IMAX’s (IMAX) “Buy” Rating Reaffirmed at Rosenblatt Securities

IMAX (NYSE:IMAX)‘s stock had its “buy” rating restated by equities research analysts at Rosenblatt Securities in a research report issued to clients and investors on Wednesday, Benzinga reports. They presently have a $65.00 price objective on the stock. Rosenblatt Securities’ price target suggests a potential upside of 25.92% from the company’s previous close.

IMAX has been the subject of a number of other research reports. Roth Capital upped their target price on IMAX from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday, September 3rd. Wall Street Zen upgraded IMAX from a “hold” rating to a “buy” rating in a report on Saturday. The Goldman Sachs Group upped their price objective on IMAX from $42.00 to $50.00 and gave the company a “neutral” rating in a research note on Friday, September 4th. Seaport Research Partners reaffirmed a “buy” rating and issued a $50.00 price objective on shares of IMAX in a research note on Wednesday, June 24th. Finally, Benchmark reiterated a “buy” rating on shares of IMAX in a report on Monday, June 22nd. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $56.15.

IMAX Trading Down 0.2%

Shares of IMAX stock opened at $51.62 on Wednesday. The firm has a market capitalization of $2.83 billion, a PE ratio of 71.70, a price-to-earnings-growth ratio of 1.52 and a beta of 0.49. The firm’s 50 day moving average is $52.40 and its 200 day moving average is $43.96. IMAX has a 1 year low of $30.74 and a 1 year high of $57.73.

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

Insider Buying and Selling at IMAX

In related news, CEO Richard Gelfond sold 100,000 shares of the stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $53.23, for a total value of $5,323,000.00. Following the completion of the sale, the chief executive officer directly owned 665,002 shares in the company, valued at $35,398,056.46. This represents a 13.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Kenneth Weissman sold 8,000 shares of the firm’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $54.54, for a total value of $436,320.00. Following the transaction, the insider directly owned 28,205 shares of the company’s stock, valued at approximately $1,538,300.70. This represents a 22.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 507,257 shares of company stock worth $26,673,571. Company insiders own 20.55% of the company’s stock.

Institutional Investors Weigh In On IMAX

Several institutional investors and hedge funds have recently made changes to their positions in the stock. ANB Bank acquired a new position in shares of IMAX in the third quarter worth approximately $323,000. CoreCap Advisors LLC acquired a new stake in IMAX during the 3rd quarter valued at approximately $346,000. City Center Advisors LLC increased its position in IMAX by 35.6% during the 3rd quarter. City Center Advisors LLC now owns 8,723 shares of the company’s stock valued at $478,000 after purchasing an additional 2,292 shares during the period. HBK Investments L P acquired a new stake in IMAX during the 2nd quarter valued at approximately $8,058,000. Finally, Engineers Gate Manager LP raised its holdings in IMAX by 227.7% during the 2nd quarter. Engineers Gate Manager LP now owns 29,205 shares of the company’s stock worth $1,164,000 after purchasing an additional 20,293 shares during the last quarter. Institutional investors and hedge funds own 93.51% of the company’s stock.

About IMAX

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.