IMAX Corporation (NYSE:IMAX) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of IMAX Corporation (NYSE:IMAX) have been assigned a consensus rating of “Moderate Buy” from the twelve research firms that are currently covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $48.00.

IMAX has been the subject of a number of research analyst reports. Barrington Research upped their target price on IMAX from $42.00 to $46.00 and gave the company an “outperform” rating in a research report on Friday, May 1st. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $60.00 price objective on shares of IMAX in a research report on Friday, May 22nd. Wall Street Zen cut IMAX from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Benchmark reaffirmed a “buy” rating on shares of IMAX in a research report on Monday. Finally, Weiss Ratings raised IMAX from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, June 4th.

IMAX Stock Down 0.7%

Shares of NYSE IMAX opened at $44.00 on Thursday. The stock has a market cap of $2.42 billion, a PE ratio of 67.69, a price-to-earnings-growth ratio of 1.57 and a beta of 0.37. IMAX has a 52-week low of $24.20 and a 52-week high of $45.16. The business has a 50-day moving average price of $38.03 and a 200 day moving average price of $37.58.

IMAX (NYSE:IMAX) last announced its earnings results on Thursday, April 30th. The company reported $0.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.15 by $0.02. The firm had revenue of $81.38 million during the quarter, compared to analysts’ expectations of $79.82 million. IMAX had a return on equity of 13.61% and a net margin of 9.08%.The business’s revenue was down 6.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.13 EPS. Sell-side analysts anticipate that IMAX will post 1.34 earnings per share for the current year.

Insiders Place Their Bets

In other IMAX news, CEO Richard L. Gelfond sold 8,943 shares of the stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $37.33, for a total transaction of $333,842.19. Following the completion of the sale, the chief executive officer directly owned 765,002 shares of the company’s stock, valued at approximately $28,557,524.66. This trade represents a 1.16% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 365,064 shares of company stock worth $13,719,850. 20.55% of the stock is currently owned by company insiders.

Institutional Trading of IMAX

A number of hedge funds have recently added to or reduced their stakes in IMAX. Divisadero Street Capital Management LP purchased a new position in shares of IMAX during the 3rd quarter worth approximately $20,975,000. Citigroup Inc. raised its stake in shares of IMAX by 267.7% during the 3rd quarter. Citigroup Inc. now owns 66,769 shares of the company’s stock worth $2,187,000 after buying an additional 48,609 shares in the last quarter. Hedges Asset Management LLC purchased a new position in shares of IMAX during the 4th quarter worth approximately $2,088,000. Zhang Financial LLC purchased a new position in shares of IMAX during the 3rd quarter worth approximately $903,000. Finally, Pier Capital LLC raised its stake in shares of IMAX by 85.0% during the 4th quarter. Pier Capital LLC now owns 244,589 shares of the company’s stock worth $9,040,000 after buying an additional 112,397 shares in the last quarter. 93.51% of the stock is owned by institutional investors and hedge funds.

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.