IMAX (NYSE:IMAX) Price Target Raised to $60.00 at Rosenblatt Securities

IMAX (NYSE:IMAX) had its price target raised by stock analysts at Rosenblatt Securities from $50.00 to $60.00 in a report issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Rosenblatt Securities’ price target would suggest a potential upside of 23.73% from the stock’s current price.

IMAX has been the topic of several other research reports. Keefe, Bruyette & Woods restated a “market perform” rating and set a $60.00 target price on shares of IMAX in a research report on Friday, May 22nd. Barrington Research increased their price target on IMAX from $46.00 to $50.00 and gave the stock an “outperform” rating in a report on Friday, July 24th. Seaport Research Partners reiterated a “buy” rating and issued a $50.00 price objective on shares of IMAX in a research note on Wednesday, June 24th. The Goldman Sachs Group restated a “neutral” rating and issued a $42.00 price target on shares of IMAX in a report on Thursday, July 23rd. Finally, Benchmark reissued a “buy” rating on shares of IMAX in a research report on Monday, June 22nd. Ten research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, IMAX has an average rating of “Moderate Buy” and an average price target of $51.55.

IMAX Stock Up 0.0%

IMAX opened at $48.49 on Monday. IMAX has a twelve month low of $24.20 and a twelve month high of $51.60. The company has a fifty day moving average of $42.29 and a 200-day moving average of $38.99. The stock has a market cap of $2.66 billion, a PE ratio of 67.35, a price-to-earnings-growth ratio of 1.60 and a beta of 0.38.

IMAX (NYSE:IMAX) last released its earnings results on Thursday, July 23rd. The company reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.13. The business had revenue of $102.84 million for the quarter, compared to analyst estimates of $96.09 million. IMAX had a net margin of 9.84% and a return on equity of 15.47%. IMAX’s revenue for the quarter was up 12.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.26 earnings per share. Sell-side analysts anticipate that IMAX will post 1.44 EPS for the current fiscal year.

Institutional Investors Weigh In On IMAX

Institutional investors and hedge funds have recently bought and sold shares of the stock. AQR Capital Management LLC boosted its holdings in IMAX by 47.9% during the 1st quarter. AQR Capital Management LLC now owns 56,348 shares of the company’s stock worth $1,485,000 after acquiring an additional 18,238 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of IMAX by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,486 shares of the company’s stock valued at $672,000 after purchasing an additional 1,091 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in IMAX by 7.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 159,714 shares of the company’s stock worth $4,208,000 after purchasing an additional 11,736 shares during the last quarter. Creative Planning grew its position in IMAX by 84.1% in the 2nd quarter. Creative Planning now owns 16,081 shares of the company’s stock worth $450,000 after purchasing an additional 7,344 shares in the last quarter. Finally, Norges Bank purchased a new stake in IMAX in the 2nd quarter valued at about $709,000. 93.51% of the stock is owned by hedge funds and other institutional investors.

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.