Barrington Research Reaffirms Outperform Rating for IMAX (NYSE:IMAX)

IMAX (NYSE:IMAX)‘s stock had its “outperform” rating restated by investment analysts at Barrington Research in a research note issued to investors on Friday,Benzinga reports. They currently have a $30.00 target price on the stock. Barrington Research’s price objective points to a potential upside of 29.81% from the company’s previous close.

Several other research firms have also recently issued reports on IMAX. Wedbush reaffirmed an “outperform” rating on shares of IMAX in a research report on Wednesday, November 27th. Rosenblatt Securities reaffirmed a “buy” rating and set a $28.00 price objective on shares of IMAX in a research report on Thursday, October 31st. JPMorgan Chase & Co. upped their price objective on IMAX from $20.00 to $21.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Benchmark reaffirmed a “buy” rating and set a $30.00 price objective on shares of IMAX in a research report on Friday. Finally, StockNews.com raised IMAX from a “hold” rating to a “buy” rating in a research report on Thursday, January 2nd. One analyst has rated the stock with a sell rating, one has issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $25.78.

IMAX Price Performance

Shares of IMAX stock traded down $0.46 on Friday, hitting $23.11. The stock had a trading volume of 392,824 shares, compared to its average volume of 528,768. The company’s 50 day moving average price is $25.05 and its 200-day moving average price is $21.60. IMAX has a 1 year low of $13.20 and a 1 year high of $26.84. The firm has a market capitalization of $1.22 billion, a P/E ratio of 52.52, a P/E/G ratio of 1.69 and a beta of 1.24.

IMAX (NYSE:IMAX) last issued its quarterly earnings results 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. IMAX had a return on equity of 7.53% and a net margin of 6.74%. The company had revenue of $91.50 million for the quarter, compared to the consensus estimate of $93.71 million. During the same quarter in the prior year, the business earned $0.27 EPS. IMAX’s revenue was down 11.9% on a year-over-year basis. On average, equities analysts forecast that IMAX will post 0.77 EPS for the current year.

Insider Buying and Selling at IMAX

In related news, insider Kenneth Ian Weissman sold 6,309 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $25.51, for a total value of $160,942.59. Following the completion of the transaction, the insider now directly owns 25,139 shares of the company’s stock, valued at $641,295.89. This trade represents 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 firm’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $25.50, for a total value of $1,425,705.00. Following the completion of the transaction, the executive vice president now directly owns 138,889 shares of the company’s stock, valued at $3,541,669.50. The trade was 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 valued at $1,662,110 in the last ninety days. Insiders own 24.08% of the company’s stock.

Hedge Funds Weigh In On IMAX

Hedge funds have recently bought and sold shares of the company. Mizuho Markets Americas LLC grew its holdings in IMAX by 47.5% during the 3rd quarter. Mizuho Markets Americas LLC now owns 387,689 shares of the company’s stock valued at $7,952,000 after buying an additional 124,811 shares during the last quarter. American Century Companies Inc. boosted its holdings in IMAX by 57.0% in the second quarter. American Century Companies Inc. now owns 120,021 shares of the company’s stock valued at $2,013,000 after acquiring an additional 43,584 shares during the last quarter. Royce & Associates LP raised its position in IMAX by 3.1% in the third quarter. Royce & Associates LP now owns 1,822,616 shares of the company’s stock valued at $37,382,000 after purchasing an additional 54,850 shares during the period. Quantbot Technologies LP acquired a new position in shares of IMAX during the third quarter worth about $777,000. Finally, Lord Abbett & CO. LLC acquired a new position in shares of IMAX during the third quarter worth about $6,322,000. 93.51% of the stock is owned by hedge funds and other institutional investors.

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.