IMAX (NYSE:IMAX) Price Target Raised to $32.00

IMAX (NYSE:IMAX) had its price target raised by JPMorgan Chase & Co. from $31.00 to $32.00 in a report issued on Friday,Benzinga reports. The firm currently has a neutral rating on the stock.

IMAX has been the topic of a number of other reports. The Goldman Sachs Group reissued a “sell” rating on shares of IMAX in a research report on Friday, July 25th. Barrington Research reissued an “outperform” rating and issued a $37.00 target price on shares of IMAX in a report on Thursday. Weiss Ratings reissued a “hold (c+)” rating on shares of IMAX in a report on Wednesday, October 8th. Benchmark increased their price objective on IMAX from $30.00 to $32.00 and gave the company a “buy” rating in a report on Friday, July 25th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $42.00 price objective on shares of IMAX in a report on Friday. Nine analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $35.80.

IMAX Price Performance

Shares of NYSE IMAX opened at $31.71 on Friday. The stock’s 50-day moving average is $30.88 and its two-hundred day moving average is $27.88. IMAX has a 1-year low of $20.17 and a 1-year high of $34.14. The company has a market cap of $1.71 billion, a price-to-earnings ratio of 44.65, a price-to-earnings-growth ratio of 2.03 and a beta of 0.62.

IMAX (NYSE:IMAX) last released its earnings results on Thursday, October 23rd. The company reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.31 by $0.16. IMAX had a net margin of 10.47% and a return on equity of 9.91%. The firm had revenue of $106.65 million for the quarter, compared to analyst estimates of $102.88 million. During the same period in the prior year, the firm earned $0.35 earnings per share. The business’s quarterly revenue was up 16.6% compared to the same quarter last year. Equities research analysts anticipate that IMAX will post 0.91 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Kenneth Ian Weissman sold 15,072 shares of the firm’s stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $25.65, for a total transaction of $386,596.80. Following the transaction, the insider owned 26,133 shares in the company, valued at $670,311.45. This trade represents a 36.58% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Robert D. Lister sold 20,000 shares of the firm’s stock in a transaction that occurred 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 in the company, valued at approximately $5,294,608.80. This trade represents a 11.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 24.08% of the company’s stock.

Hedge Funds Weigh In On IMAX

Hedge funds and other institutional investors have recently made changes to their positions in the stock. TD Waterhouse Canada Inc. grew its stake in shares of IMAX by 125.0% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 900 shares of the company’s stock valued at $25,000 after purchasing an additional 500 shares during the last quarter. Neuberger Berman Group LLC grew its position in IMAX by 4.1% in the 1st quarter. Neuberger Berman Group LLC now owns 13,838 shares of the company’s stock valued at $365,000 after buying an additional 542 shares during the last quarter. Legal & General Group Plc grew its position in IMAX by 1.5% in the 2nd quarter. Legal & General Group Plc now owns 50,969 shares of the company’s stock valued at $1,425,000 after buying an additional 756 shares during the last quarter. XTX Topco Ltd grew its position in IMAX by 3.7% in the 2nd quarter. XTX Topco Ltd now owns 23,541 shares of the company’s stock valued at $658,000 after buying an additional 842 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its position in IMAX by 467.8% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,215 shares of the company’s stock valued at $40,000 after buying an additional 1,001 shares during the last quarter. 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.