Benchmark Reiterates “Buy” Rating for IMAX (NYSE:IMAX)

IMAX (NYSE:IMAX)‘s stock had its “buy” rating reissued by research analysts at Benchmark in a note issued to investors on Friday,Benzinga reports. They currently have a $30.00 price target on the stock. Benchmark’s price target suggests a potential upside of 29.76% from the stock’s current price.

Other equities research analysts have also issued reports about the stock. Roth Mkm boosted their price objective on shares of IMAX from $27.00 to $28.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. JPMorgan Chase & Co. boosted 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. StockNews.com upgraded shares of IMAX from a “hold” rating to a “buy” rating in a research report on Thursday, January 2nd. Wedbush reissued an “outperform” rating on shares of IMAX in a research note on Wednesday, November 27th. Finally, Rosenblatt Securities restated a “buy” rating and set a $28.00 target price on shares of IMAX in a report on Thursday, October 31st. One analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $27.38.

IMAX Trading Down 1.9 %

Shares of IMAX opened at $23.12 on Friday. IMAX has a 12-month low of $13.20 and a 12-month high of $26.84. The company has a market cap of $1.22 billion, a PE ratio of 52.55, a price-to-earnings-growth ratio of 1.69 and a beta of 1.24. The stock has a 50-day moving average price of $25.03 and a 200-day moving average price of $21.66.

IMAX (NYSE:IMAX) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.12. The business had revenue of $91.50 million during the quarter, compared to analysts’ expectations of $93.71 million. IMAX had a net margin of 6.74% and a return on equity of 7.53%. The business’s quarterly revenue was down 11.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.27 EPS. As a group, analysts predict that IMAX will post 0.77 earnings per share for the current year.

Insider Transactions at IMAX

In related news, CFO Natasha Fernandes sold 2,957 shares of IMAX 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 sale, the chief financial officer now owns 14,883 shares in the company, valued at $379,814.16. The trade was a 16.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Robert D. Lister sold 55,910 shares of the business’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $25.50, for a total transaction of $1,425,705.00. Following the transaction, the executive vice president now directly owns 138,889 shares in the company, valued at approximately $3,541,669.50. The trade was a 28.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 65,176 shares of company stock worth $1,662,110. 24.08% of the stock is currently owned by insiders.

Institutional Trading of IMAX

Several institutional investors and hedge funds have recently bought and sold shares of IMAX. FMR LLC lifted its position in IMAX by 108.4% during the 3rd quarter. FMR LLC now owns 3,949,643 shares of the company’s stock valued at $81,007,000 after acquiring an additional 2,054,031 shares during the period. Royce & Associates LP lifted its holdings in shares of IMAX by 3.1% during 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. boosted its position in shares of IMAX by 9.8% in the 3rd quarter. Victory Capital Management Inc. now owns 1,420,592 shares of the company’s stock worth $29,136,000 after purchasing an additional 127,371 shares in the last quarter. Thrivent Financial for Lutherans grew its stake in shares of IMAX by 5.5% in the 2nd quarter. Thrivent Financial for Lutherans now owns 819,325 shares of the company’s stock worth $13,740,000 after buying an additional 42,952 shares during the last quarter. Finally, Mizuho Markets Americas LLC grew its stake in shares of IMAX by 47.5% in the 3rd quarter. Mizuho Markets Americas LLC now owns 387,689 shares of the company’s stock worth $7,952,000 after buying an additional 124,811 shares during the last quarter. 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.