IMAX Corporation (NYSE:IMAX) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of IMAX Corporation (NYSE:IMAX) have been given an average rating of “Moderate Buy” by the eleven analysts that are currently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, one has issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $33.70.

IMAX has been the subject of several research reports. Barrington Research boosted their price target on shares of IMAX from $32.00 to $37.00 and gave the stock an “outperform” rating in a research note on Friday. Wedbush boosted their price target on shares of IMAX from $35.00 to $39.00 and gave the stock an “outperform” rating in a research note on Monday. The Goldman Sachs Group restated a “sell” rating on shares of IMAX in a research note on Friday, July 25th. Roth Capital reiterated a “buy” rating and set a $36.00 target price on shares of IMAX in a research note on Wednesday, July 9th. Finally, Rosenblatt Securities boosted their target price on shares of IMAX from $35.00 to $37.00 and gave the stock a “buy” rating in a research note on Friday, July 25th.

Insiders Place Their Bets

In related news, insider Kenneth Ian Weissman sold 15,072 shares of the business’s stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $25.65, for a total transaction of $386,596.80. Following the completion of the transaction, the insider owned 26,133 shares in the company, valued at approximately $670,311.45. The trade was a 36.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Robert D. Lister sold 20,000 shares of the business’s stock in a transaction on Monday, September 15th. The stock was sold at an average price of $32.80, for a total transaction of $656,000.00. Following the transaction, the vice president owned 161,421 shares of the company’s stock, valued at approximately $5,294,608.80. The trade was a 11.02% decrease in their position. The disclosure for this sale can be found here. Insiders own 24.08% of the company’s stock.

Hedge Funds Weigh In On IMAX

Several large investors have recently bought and sold shares of IMAX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in IMAX by 3.9% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,395 shares of the company’s stock valued at $625,000 after acquiring an additional 905 shares in the last quarter. Nuveen Asset Management LLC boosted its stake in IMAX by 27.8% in the fourth quarter. Nuveen Asset Management LLC now owns 171,781 shares of the company’s stock valued at $4,398,000 after acquiring an additional 37,408 shares in the last quarter. ProShare Advisors LLC acquired a new position in IMAX in the fourth quarter valued at $309,000. State of Wyoming boosted its stake in IMAX by 184.6% in the fourth quarter. State of Wyoming now owns 21,606 shares of the company’s stock valued at $553,000 after acquiring an additional 14,014 shares in the last quarter. Finally, Two Sigma Investments LP acquired a new position in IMAX in the fourth quarter valued at $2,411,000. Institutional investors and hedge funds own 93.51% of the company’s stock.

IMAX Stock Up 2.1%

NYSE:IMAX opened at $32.64 on Tuesday. The company has a fifty day simple moving average of $28.11 and a two-hundred day simple moving average of $26.71. The company has a market cap of $1.76 billion, a price-to-earnings ratio of 54.40, a price-to-earnings-growth ratio of 2.17 and a beta of 0.68. IMAX has a 52 week low of $18.76 and a 52 week high of $32.96.

IMAX (NYSE:IMAX) last posted its quarterly earnings results on Thursday, July 24th. The company reported $0.26 EPS for the quarter, topping the consensus estimate of $0.19 by $0.07. The business had revenue of $91.68 million during the quarter, compared to the consensus estimate of $93.04 million. IMAX had a net margin of 9.04% and a return on equity of 8.62%. The company’s quarterly revenue was up 3.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.18 earnings per share. On average, analysts expect that IMAX will post 0.91 EPS for the current year.

IMAX declared that its Board of Directors has approved a share repurchase program on Thursday, June 12th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to buy up to 6.5% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

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.