IMAX Corporation (NYSE:IMAX) Receives Average Rating of “Moderate Buy” from Analysts

Shares of IMAX Corporation (NYSE:IMAX) have earned a consensus rating of “Moderate Buy” from the eleven ratings firms that are currently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating on the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $32.80.

Several equities research analysts have recently commented on IMAX shares. Barrington Research restated an “outperform” rating and set a $32.00 price target on shares of IMAX in a research note on Thursday, July 24th. Rosenblatt Securities upped their price target on IMAX from $35.00 to $37.00 and gave the stock a “buy” rating in a research note on Friday, July 25th. Wells Fargo & Company upped their price target on IMAX from $30.00 to $34.00 and gave the stock an “overweight” rating in a research note on Friday, July 25th. Roth Capital restated a “buy” rating and set a $36.00 price target on shares of IMAX in a research note on Wednesday, July 9th. Finally, The Goldman Sachs Group reaffirmed a “sell” rating on shares of IMAX in a report on Friday, July 25th.

Insiders Place Their Bets

In related news, VP Robert D. Lister sold 20,000 shares of the company’s stock in a transaction on Monday, September 15th. The stock was sold at an average price of $32.80, for a total transaction of $656,000.00. Following the transaction, the vice president owned 161,421 shares of the company’s stock, valued at $5,294,608.80. This represents a 11.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Kenneth Ian Weissman sold 15,072 shares of the company’s stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $25.65, for a total value of $386,596.80. Following the transaction, the insider directly owned 26,133 shares in the company, valued at $670,311.45. This represents a 36.58% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 23.18% of the company’s stock.

Institutional Trading of IMAX

Several large investors have recently bought and sold shares of IMAX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in IMAX by 3.9% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,395 shares of the company’s stock valued at $625,000 after purchasing an additional 905 shares during the last quarter. Nuveen Asset Management LLC grew its holdings in IMAX by 27.8% in the fourth quarter. Nuveen Asset Management LLC now owns 171,781 shares of the company’s stock valued at $4,398,000 after purchasing an additional 37,408 shares during the last quarter. ProShare Advisors LLC purchased a new stake in shares of IMAX in the fourth quarter valued at $309,000. State of Wyoming lifted its position in shares of IMAX by 184.6% in the fourth quarter. State of Wyoming now owns 21,606 shares of the company’s stock valued at $553,000 after acquiring an additional 14,014 shares in the last quarter. Finally, Two Sigma Investments LP purchased a new stake in shares of IMAX in the fourth quarter valued at $2,411,000. Institutional investors and hedge funds own 93.51% of the company’s stock.

IMAX Trading Up 1.1%

Shares of NYSE IMAX opened at $32.71 on Tuesday. IMAX has a twelve month low of $18.76 and a twelve month high of $32.96. The stock has a 50 day moving average of $27.56 and a two-hundred day moving average of $26.45. The stock has a market cap of $1.76 billion, a P/E ratio of 54.51, a P/E/G ratio of 2.20 and a beta of 0.68.

IMAX (NYSE:IMAX) last issued its quarterly earnings data on Thursday, July 24th. The company reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.07. IMAX had a return on equity of 8.62% and a net margin of 9.04%.The company had revenue of $91.68 million during the quarter, compared to analysts’ expectations of $93.04 million. During the same quarter in the previous year, the business earned $0.18 earnings per share. The firm’s revenue for the quarter was up 3.1% on a year-over-year basis. As a group, research analysts predict that IMAX will post 0.91 earnings per share for the current year.

IMAX declared that its Board of Directors has authorized a share buyback 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 typically a sign that the company’s board of directors believes its stock is undervalued.

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.