IMAX (NYSE:IMAX) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

IMAX (NYSE:IMAX) had its target price increased by analysts at JPMorgan Chase & Co. from $50.00 to $58.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 8.35% from the company’s current price.

Several other research analysts also recently commented on IMAX. Barrington Research lifted their target price on shares of IMAX from $46.00 to $50.00 and gave the stock an “outperform” rating in a report on Friday, July 24th. Roth Capital reiterated a “buy” rating and issued a $62.00 price objective on shares of IMAX in a research note on Friday. Rosenblatt Securities reissued a “buy” rating and set a $65.00 price objective on shares of IMAX in a research report on Wednesday, October 14th. B. Riley Financial increased their target price on IMAX from $61.00 to $64.00 and gave the company a “buy” rating in a research note on Thursday, October 8th. Finally, Morgan Stanley began coverage on IMAX in a research note on Thursday, September 24th. They set an “overweight” rating and a $63.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, IMAX has a consensus rating of “Moderate Buy” and an average price target of $58.15.

IMAX Stock Up 2.3%

Shares of NYSE:IMAX traded up $1.22 during trading on Friday, reaching $53.53. The stock had a trading volume of 340,290 shares, compared to its average volume of 1,149,081. IMAX has a 52 week low of $31.27 and a 52 week high of $57.73. The firm has a market capitalization of $2.94 billion, a price-to-earnings ratio of 74.42, a P/E/G ratio of 1.45 and a beta of 0.49. The stock has a fifty day simple moving average of $52.57 and a two-hundred day simple moving average of $44.63.

IMAX (NYSE:IMAX) last issued its quarterly earnings data on Thursday, July 23rd. The company reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.30 by $0.13. IMAX had a net margin of 9.84% and a return on equity of 15.47%. The business had revenue of $102.84 million during the quarter, compared to analysts’ expectations of $96.09 million. During the same period in the previous year, the company earned $0.26 earnings per share. IMAX’s revenue for the quarter was up 12.2% on a year-over-year basis. On average, analysts forecast that IMAX will post 1.75 EPS for the current year.

Insider Buying and Selling at IMAX

In other news, insider Kenneth Weissman sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $54.54, for a total transaction of $436,320.00. Following the completion of the transaction, the insider directly owned 28,205 shares of the company’s stock, valued at approximately $1,538,300.70. This trade represents a 22.10% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Richard Gelfond sold 205,504 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $53.27, for a total transaction of $10,947,198.08. Following the transaction, the chief executive officer directly owned 765,002 shares of the company’s stock, valued at $40,751,656.54. The trade was a 21.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 507,257 shares of company stock worth $26,673,571. Corporate insiders own 20.55% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IMAX. Gibbs Wealth Management boosted its holdings in IMAX by 6.6% during the third quarter. Gibbs Wealth Management now owns 27,640 shares of the company’s stock valued at $1,515,000 after purchasing an additional 1,716 shares in the last quarter. Sterling Capital Management LLC raised its holdings in shares of IMAX by 838.9% in the 3rd quarter. Sterling Capital Management LLC now owns 1,521 shares of the company’s stock worth $83,000 after buying an additional 1,359 shares in the last quarter. Sowell Financial Services LLC bought a new position in shares of IMAX during the 3rd quarter worth approximately $3,107,000. Focused Alpha LLC acquired a new stake in IMAX in the 3rd quarter valued at $433,000. Finally, Stronghold Wealth Management L.L.C. acquired a new stake in IMAX in the 3rd quarter valued at $200,000. Institutional investors own 93.51% of the company’s stock.

About IMAX

IMAX Corporation (NYSE: IMAX) is a global entertainment technology company that specializes in premium large-format cinema experiences. The company designs and supplies specialized theater systems that combine large screens, high-resolution projection, advanced sound, and immersive theater design to present feature films, documentaries, live events, and other content.

IMAX supports its theater partners with projection and sound equipment, theater design and installation services, and technology and maintenance support.