IMAX Corporation (NYSE:IMAX) Receives Average Recommendation of “Moderate Buy” from Brokerages

IMAX Corporation (NYSE:IMAX) has been given an average recommendation of “Moderate Buy” by the eleven brokerages that are currently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, one has given a hold recommendation, eight have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $32.80.

IMAX has been the subject of several recent research reports. Benchmark lifted their price target on IMAX from $30.00 to $32.00 and gave the company a “buy” rating in a research report on Friday, July 25th. Wall Street Zen upgraded IMAX from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 9th. Rosenblatt Securities lifted their price target on IMAX from $35.00 to $37.00 and gave the company a “buy” rating in a research report on Friday, July 25th. Barrington Research reiterated an “outperform” rating and issued a $32.00 price target on shares of IMAX in a research report on Thursday, July 24th. Finally, Roth Capital reiterated a “buy” rating and issued a $36.00 price target on shares of IMAX in a research report on Wednesday, July 9th.

Insider Buying and Selling

In related news, insider Kenneth Ian Weissman sold 15,072 shares of the business’s stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $25.65, for a total transaction of $386,596.80. Following the completion of the transaction, the insider directly owned 26,133 shares in the company, valued at $670,311.45. The trade was a 36.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 23.18% of the stock is currently owned by insiders.

Hedge Funds Weigh In On IMAX

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. TD Waterhouse Canada Inc. grew its position in IMAX by 125.0% during the second quarter. TD Waterhouse Canada Inc. now owns 900 shares of the company’s stock worth $25,000 after buying an additional 500 shares in the last quarter. Ridgewood Investments LLC purchased a new position in IMAX during the second quarter worth about $62,000. Creative Financial Designs Inc. ADV purchased a new position in shares of IMAX in the 1st quarter worth about $59,000. Tower Research Capital LLC TRC boosted its holdings in shares of IMAX by 194.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 4,148 shares of the company’s stock worth $116,000 after purchasing an additional 2,740 shares in the last quarter. Finally, Tower Research Capital LLC TRC boosted its holdings in shares of IMAX by 415.4% in 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 Price Performance

Shares of IMAX opened at $25.9610 on Friday. The firm has a market cap of $1.40 billion, a PE ratio of 43.27, a PEG ratio of 1.78 and a beta of 0.81. The stock’s fifty day moving average price is $26.97 and its two-hundred day moving average price is $26.01. IMAX has a 1 year low of $18.76 and a 1 year high of $29.66.

IMAX (NYSE:IMAX) last issued its earnings results on Thursday, July 24th. The company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.07. The firm had revenue of $91.68 million for the quarter, compared to analyst estimates of $93.04 million. IMAX had a return on equity of 8.62% and a net margin of 9.04%.The business’s revenue was up 3.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.18 earnings per share. Sell-side analysts anticipate that IMAX will post 0.91 earnings per share for the current fiscal year.

IMAX declared that its board has approved a stock buyback program on Thursday, June 12th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to purchase up to 6.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

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.