Imax Corporation (IMAX) Earns Buy Rating from Piper Jaffray Companies
Imax Corporation (NYSE:IMAX)‘s stock had its “buy” rating reiterated by equities researchers at Piper Jaffray Companies in a research report issued to clients and investors on Sunday. They currently have a $28.00 price target on the stock. Piper Jaffray Companies’ price target would suggest a potential upside of 26.98% from the company’s previous close.
Other analysts have also recently issued research reports about the stock. B. Riley reissued a “buy” rating and issued a $46.00 price objective on shares of Imax Corporation in a research note on Saturday, May 20th. Roth Capital set a $33.00 price objective on shares of Imax Corporation and gave the stock a “buy” rating in a research note on Tuesday, June 13th. Canaccord Genuity set a $33.00 price objective on shares of Imax Corporation and gave the stock a “buy” rating in a research note on Thursday, June 8th. MKM Partners reduced their price objective on shares of Imax Corporation from $40.00 to $30.00 and set a “buy” rating on the stock in a research note on Friday, July 7th. Finally, Wedbush reissued a “buy” rating on shares of Imax Corporation in a research note on Thursday, July 27th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $33.50.
Imax Corporation (NYSE IMAX) opened at 22.05 on Friday. Imax Corporation has a 1-year low of $17.58 and a 1-year high of $35.30. The firm has a market cap of $1.43 billion, a P/E ratio of 148.99 and a beta of 0.95. The stock has a 50 day moving average price of $19.56 and a 200-day moving average price of $25.96.
Imax Corporation (NYSE:IMAX) last issued its quarterly earnings data on Wednesday, July 26th. The company reported $0.15 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.17. Imax Corporation had a net margin of 2.81% and a return on equity of 2.39%. The company had revenue of $87.76 million for the quarter, compared to analysts’ expectations of $89.26 million. During the same quarter in the previous year, the firm posted $0.18 earnings per share. Imax Corporation’s revenue for the quarter was down 4.3% on a year-over-year basis. Equities research analysts forecast that Imax Corporation will post $0.62 EPS for the current year.
Imax Corporation declared that its board has initiated a stock repurchase plan on Monday, June 12th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 12.5% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
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In related news, CEO Greg Foster sold 9,417 shares of the business’s stock in a transaction on Tuesday, September 5th. The shares were sold at an average price of $19.55, for a total value of $184,102.35. Following the transaction, the chief executive officer now owns 67,018 shares in the company, valued at $1,310,201.90. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Patrick Mcclymont sold 1,760 shares of the business’s stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $20.50, for a total transaction of $36,080.00. The disclosure for this sale can be found here. 18.90% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Sei Investments Co. raised its holdings in shares of Imax Corporation by 25.0% during the first quarter. Sei Investments Co. now owns 206,850 shares of the company’s stock valued at $7,033,000 after purchasing an additional 41,414 shares during the period. Two Sigma Securities LLC acquired a new position in shares of Imax Corporation during the first quarter valued at about $331,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Imax Corporation by 78.9% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,774 shares of the company’s stock valued at $156,000 after purchasing an additional 2,546 shares during the period. Paloma Partners Management Co acquired a new position in shares of Imax Corporation during the first quarter valued at about $1,504,000. Finally, North Star Investment Management Corp. raised its holdings in shares of Imax Corporation by 1,000.0% during the second quarter. North Star Investment Management Corp. now owns 38,500 shares of the company’s stock valued at $847,000 after purchasing an additional 35,000 shares during the period. Hedge funds and other institutional investors own 83.73% of the company’s stock.
About Imax Corporation
IMAX Corporation is an entertainment technology company. The Company operates through seven segments: IMAX systems; theater system maintenance; 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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