Wedbush Reaffirms Outperform Rating for IMAX (NYSE:IMAX)

IMAX (NYSE:IMAX)‘s stock had its “outperform” rating reaffirmed by research analysts at Wedbush in a research note issued on Thursday,RTT News reports. They presently have a $32.00 target price on the stock. Wedbush’s price target would suggest a potential upside of 42.44% from the company’s previous close.

IMAX has been the topic of a number of other research reports. StockNews.com downgraded IMAX from a “buy” rating to a “hold” rating in a research report on Thursday, March 27th. Benchmark reissued a “buy” rating and set a $30.00 target price on shares of IMAX in a research report on Thursday, April 10th. Barrington Research increased their price objective on shares of IMAX from $30.00 to $32.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. Wells Fargo & Company lifted their price objective on shares of IMAX from $26.00 to $32.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $35.00 target price on shares of IMAX in a research report on Thursday, April 10th. Two equities research analysts have rated the stock with a hold rating, eight have assigned 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 a consensus target price of $30.56.

IMAX Stock Up 3.2 %

Shares of IMAX stock opened at $22.47 on Thursday. IMAX has a 52 week low of $14.94 and a 52 week high of $27.77. The company has a market capitalization of $1.19 billion, a PE ratio of 45.85, a price-to-earnings-growth ratio of 1.49 and a beta of 0.91. The stock’s fifty day moving average is $25.03 and its two-hundred day moving average is $24.18.

IMAX (NYSE:IMAX) last announced its quarterly earnings data on Wednesday, February 19th. The company reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.14). The company had revenue of $92.67 million for the quarter, compared to the consensus estimate of $104.08 million. IMAX had a net margin of 7.40% and a return on equity of 8.60%. As a group, research analysts anticipate that IMAX will post 0.91 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in IMAX. Principal Financial Group Inc. increased its position in shares of IMAX by 69.3% in the 4th quarter. Principal Financial Group Inc. now owns 103,946 shares of the company’s stock valued at $2,661,000 after acquiring an additional 42,562 shares during the period. Intech Investment Management LLC raised its stake in shares of IMAX by 116.1% in the fourth quarter. Intech Investment Management LLC now owns 21,589 shares of the company’s stock worth $553,000 after purchasing an additional 11,597 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of IMAX during the fourth quarter worth about $9,143,000. Savant Capital LLC purchased a new stake in IMAX in the fourth quarter valued at approximately $249,000. Finally, Lord Abbett & CO. LLC acquired a new position in IMAX in the 3rd quarter worth approximately $6,322,000. Hedge funds and other institutional investors 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.