IMAX (NYSE:IMAX) Given New $35.00 Price Target at Rosenblatt Securities

IMAX (NYSE:IMAX) had its price objective lifted by Rosenblatt Securities from $28.00 to $35.00 in a research report sent to investors on Thursday morning,Benzinga reports. Rosenblatt Securities currently has a buy rating on the stock.

IMAX has been the topic of a number of other research reports. JPMorgan Chase & Co. boosted their target price on IMAX from $21.00 to $25.00 and gave the company a “neutral” rating in a report on Thursday, January 30th. Barrington Research boosted their target price on IMAX from $30.00 to $32.00 and gave the company an “outperform” rating in a report on Thursday. StockNews.com lowered IMAX from a “buy” rating to a “hold” rating in a report on Thursday, February 13th. Benchmark restated a “buy” rating and issued a $30.00 price target on shares of IMAX in a research note on Friday, January 17th. Finally, Wedbush restated an “outperform” rating and issued a $32.00 price target on shares of IMAX in a research note on Wednesday, February 12th. Two analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, IMAX currently has an average rating of “Moderate Buy” and a consensus price target of $30.44.

IMAX Stock Performance

Shares of NYSE IMAX opened at $26.90 on Thursday. IMAX has a fifty-two week low of $14.94 and a fifty-two week high of $27.38. The firm has a market capitalization of $1.42 billion, a PE ratio of 61.14, a price-to-earnings-growth ratio of 1.49 and a beta of 1.22. The stock’s 50-day simple moving average is $24.65 and its 200-day simple moving average is $22.96.

IMAX (NYSE:IMAX) last released its quarterly earnings results on Wednesday, February 19th. The company reported $0.17 EPS for the quarter, missing the consensus estimate of $0.31 by ($0.14). The firm had revenue of $92.67 million for the quarter, compared to analyst estimates of $104.08 million. IMAX had a return on equity of 7.53% and a net margin of 6.74%. On average, sell-side analysts forecast that IMAX will post 0.64 earnings per share for the current fiscal year.

Insider Transactions at IMAX

In related news, EVP Robert D. Lister sold 55,910 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $25.50, for a total value of $1,425,705.00. Following the sale, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Kenneth Ian Weissman sold 6,309 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $25.51, 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. In the last ninety days, insiders have sold 65,176 shares of company stock worth $1,662,110. 24.08% of the stock is currently owned by company insiders.

Institutional Trading of IMAX

Several large investors have recently added to or reduced their stakes in IMAX. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in IMAX by 87.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 147,978 shares of the company’s stock valued at $3,788,000 after purchasing an additional 68,957 shares in the last quarter. Squarepoint Ops LLC bought a new stake in shares of IMAX during the 4th quarter worth $999,000. Two Sigma Investments LP bought a new stake in shares of IMAX during the 4th quarter worth $2,411,000. State of Wyoming boosted its stake in shares of IMAX by 184.6% during the 4th quarter. State of Wyoming now owns 21,606 shares of the company’s stock worth $553,000 after acquiring an additional 14,014 shares in the last quarter. Finally, Polar Asset Management Partners Inc. boosted its stake in shares of IMAX by 191.6% during the 4th quarter. Polar Asset Management Partners Inc. now owns 204,536 shares of the company’s stock worth $5,236,000 after acquiring an additional 134,389 shares in the last quarter. 93.51% of the stock is currently owned by institutional investors and hedge funds.

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.