Imax Corp.’s (IMAX) “Outperform” Rating Reaffirmed at Wedbush
IMAX has been the topic of a number of other research reports. Macquarie dropped their price objective on shares of Imax Corp. from $42.00 to $41.00 and set an outperform rating on the stock in a research note on Wednesday, September 14th. Zacks Investment Research cut shares of Imax Corp. from a hold rating to a sell rating in a research note on Tuesday. Piper Jaffray Cos. reissued an overweight rating and issued a $45.00 price target (up previously from $40.00) on shares of Imax Corp. in a research note on Sunday, July 24th. Credit Suisse Group AG reissued a buy rating on shares of Imax Corp. in a research note on Wednesday, June 22nd. Finally, Canaccord Genuity reissued a buy rating on shares of Imax Corp. in a research note on Wednesday, June 22nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of Buy and an average price target of $40.56.
Imax Corp. (NYSE:IMAX) opened at 29.53 on Wednesday. Imax Corp. has a 52-week low of $25.52 and a 52-week high of $40.36. The firm’s 50-day moving average is $30.50 and its 200-day moving average is $31.06. The company has a market cap of $1.98 billion, a PE ratio of 42.61 and a beta of 1.62.
Imax Corp. (NYSE:IMAX) last issued its quarterly earnings data on Wednesday, July 20th. The company reported $0.18 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.01. The business had revenue of $91.70 million for the quarter, compared to analysts’ expectations of $91.30 million. Imax Corp. had a net margin of 12.47% and a return on equity of 7.66%. The business’s revenue was down 14.5% on a year-over-year basis. During the same quarter last year, the company earned $0.40 EPS. On average, equities research analysts anticipate that Imax Corp. will post $0.90 EPS for the current year.
In related news, CEO Richard L. Gelfond sold 7,741 shares of the firm’s stock in a transaction dated Friday, September 2nd. The stock was sold at an average price of $30.83, for a total transaction of $238,655.03. Following the completion of the sale, the chief executive officer now directly owns 102,470 shares of the company’s stock, valued at approximately $3,159,150.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 5.80% of the company’s stock.
Several hedge funds have recently modified their holdings of IMAX. Advisor Group Inc. purchased a new position in Imax Corp. during the second quarter valued at $121,000. BlackRock Inc. increased its position in Imax Corp. by 130.7% in the first quarter. BlackRock Inc. now owns 3,977 shares of the company’s stock valued at $123,000 after buying an additional 2,253 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. increased its position in Imax Corp. by 273.6% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 6,621 shares of the company’s stock valued at $206,000 after buying an additional 4,849 shares in the last quarter. Mackenzie Financial Corp purchased a new position in Imax Corp. during the second quarter valued at $218,000. Finally, Seven Eight Capital LLC increased its position in Imax Corp. by 8.3% in the first quarter. Seven Eight Capital LLC now owns 7,800 shares of the company’s stock valued at $243,000 after buying an additional 600 shares in the last quarter. 79.77% of the stock is owned by hedge funds and other institutional investors.
About Imax Corp.
IMAX Corporation is an entertainment technology company. The Company operates through seven segments: the IMAX systems, the theater system maintenance, the joint revenue sharing arrangements, film production and IMAX DMR, film distribution, film post-production and other. The IMAX systems segment designs, manufactures, sells or leases IMAX theater projection system equipment.
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