IMAX (NYSE:IMAX) Receives Buy Rating from Benchmark

IMAX (NYSE:IMAX)‘s stock had its “buy” rating restated by equities researchers at Benchmark in a research note issued to investors on Friday,Benzinga reports. They currently have a $30.00 target price on the stock. Benchmark’s target price would suggest a potential upside of 29.98% from the stock’s current price.

A number of other research firms have also issued reports on IMAX. Barrington Research reiterated an “outperform” rating and set a $24.00 price objective on shares of IMAX in a research note on Thursday, October 31st. Roth Mkm raised their price objective on shares of IMAX from $27.00 to $28.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Wedbush reaffirmed 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 company a “neutral” rating in a report on Monday, October 14th. Finally, StockNews.com raised shares of IMAX from a “hold” rating to a “buy” rating in a report on Thursday, January 2nd. One investment analyst has rated the stock with a sell rating, one has issued 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, IMAX has an average rating of “Moderate Buy” and an average price target of $25.11.

IMAX Stock Performance

NYSE IMAX traded down $0.49 on Friday, hitting $23.08. 318,814 shares of the stock traded hands, compared to its average volume of 516,785. IMAX has a 12 month low of $13.20 and a 12 month high of $26.84. The business’s fifty day moving average is $25.05 and its two-hundred day moving average is $21.60. The firm has a market capitalization of $1.22 billion, a price-to-earnings ratio of 52.46, a PEG ratio of 1.69 and a beta of 1.24.

IMAX (NYSE:IMAX) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.12. IMAX had a net margin of 6.74% and a return on equity of 7.53%. The company had revenue of $91.50 million for the quarter, compared to analysts’ expectations of $93.71 million. During the same period in the prior year, the company posted $0.27 EPS. IMAX’s revenue was down 11.9% compared to the same quarter last year. Analysts expect that IMAX will post 0.77 EPS for the current fiscal year.

Insider Buying and Selling at IMAX

In other IMAX news, CFO Natasha Fernandes sold 2,957 shares of the company’s stock in a transaction on Monday, December 9th. The shares were 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 directly owns 14,883 shares in the company, valued at approximately $379,814.16. This represents a 16.58 % 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, insider Kenneth Ian Weissman sold 6,309 shares of the firm’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $25.51, for a total transaction of $160,942.59. Following the completion of the sale, the insider now directly owns 25,139 shares of the company’s stock, valued at approximately $641,295.89. This represents a 20.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 65,176 shares of company stock valued at $1,662,110 in the last quarter. Company insiders own 24.08% of the company’s stock.

Hedge Funds Weigh In On IMAX

A number of institutional investors have recently bought and sold shares of IMAX. Principal Financial Group Inc. grew its holdings in shares of IMAX by 18.5% during the 2nd quarter. Principal Financial Group Inc. now owns 63,818 shares of the company’s stock worth $1,070,000 after acquiring an additional 9,974 shares during the period. Wedbush Securities Inc. grew its stake in shares of IMAX by 112.7% in the 2nd quarter. Wedbush Securities Inc. now owns 29,651 shares of the company’s stock worth $497,000 after buying an additional 15,712 shares during the last quarter. Headlands Technologies LLC purchased a new stake in shares of IMAX in the second quarter worth $35,000. American Century Companies Inc. raised its position in shares of IMAX by 57.0% in the 2nd quarter. American Century Companies Inc. now owns 120,021 shares of the company’s stock worth $2,013,000 after purchasing an additional 43,584 shares during the last quarter. Finally, XTX Topco Ltd bought a new stake in IMAX during the 2nd quarter valued at about $208,000. 93.51% of the stock is owned by institutional investors.

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.