Benchmark Reiterates Buy Rating for IMAX (NYSE:IMAX)

IMAX (NYSE:IMAX)‘s stock had its “buy” rating reissued by Benchmark in a report issued on Thursday,Benzinga reports. They currently have a $30.00 price objective on the stock. Benchmark’s price target points to a potential upside of 12.89% from the company’s previous close.

Several other brokerages have also recently weighed in on IMAX. JPMorgan Chase & Co. lifted their price objective on IMAX from $21.00 to $25.00 and gave the company a “neutral” rating in a report on Thursday, January 30th. Wedbush reaffirmed an “outperform” rating and issued a $32.00 target price on shares of IMAX in a report on Wednesday, February 12th. Barrington Research upped their price target on IMAX from $30.00 to $32.00 and gave the company an “outperform” rating in a research report on Thursday. Rosenblatt Securities upped their price target on IMAX from $28.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Roth Mkm upped their target price on IMAX from $27.00 to $28.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $30.00.

IMAX Stock Performance

IMAX stock traded down $0.65 during midday trading on Thursday, reaching $26.58. The stock had a trading volume of 106,918 shares, compared to its average volume of 672,959. The firm’s fifty day simple moving average is $24.63 and its 200-day simple moving average is $22.93. IMAX has a 1-year low of $14.94 and a 1-year high of $27.38. The stock has a market capitalization of $1.40 billion, a P/E ratio of 60.50, a price-to-earnings-growth ratio of 1.49 and a beta of 1.22.

IMAX (NYSE:IMAX) last posted its quarterly earnings results on Wednesday, February 19th. The company reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.14). IMAX had a net margin of 6.74% and a return on equity of 7.53%. The company had revenue of $92.67 million during the quarter, compared to the consensus estimate of $104.08 million. On average, sell-side analysts anticipate that IMAX will post 0.64 earnings per share for the current fiscal year.

Insider Buying and Selling at IMAX

In related news, EVP Robert D. Lister sold 55,910 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $25.50, for a total value of $1,425,705.00. Following the completion of the transaction, the executive vice president now directly owns 138,889 shares in the company, valued at $3,541,669.50. The trade was a 28.70 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Natasha Fernandes sold 2,957 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $25.52, for a total transaction of $75,462.64. Following the completion of the transaction, the chief financial officer now owns 14,883 shares of the company’s stock, valued at approximately $379,814.16. The trade was a 16.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 65,176 shares of company stock valued at $1,662,110. 24.08% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On IMAX

Several institutional investors and hedge funds have recently modified their holdings of IMAX. Mizuho Markets Americas LLC boosted its stake in IMAX by 47.5% during the third quarter. Mizuho Markets Americas LLC now owns 387,689 shares of the company’s stock worth $7,952,000 after buying an additional 124,811 shares during the period. Royce & Associates LP lifted its stake in IMAX by 3.1% in the third quarter. Royce & Associates LP now owns 1,822,616 shares of the company’s stock worth $37,382,000 after acquiring an additional 54,850 shares during the period. Quantbot Technologies LP purchased a new stake in IMAX in the third quarter worth about $777,000. Lord Abbett & CO. LLC purchased a new stake in IMAX in the third quarter worth about $6,322,000. Finally, SG Americas Securities LLC bought a new position in IMAX in the fourth quarter worth about $333,000. Institutional investors own 93.51% of the company’s stock.

IMAX Company Profile

IMAX Corporation, together with its subsidiaries, operates as a technology platform for entertainment and events worldwide. The company operates in two segments, Content Solutions and Technology Products and Services. The company offers IMAX DMR, a proprietary technology that digitally remasters films and other content into IMAX formats for distribution to the IMAX network; IMAX Enhanced that provides end-to-end technology across streaming content and entertainment devices at home; and SSIMWAVE, an AI-driven video quality solutions for media and entertainment companies.