Wells Fargo & Company Lowers IMAX (NYSE:IMAX) Price Target to $30.00

IMAX (NYSE:IMAX) had its target price trimmed by Wells Fargo & Company from $32.00 to $30.00 in a research report report published on Thursday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other research firms have also recently commented on IMAX. Macquarie boosted their target price on IMAX from $28.00 to $30.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. Rosenblatt Securities reissued a “buy” rating and issued a $35.00 target price on shares of IMAX in a research report on Thursday. Wedbush reiterated an “outperform” rating and set a $32.00 target price on shares of IMAX in a research note on Thursday, April 17th. Benchmark reissued a “buy” rating and issued a $30.00 price objective on shares of IMAX in a research note on Thursday, April 10th. Finally, Barrington Research restated an “outperform” rating and issued a $32.00 price target on shares of IMAX in a research note on Thursday. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, IMAX presently has an average rating of “Moderate Buy” and an average target price of $30.33.

IMAX Stock Down 3.4 %

IMAX stock opened at $23.29 on Thursday. The firm has a 50-day simple moving average of $24.76 and a 200-day simple moving average of $24.27. IMAX has a 52 week low of $14.94 and a 52 week high of $27.77. The stock has a market capitalization of $1.23 billion, a P/E ratio of 47.53, a P/E/G ratio of 1.49 and a beta of 0.91.

IMAX (NYSE:IMAX) last announced its quarterly earnings results on Wednesday, February 19th. The company reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.31 by ($0.14). IMAX had a net margin of 7.40% and a return on equity of 8.60%. The firm had revenue of $92.67 million for the quarter, compared to analyst estimates of $104.08 million. On average, analysts expect that IMAX will post 0.91 earnings per share for the current year.

Institutional Investors Weigh In On IMAX

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IMAX. FMR LLC lifted its holdings in IMAX by 14.2% in the 4th quarter. FMR LLC now owns 4,508,583 shares of the company’s stock worth $115,420,000 after purchasing an additional 558,940 shares during the last quarter. Ameriprise Financial Inc. raised its stake in shares of IMAX by 36.9% in the 4th quarter. Ameriprise Financial Inc. now owns 1,823,516 shares of the company’s stock valued at $46,671,000 after buying an additional 491,172 shares in the last quarter. Raymond James Financial Inc. bought a new position in IMAX during the fourth quarter worth about $9,143,000. Lord Abbett & CO. LLC bought a new position in shares of IMAX during the 3rd quarter worth approximately $6,322,000. Finally, Pier Capital LLC grew its holdings in shares of IMAX by 132.6% in the 4th quarter. Pier Capital LLC now owns 478,760 shares of the company’s stock worth $12,256,000 after purchasing an additional 272,949 shares during the last quarter. Hedge funds and other institutional investors own 93.51% of the company’s stock.

About IMAX

IMAX Corporation, together with its subsidiaries, operates as a technology platform for entertainment and events worldwide. The company operates in two segments, Content Solutions and Technology Products and Services. The company offers IMAX DMR, a proprietary technology that digitally remasters films and other content into IMAX formats for distribution to the IMAX network; IMAX Enhanced that provides end-to-end technology across streaming content and entertainment devices at home; and SSIMWAVE, an AI-driven video quality solutions for media and entertainment companies.