JPMorgan Chase & Co. Issues Positive Forecast for IMAX (NYSE:IMAX) Stock Price

IMAX (NYSE:IMAX) had its target price boosted by stock analysts at JPMorgan Chase & Co. from $50.00 to $58.00 in a research note issued on Friday, Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 8.35% from the stock’s current price.

Several other analysts have also weighed in on IMAX. Wedbush raised their price objective on shares of IMAX from $54.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, October 14th. Zacks Research raised IMAX from a “hold” rating to a “strong-buy” rating in a report on Friday, October 9th. Wall Street Zen upgraded IMAX from a “hold” rating to a “buy” rating in a research report on Saturday, October 10th. Rosenblatt Securities restated a “buy” rating and set a $65.00 price target on shares of IMAX in a research report on Wednesday, October 14th. Finally, Weiss Ratings raised IMAX from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, October 8th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $58.15.

IMAX Trading Up 2.3%

Shares of IMAX stock traded up $1.22 during mid-day trading on Friday, reaching $53.53. 340,290 shares of the stock were exchanged, compared to its average volume of 1,149,081. The company has a market cap of $2.94 billion, a price-to-earnings ratio of 74.42, a price-to-earnings-growth ratio of 1.45 and a beta of 0.49. The firm has a 50-day simple moving average of $52.57 and a 200 day simple moving average of $44.63. IMAX has a fifty-two week low of $31.27 and a fifty-two week high of $57.73.

IMAX (NYSE:IMAX) last released its quarterly earnings results on Thursday, July 23rd. The company reported $0.43 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 analyst estimates of $96.09 million. IMAX had a net margin of 9.84% and a return on equity of 15.47%. The company’s revenue for the quarter was up 12.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.26 earnings per share. On average, research analysts predict that IMAX will post 1.75 EPS for the current fiscal year.

Insider Activity at IMAX

In other IMAX news, CEO Richard Gelfond sold 100,000 shares of the stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $53.23, for a total transaction of $5,323,000.00. Following the sale, the chief executive officer owned 665,002 shares of the company’s stock, valued at $35,398,056.46. This represents a 13.07% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Robert Lister sold 22,500 shares of the firm’s stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $51.58, for a total transaction of $1,160,550.00. Following the completion of the sale, the vice president owned 182,375 shares of the company’s stock, valued at $9,406,902.50. The trade was a 10.98% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 507,257 shares of company stock worth $26,673,571 in the last quarter. Insiders own 20.55% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Sterling Capital Management LLC lifted its holdings in IMAX by 838.9% in the third quarter. Sterling Capital Management LLC now owns 1,521 shares of the company’s stock valued at $83,000 after buying an additional 1,359 shares during the period. Global Retirement Partners LLC bought a new position in shares of IMAX during the 2nd quarter valued at about $85,000. Nykredit A S bought a new position in IMAX in the second quarter valued at approximately $105,000. Stronghold Wealth Management L.L.C. acquired a new position in IMAX in the 3rd quarter worth $200,000. Finally, State of Wyoming acquired a new position in shares of IMAX during the second quarter worth about $192,000. 93.51% of the stock is currently owned by institutional investors and hedge funds.

About IMAX

IMAX Corporation (NYSE: IMAX) is a global entertainment technology company that specializes in premium large-format cinema experiences. The company designs and supplies specialized theater systems that combine large screens, high-resolution projection, advanced sound, and immersive theater design to present feature films, documentaries, live events, and other content.

IMAX supports its theater partners with projection and sound equipment, theater design and installation services, and technology and maintenance support.