IMAX (NYSE:IMAX) Price Target Raised to $60.00

IMAX (NYSE:IMAX) had its price target increased by Rosenblatt Securities from $50.00 to $60.00 in a report published on Monday,Benzinga reports. Rosenblatt Securities currently has a buy rating on the stock.

Several other equities analysts have also recently issued reports on IMAX. Roth Capital boosted their price target on shares of IMAX from $48.00 to $50.00 and gave the company a “buy” rating in a research report on Friday, July 24th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $60.00 price objective on shares of IMAX in a research report on Friday, May 22nd. Barrington Research upped their target price on IMAX from $46.00 to $50.00 and gave the stock an “outperform” rating in a report on Friday, July 24th. B. Riley Financial upped their target price on IMAX from $48.00 to $52.00 and gave the stock a “buy” rating in a report on Monday, July 20th. Finally, Seaport Research Partners reissued a “buy” rating and issued a $50.00 target price on shares of IMAX in a research report on Wednesday, June 24th. Ten investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.55.

IMAX Trading Up 1.4%

Shares of IMAX stock opened at $51.28 on Monday. The company’s fifty day simple moving average is $42.95 and its two-hundred day simple moving average is $39.30. The company has a market cap of $2.81 billion, a P/E ratio of 71.22, a PEG ratio of 1.67 and a beta of 0.38. IMAX has a 12-month low of $25.06 and a 12-month high of $52.62.

IMAX (NYSE:IMAX) last issued its quarterly earnings data on Thursday, July 23rd. The company reported $0.43 EPS for the quarter, topping the consensus estimate of $0.30 by $0.13. IMAX had a net margin of 9.84% and a return on equity of 15.47%. The business had revenue of $102.84 million during the quarter, compared to analyst estimates of $96.09 million. During the same period in the prior year, the business earned $0.26 EPS. The company’s revenue for the quarter was up 12.2% on a year-over-year basis. Analysts predict that IMAX will post 1.44 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of IMAX. AQR Capital Management LLC grew its holdings in IMAX by 47.9% in the first quarter. AQR Capital Management LLC now owns 56,348 shares of the company’s stock worth $1,485,000 after purchasing an additional 18,238 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of IMAX by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,486 shares of the company’s stock valued at $672,000 after purchasing an additional 1,091 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of IMAX by 7.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 159,714 shares of the company’s stock valued at $4,208,000 after purchasing an additional 11,736 shares during the last quarter. Creative Planning boosted its position in shares of IMAX by 84.1% in the 2nd quarter. Creative Planning now owns 16,081 shares of the company’s stock worth $450,000 after purchasing an additional 7,344 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of IMAX in the 2nd quarter worth approximately $709,000. 93.51% of the stock is owned by hedge funds and other institutional investors.

IMAX Company Profile

IMAX Corporation is a global leader in immersive entertainment technologies, specializing in the design, manufacture and distribution of high-resolution cameras, projectors, and proprietary software solutions that enhance both film production and theatrical exhibition. The company licenses its premium large-format system to theatre owners and filmmakers around the world, enabling audiences to experience movies with greater clarity, scale and sound fidelity. IMAX also offers turnkey theatre development services, assisting cinema operators with auditorium design, installation and custom branding to optimize the customer experience.

Founded in 1967 and headquartered in Mississauga, Ontario, IMAX has built a reputation for pioneering film-format innovations, including its patented dual 15-perforation, 70-millimeter projection system.