IMAX (NYSE:IMAX) Given New $45.00 Price Target at Seaport Research Partners

IMAX (NYSE:IMAX) had its price target boosted by investment analysts at Seaport Research Partners from $43.00 to $45.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Seaport Research Partners’ price target would suggest a potential upside of 16.70% from the company’s previous close.

A number of other brokerages have also recently issued reports on IMAX. Wells Fargo & Company boosted their target price on shares of IMAX from $40.00 to $47.00 and gave the company an “overweight” rating in a research report on Thursday, December 18th. Barrington Research reissued an “outperform” rating and issued a $42.00 target price on shares of IMAX in a research report on Monday, January 26th. Wall Street Zen cut shares of IMAX from a “strong-buy” rating to a “buy” rating in a research report on Saturday, February 28th. Macquarie Infrastructure boosted their target price on shares of IMAX from $39.00 to $44.00 and gave the company an “outperform” rating in a research report on Thursday, January 15th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of IMAX in a research report on Monday, December 29th. Ten equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $43.70.

IMAX Price Performance

IMAX stock traded down $0.24 during midday trading on Wednesday, reaching $38.56. 256,504 shares of the company were exchanged, compared to its average volume of 1,088,041. The business has a 50-day moving average price of $37.96 and a two-hundred day moving average price of $35.96. IMAX has a one year low of $20.48 and a one year high of $43.16. The firm has a market capitalization of $2.08 billion, a price-to-earnings ratio of 62.17, a price-to-earnings-growth ratio of 1.89 and a beta of 0.41.

IMAX (NYSE:IMAX) last released its quarterly earnings data on Wednesday, February 25th. The company reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.15. The firm had revenue of $125.21 million during the quarter, compared to analysts’ expectations of $120.30 million. IMAX had a net margin of 8.50% and a return on equity of 13.53%. The company’s revenue for the quarter was up 35.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.27 earnings per share. As a group, analysts anticipate that IMAX will post 0.91 earnings per share for the current fiscal year.

Insider Activity

In other IMAX news, insider Kevin Douglas sold 330,200 shares of the business’s stock in a transaction dated 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 transaction, the insider owned 3,657,450 shares of the company’s stock, valued at approximately $138,324,759. The trade was a 8.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Richard L. Gelfond sold 121,220 shares of the business’s stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $40.10, for a total value of $4,860,922.00. Following the transaction, the chief executive officer directly owned 765,002 shares of the company’s stock, valued at approximately $30,676,580.20. The trade was a 13.68% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 714,244 shares of company stock valued at $27,347,019. Insiders own 24.08% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of IMAX. CIBC Private Wealth Group LLC acquired a new position in IMAX during the third quarter worth about $27,000. Quarry LP raised its stake in IMAX by 166.8% during the fourth 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. First Horizon Corp acquired a new position in IMAX during the third quarter worth about $34,000. Jones Financial Companies Lllp raised its stake in IMAX by 43.8% during the third quarter. Jones Financial Companies Lllp now owns 1,041 shares of the company’s stock worth $34,000 after acquiring an additional 317 shares in the last quarter. Finally, Clearstead Advisors LLC acquired a new position in IMAX during the third quarter worth about $35,000. Institutional investors and hedge funds own 93.51% of the company’s stock.

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.