IMAX (NYSE:IMAX) Price Target Raised to $65.00

IMAX (NYSE:IMAX) had its price objective hoisted by Rosenblatt Securities from $60.00 to $65.00 in a research report report published on Wednesday morning, MarketBeat Ratings reports. They currently have a buy rating on the stock.

IMAX has been the topic of a number of other reports. HC Wainwright restated a “buy” rating on shares of IMAX in a report on Friday, July 24th. Wells Fargo & Company upped their target price on IMAX from $41.00 to $45.00 and gave the company an “equal weight” rating in a report on Friday, July 24th. Wedbush increased their price target on IMAX from $46.00 to $54.00 and gave the company an “outperform” rating in a research report on Friday, July 24th. JPMorgan Chase & Co. boosted their price objective on IMAX from $47.00 to $50.00 and gave the stock an “overweight” rating in a report on Friday, July 24th. Finally, Barrington Research upped their price objective on shares of IMAX from $46.00 to $50.00 and gave the company an “outperform” rating in a research note on Friday, July 24th. Ten equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $54.45.

IMAX Price Performance

IMAX stock opened at $52.13 on Wednesday. The firm has a market cap of $2.86 billion, a PE ratio of 72.41, a P/E/G ratio of 1.59 and a beta of 0.40. IMAX has a 12 month low of $30.74 and a 12 month high of $55.57. The firm has a 50 day simple moving average of $47.54 and a 200 day simple moving average of $41.78.

IMAX (NYSE:IMAX) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $0.43 earnings per share (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 firm had revenue of $102.84 million for the quarter, compared to analyst estimates of $96.09 million. During the same quarter in the previous year, the business posted $0.26 earnings per share. The firm’s quarterly revenue was up 12.2% compared to the same quarter last year. As a group, sell-side analysts expect that IMAX will post 1.54 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Natasha Fernandes sold 20,000 shares of the stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $54.63, for a total value of $1,092,600.00. Following the completion of the sale, the chief financial officer directly owned 35,596 shares of the company’s stock, valued at approximately $1,944,609.48. This represents a 35.97% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 value of $5,323,000.00. Following the sale, the chief executive officer owned 665,002 shares of the company’s stock, valued at $35,398,056.46. The trade was a 13.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 507,257 shares of company stock worth $26,673,571. 20.55% of the stock is currently owned by corporate insiders.

Institutional Trading of IMAX

A number of hedge funds have recently made changes to their positions in the stock. CIBC Private Wealth Group LLC purchased a new position in IMAX during the third quarter valued at approximately $27,000. Quarry LP boosted its stake in shares of IMAX by 166.8% during the 4th quarter. Quarry LP now owns 875 shares of the company’s stock valued at $32,000 after buying an additional 547 shares during the period. Caitong International Asset Management Co. Ltd boosted its stake in shares of IMAX by 2,310.4% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 1,157 shares of the company’s stock valued at $38,000 after buying an additional 1,109 shares during the period. Aster Capital Management DIFC Ltd grew its holdings in shares of IMAX by 863.0% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,666 shares of the company’s stock valued at $62,000 after acquiring an additional 1,493 shares in the last quarter. Finally, Kestra Advisory Services LLC purchased a new position in shares of IMAX during the 4th quarter valued at $74,000. 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 operates premium large-format cinema experiences. Its systems combine specialized projection, immersive sound, large screens and theater design to present feature films, documentaries and other filmed content.

The company provides cinema operators with IMAX projection and sound systems, including its IMAX with Laser technology, as well as theater design, installation and technical support. IMAX also works with filmmakers and studios on content capture, post-production and remastering to optimize movies for its format, including selected 2D and 3D releases.

Founded in 1967, IMAX has expanded from its origins in documentary and institutional film presentations into a global theatrical network.