Imax Corporation (IMAX) Stock Rating Reaffirmed by Wedbush
Other equities analysts have also recently issued reports about the stock. B. Riley restated a buy rating and set a $46.00 price objective on shares of Imax Corporation in a research report on Monday, May 15th. MKM Partners restated a buy rating and set a $40.00 price objective on shares of Imax Corporation in a research report on Tuesday, April 25th. Roth Capital set a $37.00 price objective on shares of Imax Corporation and gave the stock a buy rating in a research report on Thursday, April 20th. Canaccord Genuity restated a buy rating and set a $39.00 price objective on shares of Imax Corporation in a research report on Monday, April 10th. Finally, Piper Jaffray Companies restated a buy rating on shares of Imax Corporation in a research report on Tuesday, June 13th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus price target of $35.60.
Shares of Imax Corporation (NYSE IMAX) traded down 1.82% during mid-day trading on Thursday, reaching $21.55. 142,265 shares of the company’s stock were exchanged. The stock has a market capitalization of $1.39 billion, a PE ratio of 145.61 and a beta of 0.91. Imax Corporation has a 1-year low of $20.05 and a 1-year high of $35.30. The company’s 50 day moving average is $22.60 and its 200 day moving average is $29.03.
Imax Corporation (NYSE:IMAX) last posted its quarterly earnings data on Wednesday, July 26th. The company reported $0.15 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.02) by $0.17. The company had revenue of $87.76 million during the quarter, compared to analysts’ expectations of $89.26 million. Imax Corporation had a net margin of 2.81% and a return on equity of 2.39%. The firm’s revenue for the quarter was down 4.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.18 earnings per share. Equities research analysts anticipate that Imax Corporation will post $0.70 EPS for the current fiscal year.
Imax Corporation announced that its board has initiated a stock buyback program on Monday, June 12th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the company to purchase up to 12.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.
In related news, Director Eric A. Demirian sold 2,670 shares of the firm’s stock in a transaction dated Thursday, June 15th. The shares were sold at an average price of $25.10, for a total transaction of $67,017.00. Following the completion of the sale, the director now directly owns 17,945 shares in the company, valued at $450,419.50. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 18.90% of the stock is currently owned by company insiders.
A number of large investors have recently added to or reduced their stakes in IMAX. Russell Investments Group Ltd. purchased a new stake in Imax Corporation during the fourth quarter valued at about $1,360,000. State Board of Administration of Florida Retirement System boosted its stake in 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 last quarter. Comerica Bank purchased a new stake in Imax Corporation during the fourth quarter valued at about $205,000. Guggenheim Capital LLC boosted its stake in Imax Corporation by 102.7% in the fourth quarter. Guggenheim Capital LLC now owns 14,866 shares of the company’s stock valued at $467,000 after buying an additional 7,533 shares during the last quarter. Finally, Macquarie Group Ltd. boosted its stake in Imax Corporation by 34.7% in the fourth quarter. Macquarie Group Ltd. now owns 170,045 shares of the company’s stock valued at $5,339,000 after buying an additional 43,800 shares during the last quarter. Hedge funds and other institutional investors own 88.94% 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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