IMAX Corporation (NYSE:IMAX) Stock Has Average Target Price of $55.17

IMAX Corporation (NYSE:IMAX) has received a consensus recommendation of “Moderate Buy” from the fourteen brokerages that are covering the firm, MarketBeat.com reports. Three analysts have rated the stock with a hold recommendation and eleven have given a buy recommendation to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $55.17.

A number of analysts have issued reports on the stock. The Goldman Sachs Group boosted their price objective on shares of IMAX from $42.00 to $50.00 and gave the company a “neutral” rating in a report on Friday, September 4th. Barrington Research lifted their price target on shares of IMAX from $46.00 to $50.00 and gave the company an “outperform” rating in a research report on Friday, July 24th. Benchmark reiterated a “buy” rating on shares of IMAX in a research note on Monday, June 22nd. Rosenblatt Securities increased their price target on IMAX from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, September 9th. Finally, Seaport Research Partners restated a “buy” rating and set a $50.00 price objective on shares of IMAX in a research note on Wednesday, June 24th.

Insider Buying and Selling

In other IMAX news, insider Kenneth Weissman sold 8,000 shares of the stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $54.54, for a total transaction of $436,320.00. Following the sale, the insider directly owned 28,205 shares in the company, valued at $1,538,300.70. This represents a 22.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Robert D. Lister sold 22,500 shares of the firm’s stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $51.58, for a total transaction of $1,160,550.00. Following the completion of 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 disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 507,257 shares of company stock valued at $26,673,571. Company insiders own 20.55% of the company’s stock.

Institutional Trading of IMAX

A number of institutional investors and hedge funds have recently made changes to their positions in IMAX. Bank of New York Mellon Corp acquired a new position in IMAX during the second quarter valued at approximately $5,512,000. Principal Financial Group Inc. boosted its holdings in shares of IMAX by 76.3% in the 1st quarter. Principal Financial Group Inc. now owns 192,120 shares of the company’s stock valued at $7,302,000 after purchasing an additional 83,118 shares in the last quarter. Man Group plc bought a new position in shares of IMAX in the 2nd quarter valued at $951,000. HBK Investments L P bought a new position in shares of IMAX in the 2nd quarter valued at $8,058,000. Finally, Manatuck Hill Partners LLC acquired a new position in shares of IMAX during the 2nd quarter worth $3,679,000. Institutional investors own 93.51% of the company’s stock.

IMAX Price Performance

Shares of IMAX opened at $54.81 on Friday. The company’s 50-day moving average is $51.60 and its 200-day moving average is $43.09. The firm has a market capitalization of $3.01 billion, a PE ratio of 76.12, a PEG ratio of 1.76 and a beta of 0.40. IMAX has a fifty-two week low of $30.74 and a fifty-two week high of $57.73.

IMAX (NYSE:IMAX) last announced its earnings results on Thursday, July 23rd. The company reported $0.43 EPS for the quarter, topping the consensus estimate of $0.30 by $0.13. The business 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%. IMAX’s revenue was up 12.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.26 EPS. Analysts predict that IMAX will post 1.52 earnings per share for the current fiscal year.

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.