Wells Fargo & Company Issues Pessimistic Forecast for IMAX (NYSE:IMAX) Stock Price

IMAX (NYSE:IMAX) had its price target cut by equities research analysts at Wells Fargo & Company from $55.00 to $52.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price would suggest a potential upside of 8.93% from the company’s previous close.

Other equities research analysts have also issued reports about the stock. Zacks Research raised shares of IMAX from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 9th. The Goldman Sachs Group upped their price target on IMAX from $42.00 to $50.00 and gave the stock a “neutral” rating in a report on Friday, September 4th. UBS Group set a $65.00 price target on IMAX in a research report on Wednesday, October 7th. Roth Capital reissued a “buy” rating and issued a $62.00 price objective on shares of IMAX in a report on Friday, October 23rd. Finally, B. Riley Financial boosted their price objective on IMAX from $61.00 to $64.00 and gave the company a “buy” rating in a research report on Thursday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $58.08.

IMAX Price Performance

NYSE:IMAX opened at $47.74 on Friday. The company has a 50 day moving average price of $52.12 and a 200-day moving average price of $43.21. IMAX has a 1-year low of $32.71 and a 1-year high of $57.73. The firm has a market cap of $2.62 billion, a price-to-earnings ratio of 20.67, a price-to-earnings-growth ratio of 1.21 and a beta of 0.54.

IMAX (NYSE:IMAX) last released its quarterly earnings results on Thursday, November 5th. The company reported $2.21 EPS for the quarter, beating the consensus estimate of $1.02 by $1.19. IMAX had a net margin of 27.70% and a return on equity of 38.28%. The company had revenue of $174.55 million for the quarter, compared to analyst estimates of $168.53 million. During the same quarter last year, the business earned $0.47 earnings per share. The firm’s revenue was up 63.6% on a year-over-year basis. On average, sell-side analysts anticipate that IMAX will post 1.88 earnings per share for the current fiscal year.

Insider Activity at IMAX

In related news, CEO Richard Gelfond sold 205,504 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $53.27, for a total value of $10,947,198.08. Following the transaction, the chief executive officer directly owned 765,002 shares of the company’s stock, valued at approximately $40,751,656.54. This trade represents a 21.17% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Kenneth Weissman sold 8,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $54.54, for a total value of $436,320.00. Following the sale, the insider owned 28,205 shares of the company’s stock, valued at approximately $1,538,300.70. This trade represents a 22.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 507,257 shares of company stock valued at $26,673,571. 20.55% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On IMAX

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IMAX. JW Asset Management LLC purchased a new position in shares of IMAX during the 3rd quarter worth $603,000. Eurizon Capital SGR S.p.A. acquired a new stake in IMAX during the third quarter worth about $29,000. Jefferies Financial Group Inc. purchased a new position in IMAX during the third quarter worth about $5,834,000. Knights of Columbus Asset Advisors LLC grew its stake in shares of IMAX by 0.5% in the 3rd quarter. Knights of Columbus Asset Advisors LLC now owns 80,553 shares of the company’s stock valued at $4,414,000 after buying an additional 374 shares during the period. Finally, AEGON ASSET MANAGEMENT UK Plc acquired a new stake in shares of IMAX during the 3rd quarter worth approximately $2,422,000. Institutional investors and hedge funds own 93.51% of the company’s stock.

More IMAX News

Here are the key news stories impacting IMAX this week:

• Positive Sentiment: IMAX posted the best quarter in its history: third-quarter revenue was $174.55 million, up 63.6% year over year and ahead of estimates, while EPS of $2.21 substantially exceeded analysts’ roughly $1.02 consensus. The blockbuster performance of The Odyssey helped drive record box office and results. IMAX third-quarter results
• Positive Sentiment: The Odyssey is set to return to theaters, including IMAX 70mm, in December, offering a potential boost to ticket sales and illustrating demand for premium-format re-releases. The Odyssey IMAX re-release
• Neutral Sentiment: Wells Fargo cut its IMAX price target from $55 to $52 and maintained an “equal weight” rating. The revised target still implies 8.9% upside from the cited $47.74 share price, but the reduction signals less analyst optimism. Wells Fargo rating information

IMAX Company Profile

IMAX Corporation (NYSE: IMAX) is a global entertainment technology company that specializes in premium large-format cinema experiences. The company designs and supplies specialized theater systems that combine large screens, high-resolution projection, advanced sound, and immersive theater design to present feature films, documentaries, live events, and other content.

IMAX supports its theater partners with projection and sound equipment, theater design and installation services, and technology and maintenance support.