IMAX (NYSE:IMAX) Given New $60.00 Price Target at Wedbush

IMAX (NYSE:IMAX) had its price target raised by analysts at Wedbush from $54.00 to $60.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Wedbush’s target price suggests a potential upside of 16.23% from the company’s current price.

Other equities research analysts have also issued research reports about the stock. JPMorgan Chase & Co. raised their target price on shares of IMAX from $47.00 to $50.00 and gave the stock an “overweight” rating in a report on Friday, July 24th. Barrington Research upped their price target on shares of IMAX from $46.00 to $50.00 and gave the company an “outperform” rating in a report on Friday, July 24th. HC Wainwright reissued a “buy” rating on shares of IMAX in a research report on Friday, July 24th. UBS Group set a $65.00 price objective on shares of IMAX in a research note on Wednesday, October 7th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $65.00 price objective on shares of IMAX in a research note on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $56.62.

IMAX Stock Down 0.2%

Shares of IMAX opened at $51.62 on Wednesday. The company has a market cap of $2.83 billion, a PE ratio of 71.70, a P/E/G ratio of 1.52 and a beta of 0.49. The business has a fifty day moving average of $52.40 and a 200 day moving average of $43.96. IMAX has a 52-week low of $30.74 and a 52-week high of $57.73.

IMAX (NYSE:IMAX) last posted its quarterly earnings data on Thursday, July 23rd. The company reported $0.43 EPS for the quarter, topping the consensus estimate of $0.30 by $0.13. IMAX had a net margin of 9.84% and a return on equity of 15.47%. The company had revenue of $102.84 million during the quarter, compared to analyst estimates of $96.09 million. During the same period in the previous year, the firm earned $0.26 earnings per share. IMAX’s quarterly revenue was up 12.2% compared to the same quarter last year. As a group, research analysts anticipate that IMAX will post 1.62 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, VP Robert D. Lister sold 22,500 shares of the company’s stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $51.58, for a total value of $1,160,550.00. Following the transaction, the vice president directly owned 182,375 shares in the company, valued at approximately $9,406,902.50. This represents a 10.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Richard L. Gelfond sold 100,000 shares of the firm’s stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $53.23, for a total transaction of $5,323,000.00. Following the completion of the transaction, the chief executive officer directly owned 665,002 shares in the company, valued at $35,398,056.46. This represents a 13.07% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 507,257 shares of company stock valued at $26,673,571 in the last three months. 20.55% of the stock is owned by company insiders.

Institutional Investors Weigh In On IMAX

Several large investors have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC purchased a new position in shares of IMAX during the second quarter worth approximately $85,000. Nykredit A S bought a new stake in shares of IMAX during the second quarter valued at approximately $105,000. Caitong International Asset Management Co. Ltd raised its stake in shares of IMAX by 159.8% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,006 shares of the company’s stock valued at $111,000 after acquiring an additional 1,849 shares in the last quarter. Kemnay Advisory Services Inc. purchased a new stake in shares of IMAX in the fourth quarter valued at approximately $135,000. Finally, State of Wyoming purchased a new stake in shares of IMAX in the second quarter valued at approximately $192,000. 93.51% of the stock is owned by hedge funds and other institutional investors.

IMAX Company Profile

IMAX Corporation (NYSE: IMAX) is an entertainment technology company that develops and licenses premium-format motion picture systems for cinemas and other venues. Its offerings combine specialized projection and display technology, immersive sound systems, theater design, and large-format screens to provide audiences with an enhanced presentation experience.

The company supports the theatrical release of films through its IMAX DMR (Digital Media Remastering) process, which adapts and optimizes content for IMAX presentations.