IMAX Corporation (NYSE:IMAX) Receives $48.00 Average Target Price from Brokerages

Shares of IMAX Corporation (NYSE:IMAX) have been assigned a consensus recommendation of “Moderate Buy” from the twelve brokerages that are covering the stock, MarketBeat reports. Three analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $48.00.

A number of brokerages have recently issued reports on IMAX. Wedbush reaffirmed an “outperform” rating and set a $46.00 target price on shares of IMAX in a research report on Thursday, April 23rd. Rosenblatt Securities reaffirmed a “buy” rating and set a $47.00 target price on shares of IMAX in a research report on Monday, April 20th. The Goldman Sachs Group boosted their target price on IMAX from $37.00 to $41.00 and gave the stock a “neutral” rating in a research report on Monday, March 2nd. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $60.00 price target on shares of IMAX in a research report on Friday, May 22nd. Finally, Barrington Research upped their price target on IMAX from $42.00 to $46.00 and gave the company an “outperform” rating in a research report on Friday, May 1st.

Insider Buying and Selling at IMAX

In related news, CEO Richard L. Gelfond sold 135,046 shares of the company’s stock in a transaction on Friday, April 10th. The stock was sold at an average price of $37.82, for a total transaction of $5,107,439.72. Following the transaction, the chief executive officer directly owned 765,002 shares of the company’s stock, valued at approximately $28,932,375.64. The trade was a 15.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Kevin Douglas sold 330,200 shares of the company’s stock in a transaction on Monday, March 16th. The shares were sold at an average price of $37.82, for a total value of $12,488,164.00. Following the transaction, the insider directly owned 3,657,450 shares in the company, valued at $138,324,759. The trade was a 8.28% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,054,284 shares of company stock worth $40,062,532 over the last three months. 20.55% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Divisadero Street Capital Management LP acquired a new position in IMAX in the 3rd quarter worth about $20,975,000. Principal Financial Group Inc. increased its position in IMAX by 67.8% in the 3rd quarter. Principal Financial Group Inc. now owns 70,927 shares of the company’s stock worth $2,323,000 after purchasing an additional 28,667 shares during the last quarter. Citigroup Inc. increased its position in IMAX by 267.7% in the 3rd quarter. Citigroup Inc. now owns 66,769 shares of the company’s stock worth $2,187,000 after purchasing an additional 48,609 shares during the last quarter. Hedges Asset Management LLC acquired a new position in IMAX in the 4th quarter worth about $2,088,000. Finally, Zhang Financial LLC acquired a new position in IMAX in the 3rd quarter worth about $903,000. 93.51% of the stock is owned by institutional investors and hedge funds.

IMAX Stock Up 1.3%

Shares of IMAX stock opened at $39.75 on Friday. The stock’s fifty day moving average is $36.90 and its 200-day moving average is $36.91. The firm has a market capitalization of $2.19 billion, a PE ratio of 61.16, a price-to-earnings-growth ratio of 1.40 and a beta of 0.37. IMAX has a 12-month low of $24.20 and a 12-month high of $43.16.

IMAX (NYSE:IMAX) last announced its earnings results on Thursday, April 30th. The company reported $0.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.15 by $0.02. The company had revenue of $81.38 million for the quarter, compared to analyst estimates of $79.82 million. IMAX had a return on equity of 13.61% and a net margin of 9.08%.IMAX’s revenue for the quarter was down 6.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.13 earnings per share. Analysts expect that IMAX will post 1.34 EPS for the current year.

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.