IMAX (NYSE:IMAX) Price Target Raised to $44.00

IMAX (NYSE:IMAX) had its price objective boosted by Macquarie from $39.00 to $44.00 in a report published on Thursday morning,Benzinga reports. The brokerage currently has an outperform rating on the stock.

IMAX has been the topic of several other reports. The Goldman Sachs Group raised IMAX from a “sell” rating to a “neutral” rating and upped their target price for the company from $22.00 to $34.00 in a research report on Tuesday, November 25th. Rosenblatt Securities upped their price objective on shares of IMAX from $42.00 to $47.00 and gave the company a “buy” rating in a report on Monday, December 8th. Weiss Ratings reiterated a “buy (b)” rating on shares of IMAX in a research note on Monday, December 29th. Roth Capital restated a “buy” rating and set a $42.00 price target on shares of IMAX in a research note on Monday, December 8th. Finally, Wedbush raised their price target on shares of IMAX from $39.00 to $46.00 and gave the stock an “outperform” rating in a report on Monday, December 8th. Ten research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $42.70.

IMAX Stock Up 3.1%

NYSE IMAX opened at $37.44 on Thursday. IMAX has a 52 week low of $20.48 and a 52 week high of $39.98. The company has a 50 day moving average price of $36.39 and a 200 day moving average price of $31.98. The firm has a market cap of $2.01 billion, a PE ratio of 52.73, a price-to-earnings-growth ratio of 1.85 and a beta of 0.37.

IMAX (NYSE:IMAX) last announced its earnings results on Thursday, October 23rd. The company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.16. The company had revenue of $106.65 million during the quarter, compared to the consensus estimate of $102.88 million. IMAX had a net margin of 10.47% and a return on equity of 9.91%. IMAX’s revenue was up 16.6% compared to the same quarter last year. During the same period last year, the firm earned $0.35 earnings per share. On average, equities research analysts anticipate that IMAX will post 0.91 earnings per share for the current fiscal year.

Insider Buying and Selling at IMAX

In related news, EVP Giovanni M. Dolci sold 6,188 shares of the business’s stock in a transaction on Monday, November 10th. The shares were sold at an average price of $34.25, for a total transaction of $211,939.00. Following the completion of the transaction, the executive vice president directly owned 33,000 shares in the company, valued at $1,130,250. The trade was a 15.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Robert D. Lister sold 50,143 shares of the company’s stock in a transaction on Friday, November 7th. The shares were sold at an average price of $34.67, for a total transaction of $1,738,457.81. Following the completion of the sale, the vice president directly owned 161,421 shares in the company, valued at approximately $5,596,466.07. The trade was a 23.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 23.18% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On IMAX

Institutional investors and hedge funds have recently modified their holdings of the stock. CIBC Private Wealth Group LLC acquired a new stake in IMAX during the third quarter worth about $27,000. TD Waterhouse Canada Inc. boosted its position in IMAX by 125.0% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 900 shares of the company’s stock worth $25,000 after purchasing an additional 500 shares in the last quarter. Jones Financial Companies Lllp grew its stake in shares of IMAX by 43.8% during the 3rd quarter. Jones Financial Companies Lllp now owns 1,041 shares of the company’s stock worth $34,000 after purchasing an additional 317 shares during the period. First Horizon Corp acquired a new stake in shares of IMAX during the 3rd quarter worth approximately $34,000. Finally, Clearstead Advisors LLC purchased a new position in shares of IMAX during the 3rd quarter valued at approximately $35,000. Institutional investors and hedge funds own 93.51% of the company’s stock.

IMAX Company Profile

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.