IMAX’s (IMAX) “Outperform” Rating Reaffirmed at Wedbush

IMAX (NYSE:IMAX)‘s stock had its “outperform” rating restated by stock analysts at Wedbush in a research note issued on Thursday,Benzinga reports. They presently have a $46.00 price target on the stock. Wedbush’s price objective suggests a potential upside of 27.06% from the stock’s current price.

Other equities research analysts also recently issued reports about the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of IMAX in a report on Monday, December 29th. Barrington Research reiterated an “outperform” rating and set a $42.00 price target on shares of IMAX in a report on Monday, January 26th. The Goldman Sachs Group lifted their price target on shares of IMAX from $37.00 to $41.00 and gave the stock a “neutral” rating in a report on Monday, March 2nd. Seaport Research Partners raised their target price on shares of IMAX from $43.00 to $45.00 and gave the stock a “buy” rating in a research report on Wednesday, April 8th. Finally, JPMorgan Chase & Co. raised their target price on shares of IMAX from $47.00 to $48.00 and gave the stock an “overweight” rating in a research report on Thursday, February 26th. Ten research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $43.70.

IMAX Stock Performance

NYSE:IMAX traded down $0.02 during mid-day trading on Thursday, hitting $36.20. 136,428 shares of the company’s stock traded hands, compared to its average volume of 1,089,063. The firm’s 50 day simple moving average is $38.19 and its 200 day simple moving average is $36.25. IMAX has a 1 year low of $22.54 and a 1 year high of $43.16. The company has a market cap of $1.95 billion, a PE ratio of 58.32, a price-to-earnings-growth ratio of 1.63 and a beta of 0.41.

IMAX (NYSE:IMAX) last posted its earnings results on Wednesday, February 25th. The company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.15. IMAX had a net margin of 8.50% and a return on equity of 13.53%. The firm had revenue of $125.21 million during the quarter, compared to the consensus estimate of $120.30 million. During the same period last year, the firm posted $0.27 EPS. The firm’s revenue for the quarter was up 35.1% on a year-over-year basis. On average, research analysts expect that IMAX will post 1.31 earnings per share for the current fiscal year.

Insider Activity at IMAX

In related news, CEO Richard L. Gelfond sold 34,182 shares of the firm’s stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $37.06, for a total value of $1,266,784.92. Following the sale, the chief executive officer directly owned 765,002 shares of the company’s stock, valued at approximately $28,350,974.12. This trade represents a 4.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 firm’s stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $37.82, for a total transaction of $12,488,164.00. Following the completion of the sale, the insider directly owned 3,657,450 shares in the company, valued at $138,324,759. This represents a 8.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 1,045,341 shares of company stock worth $39,728,689 over the last three months. Corporate insiders own 23.18% of the company’s stock.

Institutional Inflows and Outflows

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