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

IMAX (NYSE:IMAX)‘s stock had its “buy” rating reaffirmed by research analysts at Rosenblatt Securities in a note issued to investors on Monday,Benzinga reports. They currently have a $47.00 price objective on the stock. Rosenblatt Securities’ target price points to a potential upside of 34.47% from the company’s current price.

A number of other equities analysts have also weighed in on IMAX. Wall Street Zen lowered IMAX from a “strong-buy” rating to a “buy” rating in a research note on Saturday, February 28th. Benchmark increased their price target on IMAX from $42.00 to $44.00 and gave the stock a “buy” rating in a research report on Thursday, February 26th. Weiss Ratings restated a “buy (b)” rating on shares of IMAX in a research note on Monday, December 29th. The Goldman Sachs Group boosted their target price on shares of IMAX from $37.00 to $41.00 and gave the company a “neutral” rating in a research report on Monday, March 2nd. Finally, Wedbush reissued an “outperform” rating and set a $46.00 price target on shares of IMAX in a report on Monday, February 23rd. Ten equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $43.70.

IMAX Stock Performance

Shares of IMAX stock opened at $34.95 on Monday. IMAX has a 52-week low of $21.86 and a 52-week high of $43.16. The stock has a market cap of $1.89 billion, a price-to-earnings ratio of 56.37, a PEG ratio of 1.60 and a beta of 0.41. The firm’s 50-day moving average is $38.21 and its 200-day moving average is $36.21.

IMAX (NYSE:IMAX) last issued its earnings results on Wednesday, February 25th. The company reported $0.58 EPS for the quarter, topping the consensus estimate of $0.43 by $0.15. IMAX had a return on equity of 13.53% and a net margin of 8.50%.The company had revenue of $125.21 million during the quarter, compared to the consensus estimate of $120.30 million. During the same period in the previous year, the company posted $0.27 EPS. The firm’s revenue for the quarter was up 35.1% compared to the same quarter last year. Sell-side analysts predict that IMAX will post 0.91 EPS for the current fiscal year.

Insider Buying and Selling at IMAX

In other IMAX news, CEO Richard L. Gelfond sold 15,746 shares of the company’s stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $37.07, for a total transaction of $583,704.22. Following the sale, the chief executive officer owned 765,002 shares of the company’s stock, valued at approximately $28,358,624.14. This represents a 2.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Kevin Douglas sold 330,200 shares of IMAX stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $37.82, for a total value of $12,488,164.00. Following the completion of the transaction, the insider directly owned 3,657,450 shares of the company’s stock, valued at approximately $138,324,759. This trade represents a 8.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 969,422 shares of company stock valued at $36,915,549. 23.18% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Orbis Allan Gray Ltd grew its holdings in IMAX by 31.7% during the second quarter. Orbis Allan Gray Ltd now owns 5,113,033 shares of the company’s stock worth $142,960,000 after buying an additional 1,230,267 shares in the last quarter. Westfield Capital Management Co. LP lifted its position in shares of IMAX by 44.6% during the 4th quarter. Westfield Capital Management Co. LP now owns 2,346,486 shares of the company’s stock worth $86,726,000 after buying an additional 723,861 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in IMAX by 1.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,213,829 shares of the company’s stock worth $44,864,000 after purchasing an additional 20,863 shares during the last quarter. Nantahala Capital Management LLC boosted its holdings in shares of IMAX by 24.9% in the 2nd quarter. Nantahala Capital Management LLC now owns 1,133,993 shares of the company’s stock worth $31,706,000 after buying an additional 225,742 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its stake in IMAX by 1.9% in the fourth quarter. Victory Capital Management Inc. now owns 1,104,071 shares of the company’s stock valued at $40,806,000 after acquiring an additional 20,079 shares during the last quarter. 93.51% of the stock is currently owned by institutional investors and hedge funds.

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.