IMAX’s (IMAX) “Outperform” Rating Reiterated at Wedbush

Wedbush restated their outperform rating on shares of IMAX (NYSE:IMAX) in a research report report published on Friday,RTT News reports. The firm currently has a $32.00 price target on the stock.

Several other brokerages have also recently commented on IMAX. Roth Mkm upped their target price 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. Benchmark reiterated a “buy” rating and issued a $30.00 price objective on shares of IMAX in a report on Friday. Rosenblatt Securities restated a “buy” rating and set a $28.00 target price on shares of IMAX in a report on Thursday. StockNews.com cut IMAX from a “buy” rating to a “hold” rating in a research note on Tuesday, January 14th. Finally, Barrington Research reissued an “outperform” rating and set a $30.00 price objective on shares of IMAX in a research note on Friday, January 10th. Two investment 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 has an average rating of “Moderate Buy” and a consensus target price of $28.13.

IMAX Price Performance

IMAX stock opened at $23.21 on Friday. The company has a 50 day moving average price of $24.88 and a 200 day moving average price of $21.91. IMAX has a fifty-two week low of $13.20 and a fifty-two week high of $26.84. The stock has a market capitalization of $1.22 billion, a PE ratio of 52.74, a price-to-earnings-growth ratio of 1.25 and a beta of 1.24.

IMAX (NYSE:IMAX) last posted its quarterly earnings results 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 return on equity of 7.53% and a net margin of 6.74%. The business had revenue of $91.50 million for the quarter, compared to analysts’ expectations of $93.71 million. During the same quarter last year, the business earned $0.27 earnings per share. The firm’s quarterly revenue was down 11.9% compared to the same quarter last year. As a group, equities analysts expect that IMAX will post 0.77 earnings per share for the current fiscal year.

Insider Buying and Selling at IMAX

In other news, EVP Robert D. Lister sold 55,910 shares of the firm’s 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 owns 138,889 shares in the company, valued at $3,541,669.50. This trade represents a 28.70 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Kenneth Ian Weissman sold 6,309 shares of the company’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $25.51, for a total value of $160,942.59. Following the sale, the insider now owns 25,139 shares in the company, valued at $641,295.89. The trade was a 20.06 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 65,176 shares of company stock worth $1,662,110. Corporate insiders own 24.08% of the company’s stock.

Institutional Trading of IMAX

Several institutional investors and hedge funds have recently added to or reduced their stakes in IMAX. Janney Montgomery Scott LLC boosted its position in IMAX by 1.9% during the fourth quarter. Janney Montgomery Scott LLC now owns 29,176 shares of the company’s stock worth $747,000 after purchasing an additional 533 shares during the period. US Bancorp DE lifted its stake in shares of IMAX by 23.4% during the 3rd quarter. US Bancorp DE now owns 7,656 shares of the company’s stock worth $157,000 after buying an additional 1,452 shares during the last quarter. Huntington National Bank bought a new stake in shares of IMAX during the 3rd quarter worth about $34,000. Quarry LP grew its stake in IMAX by 78,333.3% in the 3rd quarter. Quarry LP now owns 2,353 shares of the company’s stock valued at $48,000 after buying an additional 2,350 shares during the last quarter. Finally, Hedges Asset Management LLC raised its holdings in IMAX by 3.1% in the 4th quarter. Hedges Asset Management LLC now owns 83,600 shares of the company’s stock valued at $2,140,000 after acquiring an additional 2,500 shares during the period. 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.