Imax Corp. (NYSE:IMAX) received a $39.00 target price from research analysts at Canaccord Genuity in a research report issued to clients and investors on Wednesday. The brokerage presently has a a “buy” rating on the stock. Canaccord Genuity’s price objective would indicate a potential upside of 29.40% from the company’s previous close.
Several other brokerages have also recently weighed in on IMAX. B. Riley reiterated a “buy” rating and set a $40.00 price target on shares of Imax Corp. in a research note on Wednesday, July 13th. Benchmark Co. reiterated a “buy” rating on shares of Imax Corp. in a research note on Wednesday, June 22nd. Zacks Investment Research cut shares of Imax Corp. from a “hold” rating to a “sell” rating in a research note on Wednesday, July 13th. Wedbush reiterated an “outperform” rating and set a $41.50 price target on shares of Imax Corp. in a research note on Monday. Finally, MKM Partners reiterated a “buy” rating and set a $40.00 price target on shares of Imax Corp. in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $40.69.
Imax Corp. (NYSE:IMAX) traded down 0.23% during midday trading on Wednesday, hitting $30.07. The company had a trading volume of 660,351 shares. The firm’s 50 day moving average is $29.48 and its 200-day moving average is $30.77. The firm has a market capitalization of $2.02 billion, a P/E ratio of 43.39 and a beta of 1.55. Imax Corp. has a 52 week low of $25.52 and a 52 week high of $40.36.
Imax Corp. (NYSE:IMAX) last issued its earnings results on Wednesday, July 20th. The company reported $0.18 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.17 by $0.01. Imax Corp. had a net margin of 12.47% and a return on equity of 7.66%. The company had revenue of $91.70 million for the quarter, compared to analysts’ expectations of $91.30 million. During the same quarter last year, the company posted $0.40 earnings per share. The firm’s quarterly revenue was down 14.5% on a year-over-year basis. On average, equities research analysts expect that Imax Corp. will post $0.89 EPS for the current fiscal year.
In other news, CEO Richard L. Gelfond sold 7,741 shares of the business’s stock in a transaction dated Friday, September 2nd. The shares were sold at an average price of $30.83, for a total value of $238,655.03. Following the sale, the chief executive officer now directly owns 102,470 shares in the company, valued at approximately $3,159,150.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 5.80% of the stock is currently owned by insiders.
Several hedge funds have recently bought and sold shares of the company. Seven Eight Capital LLC increased its stake in Imax Corp. by 8.3% in the first quarter. Seven Eight Capital LLC now owns 7,800 shares of the company’s stock worth $243,000 after buying an additional 600 shares during the period. IBIS Capital Partners LLP boosted its position in Imax Corp. by 5.8% in the first quarter. IBIS Capital Partners LLP now owns 563,476 shares of the company’s stock worth $17,518,000 after buying an additional 31,005 shares in the last quarter. Envestnet Asset Management Inc. boosted its position in Imax Corp. by 6.6% in the first quarter. Envestnet Asset Management Inc. now owns 58,824 shares of the company’s stock worth $1,829,000 after buying an additional 3,639 shares in the last quarter. Nuveen Asset Management LLC boosted its position in Imax Corp. by 45.7% in the first quarter. Nuveen Asset Management LLC now owns 238,861 shares of the company’s stock worth $7,426,000 after buying an additional 74,958 shares in the last quarter. Finally, Nicholas Investment Partners LP boosted its position in Imax Corp. by 5.1% in the first quarter. Nicholas Investment Partners LP now owns 112,030 shares of the company’s stock worth $3,483,000 after buying an additional 5,391 shares in the last quarter. Hedge funds and other institutional investors own 79.80% of the company’s stock.
About Imax Corp.
IMAX Corporation is an entertainment technology company. The Company operates through seven segments: the IMAX systems, the theater system maintenance, the joint revenue sharing arrangements, film production and IMAX DMR, film distribution, film post-production and other. The IMAX systems segment designs, manufactures, sells or leases IMAX theater projection system equipment.
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