IMAX (NYSE:IMAX) Stock Price Target Raised at Wedbush

IMAX (NYSE:IMAX) had its price target upped by investment analysts at Wedbush from $54.00 to $60.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Wedbush’s price objective points to a potential upside of 16.23% from the stock’s previous close.

A number of other equities analysts also recently commented on IMAX. Wells Fargo & Company boosted their price objective on shares of IMAX from $41.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Friday, July 24th. The Goldman Sachs Group increased their target price on IMAX from $42.00 to $50.00 and gave the company a “neutral” rating in a research report on Friday, September 4th. B. Riley Financial lifted their price target on IMAX from $61.00 to $64.00 and gave the company a “buy” rating in a report on Thursday, October 8th. Morgan Stanley began coverage on IMAX in a research report on Thursday, September 24th. They issued an “overweight” rating and a $63.00 price target for the company. Finally, Barrington Research boosted their price target on IMAX from $46.00 to $50.00 and gave the stock an “outperform” rating in a research report on Friday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, IMAX presently has a consensus rating of “Moderate Buy” and an average price target of $56.62.

IMAX Stock Performance

NYSE:IMAX opened at $51.62 on Wednesday. IMAX has a one year low of $30.74 and a one year high of $57.73. The firm has a market cap of $2.83 billion, a P/E ratio of 71.70, a P/E/G ratio of 1.52 and a beta of 0.49. The firm has a 50-day simple moving average of $52.40 and a 200-day simple moving average of $43.96.

IMAX (NYSE:IMAX) last released its quarterly earnings data on Thursday, July 23rd. The company reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.13. The firm had revenue of $102.84 million for the quarter, compared to the consensus estimate of $96.09 million. IMAX had a net margin of 9.84% and a return on equity of 15.47%. The company’s quarterly revenue was up 12.2% on a year-over-year basis. During the same period last year, the firm earned $0.26 earnings per share. On average, research analysts predict that IMAX will post 1.62 EPS for the current fiscal year.

Insider Transactions at IMAX

In related news, CFO Natasha Fernandes sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $54.63, for a total value of $1,092,600.00. Following the sale, the chief financial officer owned 35,596 shares in the company, valued at $1,944,609.48. This represents a 35.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Richard Gelfond sold 100,000 shares of the stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $53.23, for a total transaction of $5,323,000.00. Following the completion of the transaction, the chief executive officer owned 665,002 shares in the company, valued at approximately $35,398,056.46. This trade represents a 13.07% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 507,257 shares of company stock worth $26,673,571 in the last ninety days. Corporate insiders own 20.55% of the company’s stock.

Institutional Trading of IMAX

Several large investors have recently made changes to their positions in IMAX. ANB Bank acquired a new stake in shares of IMAX in the third quarter worth $323,000. CoreCap Advisors LLC acquired a new position in IMAX during the third quarter valued at $346,000. City Center Advisors LLC lifted its position in IMAX by 35.6% during the third quarter. City Center Advisors LLC now owns 8,723 shares of the company’s stock valued at $478,000 after purchasing an additional 2,292 shares during the period. HBK Investments L P purchased a new stake in IMAX in the second quarter valued at $8,058,000. Finally, Engineers Gate Manager LP boosted its holdings in IMAX by 227.7% in the second quarter. Engineers Gate Manager LP now owns 29,205 shares of the company’s stock valued at $1,164,000 after purchasing an additional 20,293 shares during the last quarter. 93.51% of the stock is owned by hedge funds and other institutional investors.

IMAX Company Profile

IMAX Corporation (NYSE: IMAX) is an entertainment technology company that develops and licenses premium-format motion picture systems for cinemas and other venues. Its offerings combine specialized projection and display technology, immersive sound systems, theater design, and large-format screens to provide audiences with an enhanced presentation experience.

The company supports the theatrical release of films through its IMAX DMR (Digital Media Remastering) process, which adapts and optimizes content for IMAX presentations.