IMAX’s (IMAX) Buy Rating Reiterated at Rosenblatt Securities

Rosenblatt Securities reaffirmed their buy rating on shares of IMAX (NYSE:IMAX) in a research report report published on Monday,Benzinga reports. The firm currently has a $35.00 target price on the stock.

A number of other research firms have also recently weighed in on IMAX. JPMorgan Chase & Co. cut their price objective on shares of IMAX from $27.00 to $26.00 and set a “neutral” rating on the stock in a research report on Friday, April 11th. Wall Street Zen raised IMAX from a “hold” rating to a “buy” rating in a research note on Friday, May 16th. Roth Capital reissued a “buy” rating and set a $36.00 price target (up from $32.00) on shares of IMAX in a research note on Friday, June 13th. Wedbush restated an “outperform” rating and issued a $32.00 price target on shares of IMAX in a report on Thursday, April 17th. Finally, B. Riley reaffirmed a “buy” rating and set a $36.00 target price on shares of IMAX in a research report on Friday, May 16th. One investment analyst has rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, IMAX currently has an average rating of “Buy” and an average price target of $31.70.

IMAX Stock Up 0.1%

Shares of IMAX stock opened at $29.19 on Monday. The firm has a market cap of $1.57 billion, a price-to-earnings ratio of 62.11, a PEG ratio of 1.85 and a beta of 0.81. IMAX has a twelve month low of $16.06 and a twelve month high of $29.66. The business has a 50-day moving average price of $25.81 and a 200-day moving average price of $25.29.

IMAX (NYSE:IMAX) last released its quarterly earnings results on Wednesday, April 23rd. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.02. IMAX had a return on equity of 7.79% and a net margin of 6.98%. The business had revenue of $86.67 million during the quarter, compared to analysts’ expectations of $82.95 million. During the same quarter last year, the business posted $0.15 EPS. The firm’s revenue for the quarter was up 9.6% compared to the same quarter last year. On average, equities analysts expect that IMAX will post 0.91 EPS for the current fiscal year.

IMAX announced that its Board of Directors has approved a share repurchase program on Thursday, June 12th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 6.5% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Neuberger Berman Group LLC boosted its holdings in IMAX by 4.1% in the 1st quarter. Neuberger Berman Group LLC now owns 13,838 shares of the company’s stock worth $365,000 after buying an additional 542 shares during the last quarter. Blue Trust Inc. boosted its stake in shares of IMAX by 138.5% in the fourth quarter. Blue Trust Inc. now owns 966 shares of the company’s stock worth $25,000 after acquiring an additional 561 shares during the last quarter. Mission Wealth Management LP increased its position in shares of IMAX by 2.9% during the first quarter. Mission Wealth Management LP now owns 30,408 shares of the company’s stock worth $801,000 after purchasing an additional 845 shares in the last quarter. MetLife Investment Management LLC raised its stake in IMAX by 3.4% in the 4th quarter. MetLife Investment Management LLC now owns 25,918 shares of the company’s stock valued at $664,000 after purchasing an additional 848 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in IMAX by 3.9% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,395 shares of the company’s stock valued at $625,000 after purchasing an additional 905 shares in the last quarter. Institutional investors and hedge funds own 93.51% of the company’s stock.

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.