Brokerages Set IMAX Corporation (NYSE:IMAX) Price Target at $52.36

Shares of IMAX Corporation (NYSE:IMAX) have been assigned a consensus recommendation of “Moderate Buy” from the thirteen brokerages that are presently covering the company, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold recommendation and ten have issued a buy recommendation on the company. The average 1-year target price among brokerages that have covered the stock in the last year is $54.00.

A number of brokerages have commented on IMAX. The Goldman Sachs Group boosted their price objective on shares of IMAX from $42.00 to $50.00 and gave the stock a “neutral” rating in a report on Friday. Benchmark reaffirmed a “buy” rating on shares of IMAX in a research report on Monday, June 22nd. Roth Capital increased their price target on IMAX from $50.00 to $60.00 and gave the company a “buy” rating in a report on Thursday. Seaport Research Partners reissued a “buy” rating and issued a $50.00 price target on shares of IMAX in a report on Wednesday, June 24th. Finally, HC Wainwright restated a “buy” rating on shares of IMAX in a report on Friday, July 24th.

IMAX Stock Performance

IMAX stock opened at $51.72 on Tuesday. The stock’s 50 day moving average price is $46.59 and its 200 day moving average price is $41.41. The firm has a market capitalization of $2.84 billion, a PE ratio of 71.83, a price-to-earnings-growth ratio of 1.60 and a beta of 0.40. IMAX has a one year low of $28.93 and a one year high of $55.57.

IMAX (NYSE:IMAX) last issued its quarterly earnings data on Thursday, July 23rd. The company reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.13. The company had revenue of $102.84 million during the quarter, compared to the consensus estimate of $96.09 million. IMAX had a net margin of 9.84% and a return on equity of 15.47%. IMAX’s revenue for the quarter was up 12.2% on a year-over-year basis. During the same quarter last year, the company earned $0.26 earnings per share. On average, analysts forecast that IMAX will post 1.53 earnings per share for the current fiscal year.

Insider Activity

In other IMAX news, insider Kenneth Weissman sold 8,000 shares of the firm’s stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $54.54, for a total transaction of $436,320.00. Following the completion of the transaction, the insider directly owned 28,205 shares of the company’s stock, valued at $1,538,300.70. This trade represents a 22.10% 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 20,000 shares of the business’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $54.63, for a total transaction of $1,092,600.00. Following the completion of the sale, the chief financial officer directly owned 35,596 shares of the company’s stock, valued at $1,944,609.48. The trade was a 35.97% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 484,757 shares of company stock worth $25,513,021. 20.55% of the stock is currently owned by insiders.

Institutional Investors Weigh In On IMAX

A number of institutional investors have recently made changes to their positions in IMAX. CIBC Private Wealth Group LLC bought a new position in shares of IMAX in the 3rd quarter worth about $27,000. Quarry LP boosted its stake in IMAX by 166.8% in the fourth quarter. Quarry LP now owns 875 shares of the company’s stock valued at $32,000 after acquiring an additional 547 shares during the period. Caitong International Asset Management Co. Ltd boosted its stake in IMAX by 2,310.4% in the third quarter. Caitong International Asset Management Co. Ltd now owns 1,157 shares of the company’s stock valued at $38,000 after acquiring an additional 1,109 shares during the period. Aster Capital Management DIFC Ltd grew its holdings in shares of IMAX by 863.0% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,666 shares of the company’s stock valued at $62,000 after purchasing an additional 1,493 shares during the last quarter. Finally, Kestra Advisory Services LLC bought a new position in shares of IMAX during the fourth quarter valued at approximately $74,000. 93.51% of the stock is currently owned by institutional investors.

About IMAX

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.