Benchmark Boosts IMAX (NYSE:IMAX) Price Target to $30.00

IMAX (NYSE:IMAX) had its price objective raised by Benchmark from $27.00 to $30.00 in a research report sent to investors on Friday,Benzinga reports. They currently have a buy rating on the stock.

A number of other research firms also recently weighed in on IMAX. 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. Rosenblatt Securities reaffirmed a “buy” rating and set a $28.00 target price on shares of IMAX in a research report on Thursday, October 31st. Barrington Research reiterated an “outperform” rating and issued a $24.00 target price on shares of IMAX in a report on Thursday, October 31st. Wedbush reissued an “outperform” rating on shares of IMAX in a research report on Wednesday, November 27th. Finally, StockNews.com downgraded shares of IMAX from a “buy” rating to a “hold” rating in a report on Tuesday, December 10th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $25.11.

IMAX Stock Performance

IMAX stock opened at $26.03 on Friday. The stock has a market capitalization of $1.37 billion, a price-to-earnings ratio of 59.16, a PEG ratio of 1.69 and a beta of 1.23. IMAX has a 52-week low of $13.20 and a 52-week high of $26.84. The stock’s 50 day moving average price is $23.52 and its two-hundred day moving average price is $20.48.

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

Insider Transactions at IMAX

In other news, insider Kenneth Ian Weissman sold 6,309 shares of IMAX stock in a transaction on Monday, December 9th. The stock was sold at an average price of $25.51, for a total transaction of $160,942.59. Following the sale, the insider now directly owns 25,139 shares in the company, valued at $641,295.89. The trade was a 20.06 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Robert D. Lister sold 55,910 shares of the business’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $25.50, for a total transaction of $1,425,705.00. Following the completion of the transaction, the executive vice president now directly owns 138,889 shares in the company, valued at $3,541,669.50. This trade represents a 28.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 65,176 shares of company stock worth $1,662,110 in the last quarter. 24.08% of the stock is currently owned by corporate insiders.

Institutional Trading of IMAX

Several hedge funds have recently added to or reduced their stakes in IMAX. Vanguard Group Inc. raised its stake in shares of IMAX by 13.2% in the first quarter. Vanguard Group Inc. now owns 584,795 shares of the company’s stock valued at $9,456,000 after buying an additional 68,155 shares during the period. Victory Capital Management Inc. raised its stake in IMAX by 33.1% in the 2nd quarter. Victory Capital Management Inc. now owns 1,293,221 shares of the company’s stock valued at $21,687,000 after acquiring an additional 321,506 shares during the period. Mizuho Markets Americas LLC boosted its position in IMAX by 47.5% during the third quarter. Mizuho Markets Americas LLC now owns 387,689 shares of the company’s stock worth $7,952,000 after purchasing an additional 124,811 shares during the period. American Century Companies Inc. increased its stake in shares of IMAX by 57.0% in the second quarter. American Century Companies Inc. now owns 120,021 shares of the company’s stock worth $2,013,000 after purchasing an additional 43,584 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of IMAX by 90.6% in the second quarter. Bank of New York Mellon Corp now owns 587,694 shares of the company’s stock valued at $9,856,000 after purchasing an additional 279,410 shares during the period. 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.