IMAX’s (IMAX) Buy Rating Reiterated at Rosenblatt Securities

Rosenblatt Securities reaffirmed their buy rating on shares of IMAX (NYSE:IMAX) in a report released on Wednesday morning,Benzinga reports. Rosenblatt Securities currently has a $60.00 target price on the stock.

A number of other brokerages have also recently commented on IMAX. Barrington Research lifted their target price on IMAX from $46.00 to $50.00 and gave the stock an “outperform” rating in a report on Friday, July 24th. Weiss Ratings upgraded IMAX from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, July 16th. The Goldman Sachs Group restated a “neutral” rating and issued a $42.00 price target on shares of IMAX in a research report on Thursday, July 23rd. HC Wainwright reaffirmed a “buy” rating on shares of IMAX in a research note on Friday, July 24th. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $60.00 price objective on shares of IMAX in a research report on Friday, May 22nd. Ten investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $51.55.

IMAX Stock Up 0.4%

Shares of IMAX stock opened at $52.93 on Wednesday. The stock’s 50-day simple moving average is $44.65 and its 200-day simple moving average is $40.15. The company has a market capitalization of $2.90 billion, a price-to-earnings ratio of 73.51, a PEG ratio of 1.74 and a beta of 0.38. IMAX has a 52 week low of $26.17 and a 52 week high of $54.50.

IMAX (NYSE:IMAX) last issued its earnings results 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. The firm had revenue of $102.84 million during the quarter, compared to analyst estimates of $96.09 million. IMAX had a net margin of 9.84% and a return on equity of 15.47%. IMAX’s revenue for the quarter was up 12.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.26 earnings per share. On average, equities analysts expect that IMAX will post 1.44 earnings per share for the current year.

Insider Activity at IMAX

In other news, CEO Richard L. Gelfond sold 205,504 shares of the stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $53.27, for a total value of $10,947,198.08. Following the sale, the chief executive officer directly owned 765,002 shares in the company, valued at approximately $40,751,656.54. This represents a 21.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 456,757 shares of company stock worth $23,984,101 over the last quarter. Corporate insiders own 20.55% of the company’s stock.

Hedge Funds Weigh In On IMAX

Several hedge funds have recently bought and sold shares of the business. BlackRock Inc. bought a new stake in shares of IMAX during the second quarter worth $115,881,000. Orbis Allan Gray Ltd grew its holdings in shares of IMAX by 31.7% in the second quarter. Orbis Allan Gray Ltd now owns 5,113,033 shares of the company’s stock worth $142,960,000 after purchasing an additional 1,230,267 shares during the last quarter. Westfield Capital Management Co. LP grew its holdings in shares of IMAX by 44.6% in the fourth quarter. Westfield Capital Management Co. LP now owns 2,346,486 shares of the company’s stock worth $86,726,000 after purchasing an additional 723,861 shares during the last quarter. Nantahala Capital Management LLC purchased a new position in IMAX in the 2nd quarter worth about $26,228,239,000. Finally, Marsico Capital Management LLC purchased a new position in IMAX in the 4th quarter worth about $18,149,000. Institutional investors own 93.51% of the company’s stock.

Key IMAX News

Here are the key news stories impacting IMAX this week:

• Positive Sentiment: Rosenblatt Securities reiterated a Buy rating and established a $60 price target, signaling continued confidence in IMAX’s growth prospects and potential upside. Rosenblatt reiterates Buy rating
• Positive Sentiment: The Odyssey has reportedly surpassed $1.29 billion globally and become IMAX’s biggest release ever. The result highlights strong audience demand for IMAX presentations and could support additional box-office-related revenue and future studio partnerships. The Odyssey becomes IMAX’s biggest release
• Positive Sentiment: Demand for Dune: Part Three appears strong, with early 70mm IMAX screenings nearly selling out and reports of heavy ticket demand. This points to potentially robust attendance and premium-ticket economics for upcoming releases. Dune IMAX 70mm screenings nearly sell out
• Neutral Sentiment: IMAX amended Chief Legal Officer and Senior Executive Vice President Robert D. Lister’s employment agreement on August 19. The update may provide management continuity, but no major financial or strategic change was disclosed. IMAX extends chief legal officer agreement
• Negative Sentiment: CEO Richard Gelfond sold a combined 456,757 shares from August 18–20 for approximately $24 million, reducing his direct ownership by a sizable amount. The transactions were made under a pre-arranged Rule 10b5-1 plan, which lessens concerns about a sudden loss of confidence, but the selling could still pressure sentiment while IMAX trades at an elevated valuation. SEC insider trading filing

About IMAX

IMAX Corporation is a global leader in immersive entertainment technologies, specializing in the design, manufacture and distribution of high-resolution cameras, projectors, and proprietary software solutions that enhance both film production and theatrical exhibition. The company licenses its premium large-format system to theatre owners and filmmakers around the world, enabling audiences to experience movies with greater clarity, scale and sound fidelity. IMAX also offers turnkey theatre development services, assisting cinema operators with auditorium design, installation and custom branding to optimize the customer experience.

Founded in 1967 and headquartered in Mississauga, Ontario, IMAX has built a reputation for pioneering film-format innovations, including its patented dual 15-perforation, 70-millimeter projection system.