IMAX (NYSE:IMAX) Stock Price Expected to Rise, Macquarie Analyst Says

IMAX (NYSE:IMAX) had its target price boosted by Macquarie from $28.00 to $30.00 in a research note released on Thursday morning,Benzinga reports. The firm currently has an outperform rating on the stock.

Several other equities analysts also recently weighed in on the stock. Roth Mkm raised their price target on shares of IMAX from $27.00 to $28.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Rosenblatt Securities boosted their target price on IMAX from $28.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday. Benchmark restated a “buy” rating and issued a $30.00 price target on shares of IMAX in a research report on Thursday. Wedbush reiterated an “outperform” rating and set a $32.00 price objective on shares of IMAX in a research report on Thursday. Finally, JPMorgan Chase & Co. upped their target price on IMAX from $21.00 to $25.00 and gave the company a “neutral” rating in a report on Thursday, January 30th. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, IMAX has an average rating of “Moderate Buy” and a consensus target price of $30.44.

IMAX Trading Down 1.2 %

NYSE:IMAX opened at $26.90 on Thursday. The stock has a 50 day moving average of $24.65 and a two-hundred day moving average of $22.96. IMAX has a 12 month low of $14.94 and a 12 month high of $27.38. The firm has a market cap of $1.42 billion, a P/E ratio of 54.90, a price-to-earnings-growth ratio of 1.50 and a beta of 1.22.

IMAX (NYSE:IMAX) last issued its quarterly 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 firm had revenue of $92.67 million for the quarter, compared to analysts’ expectations of $104.08 million. IMAX had a return on equity of 8.79% and a net margin of 7.40%. On average, research analysts forecast that IMAX will post 0.91 earnings per share for the current year.

Insider Activity

In other IMAX news, EVP Robert D. Lister sold 55,910 shares of the business’s stock in a transaction dated 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 sale, the executive vice president now directly owns 138,889 shares in the company, valued at $3,541,669.50. This represents 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 the SEC website. Also, CFO Natasha Fernandes sold 2,957 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $25.52, for a total transaction of $75,462.64. Following the completion of the transaction, the chief financial officer now directly owns 14,883 shares of the company’s stock, valued at approximately $379,814.16. The trade was a 16.58 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 65,176 shares of company stock valued at $1,662,110. Company insiders own 24.08% of the company’s stock.

Institutional Trading of IMAX

Several hedge funds have recently modified their holdings of the stock. Mizuho Markets Americas LLC increased its holdings in IMAX by 47.5% during the 3rd quarter. Mizuho Markets Americas LLC now owns 387,689 shares of the company’s stock worth $7,952,000 after purchasing an additional 124,811 shares during the period. Royce & Associates LP grew its position 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 worth $37,382,000 after buying an additional 54,850 shares in the last quarter. Quantbot Technologies LP purchased a new stake in shares of IMAX during the third quarter worth approximately $777,000. Lord Abbett & CO. LLC acquired a new stake in IMAX in the third quarter valued at approximately $6,322,000. Finally, SG Americas Securities LLC purchased a new position in IMAX in the fourth quarter worth approximately $333,000. 93.51% of the stock is currently 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.