Imax Corporation (IMAX) Earns Outperform Rating from Wedbush
A number of other brokerages have also recently issued reports on IMAX. Zacks Investment Research raised Imax Corporation from a sell rating to a hold rating in a report on Tuesday, March 28th. Canaccord Genuity set a $33.00 price objective on Imax Corporation and gave the stock a buy rating in a report on Thursday, June 8th. B. Riley reissued a buy rating and set a $43.50 price objective on shares of Imax Corporation in a report on Monday, June 12th. Roth Capital set a $37.00 price objective on Imax Corporation and gave the stock a buy rating in a report on Thursday, April 20th. Finally, MKM Partners reissued a buy rating and set a $40.00 price objective on shares of Imax Corporation in a report on Tuesday, April 25th. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the stock. The company presently has a consensus rating of Hold and an average target price of $36.45.
Imax Corporation (NYSE IMAX) opened at 21.25 on Thursday. The company has a market cap of $1.41 billion, a PE ratio of 81.73 and a beta of 0.91. Imax Corporation has a 12 month low of $20.05 and a 12 month high of $35.30. The company has a 50 day moving average price of $23.24 and a 200-day moving average price of $29.46.
Imax Corporation (NYSE:IMAX) last issued its quarterly earnings data on Thursday, April 20th. The company reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.05 by $0.01. The business had revenue of $68.70 million for the quarter, compared to analysts’ expectations of $71.53 million. Imax Corporation had a return on equity of 2.49% and a net margin of 5.46%. The firm’s quarterly revenue was down 25.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.22 EPS. Equities analysts predict that Imax Corporation will post $0.69 earnings per share for the current fiscal year.
Imax Corporation announced that its board has authorized a stock repurchase plan on Monday, June 12th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 12.5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
In other Imax Corporation news, Director Eric A. Demirian sold 2,670 shares of the firm’s stock in a transaction dated Thursday, June 15th. The stock was sold at an average price of $25.10, for a total value of $67,017.00. Following the sale, the director now owns 17,945 shares of the company’s stock, valued at approximately $450,419.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 18.90% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. State Board of Administration of Florida Retirement System raised its position in shares of Imax Corporation by 0.9% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 22,008 shares of the company’s stock valued at $691,000 after buying an additional 190 shares during the period. Putnam Investments LLC raised its position in shares of Imax Corporation by 1.6% in the fourth quarter. Putnam Investments LLC now owns 25,794 shares of the company’s stock valued at $810,000 after buying an additional 416 shares during the period. Blair William & Co. IL raised its position in shares of Imax Corporation by 1.5% in the first quarter. Blair William & Co. IL now owns 94,231 shares of the company’s stock valued at $3,203,000 after buying an additional 1,408 shares during the period. Trillium Asset Management LLC raised its position in shares of Imax Corporation by 2.7% in the first quarter. Trillium Asset Management LLC now owns 60,760 shares of the company’s stock valued at $2,066,000 after buying an additional 1,616 shares during the period. Finally, American International Group Inc. raised its position in shares of Imax Corporation by 5.0% in the first quarter. American International Group Inc. now owns 35,583 shares of the company’s stock valued at $1,210,000 after buying an additional 1,701 shares during the period. Hedge funds and other institutional investors own 88.98% of the company’s stock.
Imax Corporation Company Profile
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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