IMAX (NYSE:IMAX) Given Outperform Rating at Barrington Research

IMAX (NYSE:IMAX)‘s stock had its “outperform” rating reaffirmed by equities research analysts at Barrington Research in a research report issued on Monday,Benzinga reports. They presently have a $42.00 price objective on the stock. Barrington Research’s price objective points to a potential upside of 21.40% from the stock’s previous close.

Other equities research analysts also recently issued reports about the stock. Roth Mkm reiterated a “buy” rating and set a $42.00 price objective on shares of IMAX in a research note on Monday, December 8th. Wall Street Zen downgraded shares of IMAX from a “strong-buy” rating to a “buy” rating in a research note on Friday. JPMorgan Chase & Co. upgraded IMAX from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $32.00 to $47.00 in a report on Monday, December 15th. Wells Fargo & Company raised their target price on IMAX from $40.00 to $47.00 and gave the stock an “overweight” rating in a research report on Thursday, December 18th. Finally, The Goldman Sachs Group raised IMAX from a “sell” rating to a “neutral” rating and increased their price target for the company from $22.00 to $34.00 in a research note on Tuesday, November 25th. Ten analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $42.70.

IMAX Price Performance

Shares of IMAX opened at $34.60 on Monday. IMAX has a fifty-two week low of $20.48 and a fifty-two week high of $39.98. The firm has a market capitalization of $1.86 billion, a PE ratio of 48.73, a PEG ratio of 1.71 and a beta of 0.37. The company’s 50-day moving average is $36.49 and its 200-day moving average is $32.34.

IMAX (NYSE:IMAX) last released its quarterly earnings results on Thursday, October 23rd. The company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.16. The business had revenue of $106.65 million during the quarter, compared to analysts’ expectations of $102.88 million. IMAX had a return on equity of 9.91% and a net margin of 10.47%.The firm’s revenue for the quarter was up 16.6% compared to the same quarter last year. During the same period last year, the firm posted $0.35 EPS. Analysts predict that IMAX will post 0.91 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Giovanni M. Dolci sold 6,188 shares of IMAX stock in a transaction on Monday, November 10th. The stock was sold at an average price of $34.25, for a total transaction of $211,939.00. Following the sale, the executive vice president directly owned 33,000 shares in the company, valued at approximately $1,130,250. This trade represents a 15.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Robert D. Lister sold 50,143 shares of the business’s stock in a transaction dated Friday, November 7th. The stock was sold at an average price of $34.67, for a total transaction of $1,738,457.81. Following the completion of the transaction, the vice president directly owned 161,421 shares in the company, valued at $5,596,466.07. This trade represents a 23.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 24.08% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. grew its position in IMAX by 10.9% in the second quarter. JPMorgan Chase & Co. now owns 1,029,602 shares of the company’s stock worth $28,788,000 after acquiring an additional 101,048 shares in the last quarter. Aurora Investment Counsel purchased a new stake in IMAX in the second quarter worth approximately $1,955,000. Pembroke Management LTD grew its position in IMAX by 18.4% during the third quarter. Pembroke Management LTD now owns 516,622 shares of the company’s stock valued at $16,919,000 after acquiring an additional 80,229 shares during the last quarter. Harbor Capital Advisors Inc. purchased a new position in shares of IMAX during the third quarter worth approximately $897,000. Finally, RWA Wealth Partners LLC bought a new stake in IMAX in the second quarter worth $701,000. Hedge funds and other institutional investors 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.