Imax Corporation’s (NYSE:IMAX) “Neutral” Rating Reiterated at J P Morgan Chase & Co
J P Morgan Chase & Co restated their neutral rating on shares of Imax Corporation (NYSE:IMAX) in a research note issued to investors on Thursday morning. They currently have a $27.00 target price on the stock.
A number of other equities research analysts have also recently commented on IMAX. Canaccord Genuity reiterated a buy rating and set a $39.00 price target on shares of Imax Corporation in a report on Monday, April 10th. B. Riley reiterated a buy rating and set a $46.00 price target on shares of Imax Corporation in a report on Monday, April 17th. Wedbush cut their price target on shares of Imax Corporation from $41.50 to $39.00 and set an outperform rating on the stock in a report on Friday, April 21st. Roth Capital set a $37.00 price target on shares of Imax Corporation and gave the company a buy rating in a report on Thursday, April 20th. Finally, MKM Partners reiterated a buy rating and set a $40.00 price target on shares of Imax Corporation in a report on Tuesday, April 25th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the company. The company has a consensus rating of Hold and a consensus target price of $34.82.
Shares of Imax Corporation (NYSE:IMAX) traded down 0.611% during trading on Thursday, hitting $20.325. The stock had a trading volume of 57,084 shares. Imax Corporation has a 52-week low of $19.33 and a 52-week high of $35.30. The stock has a 50 day moving average of $22.47 and a 200 day moving average of $28.82. The firm has a market cap of $1.32 billion, a PE ratio of 137.331 and a beta of 0.90.
Imax Corporation (NYSE:IMAX) last posted its quarterly earnings results on Wednesday, July 26th. The company reported $0.15 EPS for the quarter, beating the Zacks’ 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 firm had revenue of $87.76 million for the quarter, compared to analysts’ expectations of $89.26 million. During the same quarter in the prior year, the company posted $0.18 earnings per share. The business’s revenue for the quarter was down 4.3% on a year-over-year basis. On average, equities analysts anticipate that Imax Corporation will post $0.63 EPS for the current year.
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Imax Corporation announced that its Board of Directors has initiated a stock buyback program on Monday, June 12th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 12.5% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s management believes its stock is undervalued.
In other 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 transaction of $67,017.00. Following the transaction, the director now owns 17,945 shares in the company, valued at approximately $450,419.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 18.90% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of IMAX. Ameritas Investment Partners Inc. acquired a new position in shares of Imax Corporation during the first quarter valued at $173,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Imax Corporation by 78.9% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,774 shares of the company’s stock valued at $156,000 after buying an additional 2,546 shares in the last quarter. Comerica Bank acquired a new position in shares of Imax Corporation during the fourth quarter valued at $205,000. BNP Paribas Arbitrage SA boosted its position in shares of Imax Corporation by 1,151.0% in the second quarter. BNP Paribas Arbitrage SA now owns 6,818 shares of the company’s stock valued at $150,000 after buying an additional 6,273 shares in the last quarter. Finally, Aperio Group LLC acquired a new position in shares of Imax Corporation during the second quarter valued at $205,000. Institutional investors and hedge funds own 89.54% 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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