IMAX Co. (NYSE:IMAX) Given Average Recommendation of “Buy” by Brokerages

IMAX Co. (NYSE:IMAX) has been assigned a consensus rating of “Buy” from the nine ratings firms that are currently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. The average 1-year target price among analysts that have covered the stock in the last year is $27.38.

A number of research firms have commented on IMAX. JPMorgan Chase & Co. upped their price target on IMAX from $20.00 to $21.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. Benchmark restated a “buy” rating and set a $30.00 price target on shares of IMAX in a research note on Friday. Barrington Research restated an “outperform” rating and set a $30.00 price target on shares of IMAX in a research note on Friday. StockNews.com upgraded IMAX from a “hold” rating to a “buy” rating in a research note on Thursday, January 2nd. Finally, Roth Mkm upped their price target on IMAX from $27.00 to $28.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st.

Insider Activity

In other IMAX news, CFO Natasha Fernandes sold 2,957 shares of the firm’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $25.52, for a total value of $75,462.64. Following the sale, the chief financial officer now directly owns 14,883 shares in the company, valued at $379,814.16. This trade represents a 16.58 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Kenneth Ian Weissman sold 6,309 shares of the firm’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $25.51, for a total value of $160,942.59. Following the completion of the sale, the insider now owns 25,139 shares in the company, valued at approximately $641,295.89. This represents a 20.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 65,176 shares of company stock worth $1,662,110. Corporate insiders own 24.08% of the company’s stock.

Hedge Funds Weigh In On IMAX

Several hedge funds have recently made changes to their positions in IMAX. Huntington National Bank purchased a new position in shares of IMAX during the third quarter worth about $34,000. Headlands Technologies LLC purchased a new position in shares of IMAX during the second quarter worth about $35,000. Quarry LP grew its holdings in shares of IMAX by 78,333.3% during the third quarter. Quarry LP now owns 2,353 shares of the company’s stock worth $48,000 after purchasing an additional 2,350 shares during the last quarter. nVerses Capital LLC purchased a new position in shares of IMAX during the third quarter worth about $70,000. Finally, US Bancorp DE grew its holdings in shares of IMAX by 23.4% during the third quarter. US Bancorp DE now owns 7,656 shares of the company’s stock worth $157,000 after buying an additional 1,452 shares during the last quarter. Hedge funds and other institutional investors own 93.51% of the company’s stock.

IMAX Stock Performance

Shares of IMAX stock opened at $22.86 on Thursday. The firm has a market capitalization of $1.20 billion, a price-to-earnings ratio of 51.96, a PEG ratio of 1.69 and a beta of 1.24. IMAX has a fifty-two week low of $13.20 and a fifty-two week high of $26.84. The stock has a 50 day moving average of $25.01 and a 200 day moving average of $21.74.

IMAX (NYSE:IMAX) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.12. The company had revenue of $91.50 million during the quarter, compared to analyst estimates of $93.71 million. IMAX had a return on equity of 7.53% and a net margin of 6.74%. The firm’s revenue for the quarter was down 11.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.27 earnings per share. Analysts forecast that IMAX will post 0.77 EPS for the current year.

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.