up 0.7 %

Shares of IMAX opened at $26.03 on Friday. The firm has a market cap of $1.37 billion, a P/E ratio of 59.16, a PEG ratio of 1.69 and a beta of 1.23. The stock’s 50 day moving average is $23.52 and its two-hundred day moving average is $20.42. IMAX has a 12 month low of $13.20 and a 12 month high of $26.84.

IMAX (NYSE:IMAX) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.12. IMAX had a net margin of 6.74% and a return on equity of 7.53%. The business had revenue of $91.50 million for the quarter, compared to the consensus estimate of $93.71 million. During the same period last year, the firm posted $0.27 earnings per share. The company’s revenue was down 11.9% compared to the same quarter last year. Equities research analysts forecast that IMAX will post 0.77 EPS for the current year.

Insider Activity at IMAX

In other IMAX news, EVP Robert D. Lister sold 55,910 shares of IMAX stock in a transaction dated 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 directly owns 138,889 shares of the company’s stock, valued at $3,541,669.50. The trade was a 28.70 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, 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 sale, 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 ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 65,176 shares of company stock worth $1,662,110. Company insiders own 24.08% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. FMR LLC raised its position in IMAX by 108.4% in the 3rd 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 in the last quarter. Victory Capital Management Inc. lifted its stake in IMAX by 33.1% in the second quarter. Victory Capital Management Inc. now owns 1,293,221 shares of the company’s stock worth $21,687,000 after acquiring an additional 321,506 shares during the last quarter. Lord Abbett & CO. LLC acquired a new position in IMAX during the 3rd quarter worth approximately $6,322,000. Bank of New York Mellon Corp increased its position in shares of IMAX by 90.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 587,694 shares of the company’s stock valued at $9,856,000 after purchasing an additional 279,410 shares during the last quarter. Finally, Castleark Management LLC acquired a new stake in shares of IMAX in the 3rd quarter valued at $5,199,000. 93.51% of the stock is currently owned by hedge funds and other institutional investors.

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.