IMAX Corporation (NYSE:IMAX) Receives Average Recommendation of “Moderate Buy” from Brokerages

IMAX Corporation (NYSE:IMAX) has earned an average rating of “Moderate Buy” from the twelve analysts that are presently covering the stock, MarketBeat reports. Three investment analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 1 year price target among analysts that have covered the stock in the last year is $48.00.

Several equities analysts have weighed in on the company. JPMorgan Chase & Co. dropped their price objective on IMAX from $48.00 to $47.00 and set an “overweight” rating on the stock in a research note on Friday, May 1st. Rosenblatt Securities restated a “buy” rating and issued a $47.00 price objective on shares of IMAX in a research report on Monday, April 20th. Seaport Research Partners reiterated a “buy” rating and set a $50.00 price target on shares of IMAX in a research report on Wednesday. The Goldman Sachs Group raised their target price on shares of IMAX from $37.00 to $41.00 and gave the stock a “neutral” rating in a report on Monday, March 2nd. Finally, Wall Street Zen cut shares of IMAX from a “buy” rating to a “hold” rating in a report on Saturday, May 9th.

IMAX Stock Performance

IMAX stock opened at $43.94 on Thursday. The company has a market capitalization of $2.42 billion, a PE ratio of 67.60, a price-to-earnings-growth ratio of 1.59 and a beta of 0.37. The company’s 50-day simple moving average is $38.31 and its 200 day simple moving average is $37.71. IMAX has a 52 week low of $24.20 and a 52 week high of $45.52.

IMAX (NYSE:IMAX) last announced its quarterly earnings data on Thursday, April 30th. The company reported $0.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.15 by $0.02. The business had revenue of $81.38 million for the quarter, compared to analysts’ expectations of $79.82 million. IMAX had a net margin of 9.08% and a return on equity of 13.61%. The firm’s quarterly revenue was down 6.1% compared to the same quarter last year. During the same period last year, the firm posted $0.13 earnings per share. On average, analysts forecast that IMAX will post 1.34 EPS for the current year.

Insider Buying and Selling

In other news, CEO Richard L. Gelfond sold 8,943 shares of IMAX stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $37.33, for a total value of $333,842.19. Following the sale, the chief executive officer directly owned 765,002 shares of the company’s stock, valued at approximately $28,557,524.66. The trade was a 1.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 365,064 shares of company stock worth $13,719,850 over the last quarter. 20.55% of the stock is owned by company insiders.

Institutional Trading of IMAX

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IMAX. CIBC Private Wealth Group LLC acquired a new position in IMAX in the 3rd quarter worth about $27,000. Quarry LP grew its holdings in IMAX by 166.8% during the 4th quarter. Quarry LP now owns 875 shares of the company’s stock worth $32,000 after acquiring an additional 547 shares in the last quarter. Jones Financial Companies Lllp boosted its stake in IMAX by 43.8% during the 3rd quarter. Jones Financial Companies Lllp now owns 1,041 shares of the company’s stock worth $34,000 after purchasing an additional 317 shares during the period. Clearstead Advisors LLC acquired a new stake in shares of IMAX in the 3rd quarter worth $35,000. Finally, Caitong International Asset Management Co. Ltd raised its position in IMAX by 2,310.4% during the third quarter. Caitong International Asset Management Co. Ltd now owns 1,157 shares of the company’s stock worth $38,000 after acquiring an additional 1,109 shares during the last quarter. Institutional investors and hedge funds own 93.51% of the company’s stock.

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.