Imax Corporation (NYSE:IMAX) Receives Outperform Rating from Wedbush
A number of other research firms have also recently weighed in on IMAX. Zacks Investment Research raised shares of 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 shares of 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 shares of 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 investment analysts have rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company. Imax Corporation has a consensus rating of Hold and an average price target of $37.45.
Imax Corporation (NYSE IMAX) traded up 0.24% during mid-day trading on Thursday, reaching $21.25. 1,333,444 shares of the company’s stock traded hands. Imax Corporation has a 52 week low of $20.05 and a 52 week high of $35.30. The stock’s 50 day moving average is $23.24 and its 200-day moving average is $29.46. The stock has a market capitalization of $1.41 billion, a PE ratio of 81.73 and a beta of 0.90.
Imax Corporation (NYSE:IMAX) last released its quarterly earnings data on Thursday, April 20th. The company reported $0.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.05 by $0.01. Imax Corporation had a net margin of 5.46% and a return on equity of 2.49%. The company had revenue of $68.70 million for the quarter, compared to analysts’ expectations of $71.53 million. During the same quarter last year, the company earned $0.22 earnings per share. The firm’s revenue for the quarter was down 25.4% on a year-over-year basis. On average, equities analysts anticipate that Imax Corporation will post $0.69 EPS for the current year.
Imax Corporation declared that its board has authorized a share 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 repurchase up to 12.5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
In related news, Director Eric A. Demirian sold 2,670 shares of Imax Corporation stock in a transaction on Thursday, June 15th. The shares were sold at an average price of $25.10, for a total value of $67,017.00. Following the transaction, the director now directly owns 17,945 shares in the company, valued at approximately $450,419.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 18.90% of the company’s stock.
A number of institutional investors have recently bought and sold shares of IMAX. Aperio Group LLC bought a new stake in shares of Imax Corporation during the second quarter valued at approximately $205,000. North Star Investment Management Corp. raised its stake in shares of Imax Corporation by 1,000.0% in the second quarter. North Star Investment Management Corp. now owns 38,500 shares of the company’s stock valued at $847,000 after buying an additional 35,000 shares during the last quarter. Handelsinvest Investeringsforvaltning raised its stake in shares of Imax Corporation by 179.0% in the second quarter. Handelsinvest Investeringsforvaltning now owns 117,200 shares of the company’s stock valued at $2,578,000 after buying an additional 75,200 shares during the last quarter. Fox Run Management L.L.C. raised its stake in shares of Imax Corporation by 106.1% in the second quarter. Fox Run Management L.L.C. now owns 50,700 shares of the company’s stock valued at $1,115,000 after buying an additional 26,100 shares during the last quarter. Finally, Handelsbanken Fonder AB raised its stake in shares of Imax Corporation by 130.8% in the second quarter. Handelsbanken Fonder AB now owns 300,000 shares of the company’s stock valued at $6,600,000 after buying an additional 170,000 shares during the last quarter. Hedge funds and other institutional investors own 88.77% 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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