IMAX Corporation (NYSE:IMAX) Given Average Rating of “Moderate Buy” by Analysts

Shares of IMAX Corporation (NYSE:IMAX) have been assigned a consensus rating of “Moderate Buy” from the thirteen research firms that are currently covering the stock, MarketBeat.com reports. Three analysts have rated the stock with a hold rating and ten have issued a buy rating on the company. The average twelve-month target price among analysts that have covered the stock in the last year is $52.3636.

IMAX has been the subject of several research reports. Seaport Research Partners reiterated a “buy” rating and set a $50.00 price objective on shares of IMAX in a research note on Wednesday, June 24th. Wells Fargo & Company raised their target price on IMAX from $41.00 to $45.00 and gave the company an “equal weight” rating in a research report on Friday, July 24th. Rosenblatt Securities reiterated a “buy” rating and set a $60.00 price target on shares of IMAX in a research report on Wednesday, August 19th. Roth Capital increased their price objective on IMAX from $48.00 to $50.00 and gave the company a “buy” rating in a research note on Friday, July 24th. Finally, Wedbush raised their price objective on IMAX from $46.00 to $54.00 and gave the company an “outperform” rating in a report on Friday, July 24th.

IMAX Stock Up 1.7%

Shares of NYSE IMAX opened at $51.25 on Tuesday. The firm has a market cap of $2.81 billion, a price-to-earnings ratio of 71.18, a price-to-earnings-growth ratio of 1.61 and a beta of 0.38. The company’s 50-day simple moving average is $45.70 and its 200-day simple moving average is $40.87. IMAX has a 52-week low of $28.14 and a 52-week high of $55.57.

IMAX (NYSE:IMAX) last released its quarterly earnings results on Thursday, July 23rd. The company reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.13. The firm had revenue of $102.84 million during the quarter, compared to the consensus estimate of $96.09 million. IMAX had a net margin of 9.84% and a return on equity of 15.47%. The company’s revenue for the quarter was up 12.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.26 EPS. Equities research analysts anticipate that IMAX will post 1.49 EPS for the current fiscal year.

Insider Activity

In other news, CEO Richard L. Gelfond sold 100,000 shares of the stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $53.23, for a total value of $5,323,000.00. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Natasha Fernandes sold 20,000 shares of the firm’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $54.63, for a total transaction of $1,092,600.00. Following the completion of the transaction, the chief financial officer directly owned 35,596 shares in the company, valued at approximately $1,944,609.48. This represents a 35.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 484,757 shares of company stock worth $25,513,021 over the last three months. Insiders own 20.55% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of IMAX. Orbis Allan Gray Ltd boosted its holdings in shares of IMAX by 31.7% during the 2nd 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. BlackRock Inc. acquired a new stake in shares of IMAX in the second quarter valued at approximately $115,881,000. Westfield Capital Management Co. LP increased 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 valued at $86,726,000 after purchasing an additional 723,861 shares during the last quarter. California State Teachers Retirement System lifted its position in IMAX by 3,785.1% during the second quarter. California State Teachers Retirement System now owns 2,104,728 shares of the company’s stock worth $83,894,000 after buying an additional 2,050,554 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in IMAX by 1.9% during the first quarter. Dimensional Fund Advisors LP now owns 1,237,230 shares of the company’s stock worth $47,026,000 after buying an additional 23,401 shares in the last quarter. 93.51% of the stock is owned by hedge funds and other institutional investors.

IMAX Company Profile

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.