IMAX (NYSE:IMAX) Price Target Raised to $35.00

IMAX (NYSE:IMAX) had its price objective boosted by Rosenblatt Securities from $28.00 to $35.00 in a research note issued to investors on Thursday,Benzinga reports. Rosenblatt Securities currently has a buy rating on the stock.

A number of other research firms have also recently weighed in on IMAX. Roth Mkm raised their price target on IMAX from $27.00 to $28.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Benchmark reaffirmed a “buy” rating and set a $30.00 price target on shares of IMAX in a report on Friday, January 17th. Wedbush reaffirmed an “outperform” rating and set a $32.00 price target on shares of IMAX in a report on Wednesday, February 12th. Barrington Research raised their price target on IMAX from $30.00 to $32.00 and gave the company an “outperform” rating in a report on Thursday. Finally, StockNews.com cut IMAX from a “buy” rating to a “hold” rating in a report on Thursday, February 13th. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $30.67.

IMAX Price Performance

IMAX stock opened at $26.03 on Thursday. The company has a market capitalization 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 has a one year low of $14.94 and a one year high of $27.77. The business has a 50 day simple moving average of $24.65 and a 200 day simple moving average of $23.01.

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

Insider Activity

In related news, EVP Robert D. Lister sold 55,910 shares of IMAX stock in a transaction on Monday, December 9th. The stock was sold at an average price of $25.50, for a total transaction of $1,425,705.00. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Natasha Fernandes sold 2,957 shares of IMAX 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 sale, the chief financial officer now directly owns 14,883 shares of the company’s stock, valued at approximately $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 sold 65,176 shares of company stock valued at $1,662,110. Company insiders own 24.08% of the company’s stock.

Institutional Investors Weigh In On IMAX

Institutional investors have recently made changes to their positions in the stock. Blue Trust Inc. grew its stake in shares of IMAX by 138.5% during the fourth quarter. Blue Trust Inc. now owns 966 shares of the company’s stock worth $25,000 after purchasing an additional 561 shares during the period. Huntington National Bank acquired a new stake in shares of IMAX during the third quarter worth $34,000. Quarry LP grew its stake in shares of IMAX by 78,333.3% during the third quarter. Quarry LP now owns 2,353 shares of the company’s stock worth $48,000 after purchasing an additional 2,350 shares during the period. Tower Research Capital LLC TRC lifted its holdings in IMAX by 415.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 7,236 shares of the company’s stock worth $185,000 after acquiring an additional 5,832 shares in the last quarter. Finally, US Bancorp DE lifted its holdings in IMAX by 23.4% during the third quarter. US Bancorp DE now owns 7,656 shares of the company’s stock worth $157,000 after acquiring an additional 1,452 shares in the last quarter. 93.51% of the stock is owned by institutional investors and hedge funds.

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.