IMAX’s (IMAX) Buy Rating Reiterated at Rosenblatt Securities

IMAX (NYSE:IMAX)‘s stock had its “buy” rating reissued by investment analysts at Rosenblatt Securities in a research report issued on Wednesday, Benzinga reports. They presently have a $65.00 price target on the stock. Rosenblatt Securities’ target price suggests a potential upside of 25.95% from the company’s previous close.

A number of other brokerages have also recently weighed in on IMAX. Wall Street Zen raised shares of IMAX from a “hold” rating to a “buy” rating in a research report on Saturday. Seaport Research Partners restated a “buy” rating and issued a $50.00 price target on shares of IMAX in a report on Wednesday, June 24th. Weiss Ratings raised shares of IMAX from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, October 8th. Barrington Research raised their target price on IMAX from $46.00 to $50.00 and gave the company an “outperform” rating in a research note on Friday, July 24th. Finally, Wells Fargo & Company raised their price objective on IMAX from $41.00 to $45.00 and gave the company an “equal weight” rating in a research note on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $56.62.

IMAX Price Performance

IMAX stock traded down $0.05 during midday trading on Wednesday, hitting $51.61. The stock had a trading volume of 20,420 shares, compared to its average volume of 1,157,894. The company’s 50-day moving average price is $52.40 and its 200 day moving average price is $43.96. The firm has a market cap of $2.83 billion, a PE ratio of 71.67, a price-to-earnings-growth ratio of 1.52 and a beta of 0.49. IMAX has a 12-month low of $31.24 and a 12-month high of $57.73.

IMAX (NYSE:IMAX) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.30 by $0.13. IMAX had a return on equity of 15.47% and a net margin of 9.84%. The business had revenue of $102.84 million during the quarter, compared to the consensus estimate of $96.09 million. During the same quarter in the previous year, the business earned $0.26 earnings per share. The business’s revenue for the quarter was up 12.2% on a year-over-year basis. As a group, sell-side analysts anticipate that IMAX will post 1.62 EPS for the current year.

Insider Activity

In related news, insider Kenneth Weissman sold 8,000 shares of the stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $54.54, for a total value of $436,320.00. Following the sale, the insider owned 28,205 shares of the company’s stock, valued at $1,538,300.70. This trade represents a 22.10% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Richard Gelfond sold 205,504 shares of the firm’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $53.27, for a total value of $10,947,198.08. Following the transaction, the chief executive officer directly owned 765,002 shares in the company, valued at $40,751,656.54. This trade represents a 21.17% 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. In the last three months, insiders sold 507,257 shares of company stock worth $26,673,571. 20.55% of the stock is owned by insiders.

Institutional Trading of IMAX

Large investors have recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new stake in shares of IMAX in the second quarter worth approximately $115,881,000. Dimensional Fund Advisors LP raised its position in shares of IMAX by 1.9% in the first quarter. Dimensional Fund Advisors LP now owns 1,237,230 shares of the company’s stock valued at $47,026,000 after purchasing an additional 23,401 shares during the period. Wellington Management Group LLP grew its stake in IMAX by 51.8% in the 2nd quarter. Wellington Management Group LLP now owns 800,193 shares of the company’s stock valued at $31,896,000 after buying an additional 273,122 shares during the last quarter. Nantahala Capital Management LLC acquired a new stake in shares of IMAX in the second quarter valued at about $26,228,239. Finally, Bank of America Corp DE acquired a new position in shares of IMAX during the 2nd quarter worth about $17,420,000. 93.51% of the stock is currently owned by institutional investors.

IMAX Company Profile

IMAX Corporation (NYSE: IMAX) is an entertainment technology company that develops and licenses premium-format motion picture systems for cinemas and other venues. Its offerings combine specialized projection and display technology, immersive sound systems, theater design, and large-format screens to provide audiences with an enhanced presentation experience.

The company supports the theatrical release of films through its IMAX DMR (Digital Media Remastering) process, which adapts and optimizes content for IMAX presentations.