IMAX (NYSE:IMAX) Stock Price Target Lowered at Wells Fargo & Company

IMAX (NYSE:IMAX) had its price objective trimmed by Wells Fargo & Company from $55.00 to $52.00 in a report released on Friday morning,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Other equities analysts have also recently issued reports about the company. Rosenblatt Securities restated a “buy” rating and issued a $65.00 target price on shares of IMAX in a report on Wednesday, October 14th. Wall Street Zen raised IMAX from a “hold” rating to a “buy” rating in a report on Saturday, October 10th. HC Wainwright reiterated a “buy” rating on shares of IMAX in a research report on Friday, July 24th. Weiss Ratings raised IMAX from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, October 8th. Finally, Roth Capital restated a “buy” rating and set a $62.00 price objective on shares of IMAX in a report on Friday, October 23rd. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $58.08.

IMAX Stock Performance

Shares of IMAX stock traded down $0.39 during mid-day trading on Friday, hitting $47.74. 1,420,967 shares of the stock traded hands, compared to its average volume of 896,753. The company’s 50-day simple moving average is $52.12 and its 200-day simple moving average is $43.21. The firm has a market cap of $2.62 billion, a price-to-earnings ratio of 20.67, a price-to-earnings-growth ratio of 1.28 and a beta of 0.54. IMAX has a twelve month low of $32.71 and a twelve month high of $57.73.

IMAX (NYSE:IMAX) last issued its quarterly earnings results on Thursday, November 5th. The company reported $2.21 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $1.19. The company had revenue of $174.55 million during the quarter, compared to the consensus estimate of $168.53 million. IMAX had a net margin of 9.84% and a return on equity of 15.47%. IMAX’s revenue was up 63.6% on a year-over-year basis. During the same period in the prior year, the company earned $0.47 EPS. Analysts forecast that IMAX will post 1.88 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Natasha Fernandes sold 20,000 shares of the company’s stock in a transaction on Monday, August 24th. The stock was sold at an average price of $54.63, for a total transaction of $1,092,600.00. Following the transaction, the chief financial officer directly owned 35,596 shares of the company’s stock, valued at approximately $1,944,609.48. The trade was a 35.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Richard L. Gelfond sold 100,000 shares of the stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $53.23, for a total value of $5,323,000.00. Following the completion of the sale, the chief executive officer directly owned 665,002 shares of the company’s stock, valued at approximately $35,398,056.46. This represents a 13.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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 over the last three months. Company insiders own 20.55% of the company’s stock.

Hedge Funds Weigh In On IMAX

Several institutional investors and hedge funds have recently bought and sold shares of IMAX. Jupiter Topco LLC acquired a new stake in shares of IMAX during the second quarter worth approximately $836,000. HBK Investments L P purchased a new position in IMAX during the second quarter valued at approximately $8,058,000. Man Group plc acquired a new position in IMAX in the 2nd quarter valued at approximately $951,000. Bank of New York Mellon Corp acquired a new position in IMAX in the 2nd quarter valued at approximately $5,512,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in IMAX by 5,002.8% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 140,838 shares of the company’s stock worth $5,614,000 after buying an additional 138,078 shares in the last quarter. Hedge funds and other institutional investors own 93.51% of the company’s stock.

Key IMAX News

Here are the key news stories impacting IMAX this week:

• Positive Sentiment: IMAX posted the best quarter in its history: third-quarter revenue was $174.55 million, up 63.6% year over year and ahead of estimates, while EPS of $2.21 substantially exceeded analysts’ roughly $1.02 consensus. The blockbuster performance of The Odyssey helped drive record box office and results. IMAX third-quarter results
• Positive Sentiment: The Odyssey is set to return to theaters, including IMAX 70mm, in December, offering a potential boost to ticket sales and illustrating demand for premium-format re-releases. The Odyssey IMAX re-release
• Neutral Sentiment: Wells Fargo cut its IMAX price target from $55 to $52 and maintained an “equal weight” rating. The revised target still implies 8.9% upside from the cited $47.74 share price, but the reduction signals less analyst optimism. Wells Fargo rating information

IMAX Company Profile

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.