IMAX Co. (NYSE:IMAX) Receives Average Rating of “Buy” from Analysts

Shares of IMAX Co. (NYSE:IMAX) have received a consensus rating of “Buy” from the eleven brokerages that are currently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $31.70.

A number of equities analysts recently weighed in on the stock. Rosenblatt Securities reaffirmed a “buy” rating and set a $35.00 price objective on shares of IMAX in a research report on Thursday, April 24th. JPMorgan Chase & Co. reduced their price objective on shares of IMAX from $27.00 to $26.00 and set a “neutral” rating on the stock in a report on Friday, April 11th. Wells Fargo & Company reduced their price objective on shares of IMAX from $32.00 to $30.00 and set an “overweight” rating on the stock in a report on Thursday, April 24th. Macquarie raised their price objective on shares of IMAX from $30.00 to $32.00 and gave the company an “outperform” rating in a report on Friday, April 25th. Finally, Benchmark restated a “buy” rating and issued a $30.00 price objective on shares of IMAX in a report on Thursday, April 10th.

IMAX Trading Up 0.8%

Shares of NYSE IMAX opened at $28.82 on Friday. The stock has a market cap of $1.55 billion, a PE ratio of 58.81, a P/E/G ratio of 1.49 and a beta of 0.81. IMAX has a 12-month low of $15.50 and a 12-month high of $29.66. The company has a 50-day moving average of $25.45 and a 200 day moving average of $25.22.

IMAX (NYSE:IMAX) last posted its quarterly earnings results on Wednesday, April 23rd. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.02. The business had revenue of $86.67 million during the quarter, compared to analysts’ expectations of $82.95 million. IMAX had a net margin of 7.40% and a return on equity of 8.60%. The business’s revenue for the quarter was up 9.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.15 EPS. On average, sell-side analysts forecast that IMAX will post 0.91 EPS for the current fiscal year.

IMAX announced that its Board of Directors has approved a stock buyback program on Thursday, June 12th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 6.5% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Rhumbline Advisers grew its position in IMAX by 7.7% during the 1st quarter. Rhumbline Advisers now owns 60,447 shares of the company’s stock worth $1,593,000 after purchasing an additional 4,325 shares during the last quarter. Strs Ohio purchased a new position in IMAX during the 1st quarter worth $9,278,000. Jane Street Group LLC grew its position in IMAX by 2,496.9% during the 1st quarter. Jane Street Group LLC now owns 573,919 shares of the company’s stock worth $15,123,000 after purchasing an additional 551,819 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of IMAX by 7.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 159,714 shares of the company’s stock valued at $4,208,000 after acquiring an additional 11,736 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of IMAX by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,486 shares of the company’s stock valued at $672,000 after acquiring an additional 1,091 shares in the last quarter. 93.51% of the stock is owned by hedge funds and other institutional investors.

About IMAX

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.