IMAX (NYSE:IMAX) Given New $32.00 Price Target at Benchmark

IMAX (NYSE:IMAX) had its price target increased by Benchmark from $30.00 to $32.00 in a report issued on Friday,Benzinga reports. The firm currently has a buy rating on the stock.

IMAX has been the topic of several other reports. B. Riley restated a “buy” rating and issued a $36.00 price target on shares of IMAX in a research report on Friday, May 16th. JPMorgan Chase & Co. decreased their price target on shares of IMAX from $27.00 to $26.00 and set a “neutral” rating on the stock in a research report on Friday, April 11th. Barrington Research restated an “outperform” rating and issued a $32.00 price target on shares of IMAX in a research report on Thursday. Wells Fargo & Company decreased their price target on shares of IMAX from $32.00 to $30.00 and set an “overweight” rating on the stock in a research report on Thursday, April 24th. Finally, Rosenblatt Securities raised their price objective on shares of IMAX from $35.00 to $37.00 and gave the stock a “buy” rating in a report on Friday. One research analyst has rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $32.80.

IMAX Trading Down 4.9%

NYSE:IMAX opened at $26.91 on Friday. IMAX has a 1 year low of $18.76 and a 1 year high of $29.66. The firm’s fifty day simple moving average is $27.72 and its 200 day simple moving average is $25.72. The firm has a market capitalization of $1.45 billion, a PE ratio of 44.85, a PEG ratio of 2.23 and a beta of 0.80.

IMAX (NYSE:IMAX) last posted its earnings results on Thursday, July 24th. The company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.07. The business had revenue of $91.68 million for the quarter, compared to analyst estimates of $93.04 million. IMAX had a net margin of 9.04% and a return on equity of 8.79%. IMAX’s revenue was up 3.1% compared to the same quarter last year. During the same period last year, the business posted $0.18 EPS. As a group, analysts anticipate that IMAX will post 0.91 EPS for the current fiscal year.

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

Hedge Funds Weigh In On IMAX

A number of institutional investors have recently modified their holdings of the stock. FMR LLC raised its stake in shares of IMAX by 14.2% in the fourth quarter. FMR LLC now owns 4,508,583 shares of the company’s stock worth $115,420,000 after acquiring an additional 558,940 shares during the last quarter. Orbis Allan Gray Ltd raised its stake in shares of IMAX by 12.3% in the first quarter. Orbis Allan Gray Ltd now owns 3,882,766 shares of the company’s stock worth $102,311,000 after acquiring an additional 425,081 shares during the last quarter. Ameriprise Financial Inc. raised its stake in shares of IMAX by 8.3% in the first quarter. Ameriprise Financial Inc. now owns 1,974,068 shares of the company’s stock worth $52,019,000 after acquiring an additional 150,552 shares during the last quarter. Mizuho Markets Americas LLC raised its stake in shares of IMAX by 19.3% in the first quarter. Mizuho Markets Americas LLC now owns 710,489 shares of the company’s stock worth $18,721,000 after acquiring an additional 114,800 shares during the last quarter. Finally, Wells Fargo & Company MN raised its stake in shares of IMAX by 45.4% during the fourth quarter. Wells Fargo & Company MN now owns 624,510 shares of the company’s stock worth $15,987,000 after buying an additional 194,917 shares during the last quarter. 93.51% of the stock is owned by institutional investors.

About IMAX

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.