Roth Capital Forecasts Strong Price Appreciation for IMAX (NYSE:IMAX) Stock

IMAX (NYSE:IMAX) had its price target boosted by Roth Capital from $32.00 to $36.00 in a research report sent to investors on Friday,Benzinga reports. They currently have a buy rating on the stock.

Other equities research analysts have also recently issued research reports about the company. Benchmark restated a “buy” rating and issued a $30.00 price target on shares of IMAX in a report on Thursday, April 10th. Barrington Research restated an “outperform” rating and issued a $32.00 price target on shares of IMAX in a report on Thursday, April 24th. B. Riley reaffirmed a “buy” rating and issued a $36.00 target price on shares of IMAX in a research note on Friday, May 16th. Wedbush reaffirmed an “outperform” rating and issued a $32.00 target price on shares of IMAX in a research note on Thursday, April 17th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $35.00 target price on shares of IMAX in a research note on Thursday, April 24th. One research analyst has rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $31.70.

IMAX Trading Up 0.8%

NYSE IMAX opened at $28.82 on Friday. The business’s 50 day moving average is $25.45 and its two-hundred day moving average is $25.23. IMAX has a 12-month low of $14.96 and a 12-month high of $29.66. The stock has a market capitalization of $1.55 billion, a price-to-earnings ratio of 58.81, a PEG ratio of 1.49 and a beta of 0.81.

IMAX (NYSE:IMAX) last released its quarterly earnings results on Wednesday, April 23rd. The company reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.02. The business had revenue of $86.67 million for the quarter, compared to analysts’ expectations of $82.95 million. IMAX had a return on equity of 8.60% and a net margin of 7.40%. The company’s revenue was up 9.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.15 EPS. Equities analysts forecast that IMAX will post 0.91 earnings per share for the current fiscal year.

IMAX declared that its Board of Directors has authorized a share repurchase program on Thursday, June 12th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to buy up to 6.5% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Neuberger Berman Group LLC lifted its stake in shares of IMAX by 4.1% during the 1st quarter. Neuberger Berman Group LLC now owns 13,838 shares of the company’s stock worth $365,000 after purchasing an additional 542 shares during the period. Blue Trust Inc. lifted its stake in shares of IMAX by 138.5% during the 4th quarter. Blue Trust Inc. now owns 966 shares of the company’s stock worth $25,000 after purchasing an additional 561 shares during the period. Mission Wealth Management LP lifted its stake in shares of IMAX by 2.9% during the 1st quarter. Mission Wealth Management LP now owns 30,408 shares of the company’s stock worth $801,000 after purchasing an additional 845 shares during the period. MetLife Investment Management LLC raised its position in shares of IMAX by 3.4% in the 4th quarter. MetLife Investment Management LLC now owns 25,918 shares of the company’s stock worth $664,000 after buying an additional 848 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of IMAX by 3.9% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,395 shares of the company’s stock worth $625,000 after buying an additional 905 shares during the period. Hedge funds and other institutional investors own 93.51% of the company’s stock.

IMAX Company Profile

IMAX Corporation, together with its subsidiaries, operates as a technology platform for entertainment and events worldwide. The company operates in two segments, Content Solutions and Technology Products and Services. The company offers IMAX DMR, a proprietary technology that digitally remasters films and other content into IMAX formats for distribution to the IMAX network; IMAX Enhanced that provides end-to-end technology across streaming content and entertainment devices at home; and SSIMWAVE, an AI-driven video quality solutions for media and entertainment companies.