IMAX (NYSE:IMAX) Price Target Raised to $32.00

IMAX (NYSE:IMAX) had its price objective upped by Wells Fargo & Company from $26.00 to $32.00 in a research report released on Thursday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Several other analysts have also recently weighed in on the stock. Roth Mkm raised their target price on shares of IMAX from $27.00 to $28.00 and gave the company a “buy” rating in a report on Thursday, October 31st. JPMorgan Chase & Co. raised their target price on shares of IMAX from $21.00 to $25.00 and gave the company a “neutral” rating in a report on Thursday, January 30th. Wedbush reaffirmed an “outperform” rating and issued a $32.00 target price on shares of IMAX in a report on Wednesday, February 12th. Barrington Research raised their target price on shares of IMAX from $30.00 to $32.00 and gave the company an “outperform” rating in a report on Thursday. Finally, StockNews.com cut shares of 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 assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $30.44.

IMAX Stock Performance

NYSE IMAX opened at $26.90 on Thursday. The firm has a 50 day simple moving average of $24.65 and a 200-day simple moving average of $22.96. IMAX has a one year low of $14.94 and a one year high of $27.38. The firm has a market cap of $1.42 billion, a price-to-earnings ratio of 54.90, a PEG ratio of 1.50 and a beta of 1.22.

IMAX (NYSE:IMAX) last posted its quarterly earnings data on Wednesday, February 19th. The company reported $0.17 EPS for the quarter, missing the consensus estimate of $0.31 by ($0.14). IMAX had a net margin of 7.40% and a return on equity of 8.79%. The business had revenue of $92.67 million during the quarter, compared to analysts’ expectations of $104.08 million. Equities analysts predict that IMAX will post 0.91 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Robert D. Lister sold 55,910 shares of IMAX stock in a transaction on Monday, December 9th. The shares were sold at an average price of $25.50, for a total value of $1,425,705.00. Following the transaction, the executive vice president now directly owns 138,889 shares in the company, valued at $3,541,669.50. This trade represents a 28.70 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Kenneth Ian Weissman sold 6,309 shares of IMAX stock in a transaction on Monday, December 9th. The shares were sold at an average price of $25.51, for a total transaction of $160,942.59. Following the completion of the transaction, the insider now owns 25,139 shares in the company, valued at approximately $641,295.89. This trade represents a 20.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 65,176 shares of company stock valued at $1,662,110. 24.08% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On IMAX

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Blue Trust Inc. boosted its position in shares of IMAX by 138.5% during the 4th quarter. Blue Trust Inc. now owns 966 shares of the company’s stock worth $25,000 after purchasing an additional 561 shares in the last quarter. Huntington National Bank purchased a new stake in shares of IMAX during the 3rd quarter worth $34,000. Quarry LP boosted its position in shares of IMAX by 78,333.3% during the 3rd quarter. Quarry LP now owns 2,353 shares of the company’s stock worth $48,000 after purchasing an additional 2,350 shares in the last quarter. US Bancorp DE boosted its position 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 purchasing an additional 1,452 shares in the last quarter. Finally, Tower Research Capital LLC TRC boosted its position in shares of IMAX by 415.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 7,236 shares of the company’s stock worth $185,000 after purchasing an additional 5,832 shares in 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.