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

Rosenblatt Securities reaffirmed their buy rating on shares of IMAX (NYSE:IMAX) in a report published on Monday morning,Benzinga reports. The brokerage currently has a $47.00 price objective on the stock.

Several other brokerages have also recently issued reports on IMAX. Wall Street Zen cut IMAX from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Wedbush reissued an “outperform” rating and set a $46.00 target price on shares of IMAX in a research note on Thursday, April 23rd. Wells Fargo & Company restated an “equal weight” rating and set a $41.00 price target (down from $47.00) on shares of IMAX in a report on Thursday, July 16th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $60.00 price target on shares of IMAX in a research report on Friday, May 22nd. Finally, Seaport Research Partners reiterated a “buy” rating and issued a $50.00 price objective on shares of IMAX in a research note on Wednesday, June 24th. Nine research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, IMAX presently has an average rating of “Moderate Buy” and a consensus price target of $47.30.

IMAX Stock Performance

Shares of IMAX stock opened at $39.25 on Monday. IMAX has a fifty-two week low of $24.20 and a fifty-two week high of $45.52. The company has a 50 day moving average price of $39.60 and a 200 day moving average price of $37.94. The stock has a market capitalization of $2.16 billion, a P/E ratio of 60.39, a price-to-earnings-growth ratio of 1.39 and a beta of 0.37.

IMAX (NYSE:IMAX) last released its earnings results on Thursday, April 30th. The company reported $0.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.15 by $0.02. IMAX had a net margin of 9.08% and a return on equity of 13.61%. The company had revenue of $81.38 million for the quarter, compared to analyst estimates of $79.82 million. During the same period in the prior year, the business earned $0.13 EPS. The firm’s quarterly revenue was down 6.1% on a year-over-year basis. On average, research analysts forecast that IMAX will post 1.3 EPS for the current fiscal year.

Insider Activity at IMAX

In related news, CEO Richard L. Gelfond sold 8,943 shares of the business’s stock in a transaction on Monday, April 27th. The shares were sold at an average price of $37.33, for a total transaction of $333,842.19. Following the completion of the transaction, the chief executive officer owned 765,002 shares in the company, valued at approximately $28,557,524.66. The trade was a 1.16% 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. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 20.55% of the company’s stock.

Institutional Trading of IMAX

A number of institutional investors have recently bought and sold shares of the business. Caitong International Asset Management Co. Ltd lifted its stake in IMAX by 28.7% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,489 shares of the company’s stock worth $55,000 after purchasing an additional 332 shares during the last quarter. GAMMA Investing LLC increased its stake in IMAX by 22.3% in the fourth quarter. GAMMA Investing LLC now owns 1,874 shares of the company’s stock valued at $69,000 after purchasing an additional 342 shares during the last quarter. ProShare Advisors LLC increased its stake in IMAX by 6.8% in the fourth quarter. ProShare Advisors LLC now owns 8,000 shares of the company’s stock valued at $296,000 after purchasing an additional 511 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in IMAX by 0.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 108,781 shares of the company’s stock worth $4,021,000 after purchasing an additional 546 shares in the last quarter. Finally, Quarry LP raised its holdings in IMAX by 166.8% during the fourth quarter. Quarry LP now owns 875 shares of the company’s stock worth $32,000 after purchasing an additional 547 shares in the last quarter. 93.51% of the stock is owned by hedge funds and other institutional investors.

IMAX News Summary

Here are the key news stories impacting IMAX this week:

• Positive Sentiment: The Odyssey opened with “cultural phenomenon” level demand, and IMAX CEO Rich Gelfond said the film’s box office was even more extreme than expected, with more than 20% of global sales coming from IMAX tickets. IMAX CEO says ‘The Odyssey’ box office is ‘more extreme’ that expected. He also addresses whether the company is for sale.
• Positive Sentiment: Media coverage highlighted record-breaking demand for IMAX 70mm showings, including premium seat sellouts and “frenzy” around the film, which supports the case for strong attendance and pricing power in IMAX’s premium theaters. IMAX CEO describes ‘frenzy’ after Christopher Nolan’s ‘The Odyssey’ shatters records.
• Positive Sentiment: Rosenblatt Securities reiterated a Buy rating on IMAX, adding a supportive analyst signal amid the surge in attention around the company’s premium-format content pipeline. Rosenblatt Securities Reiterates “Buy” Rating for IMAX (NYSE:IMAX).
• Neutral Sentiment: IMAX also announced a partnership with CGV to upgrade three locations in Vietnam to IMAX with Laser, extending its footprint in a growing Southeast Asia market. IMAX and CGV Continue Partnership With Three IMAX With Laser Locations In Vietnam.
• Neutral Sentiment: Some coverage noted IMAX may be “fully priced” after a strong run, which could temper upside expectations even as sentiment around the business remains constructive. IMAX (IMAX) Stock Looks Fully Priced After A 129% Run.

About IMAX

IMAX Corporation is a global leader in immersive entertainment technologies, specializing in the design, manufacture and distribution of high-resolution cameras, projectors, and proprietary software solutions that enhance both film production and theatrical exhibition. The company licenses its premium large-format system to theatre owners and filmmakers around the world, enabling audiences to experience movies with greater clarity, scale and sound fidelity. IMAX also offers turnkey theatre development services, assisting cinema operators with auditorium design, installation and custom branding to optimize the customer experience.

Founded in 1967 and headquartered in Mississauga, Ontario, IMAX has built a reputation for pioneering film-format innovations, including its patented dual 15-perforation, 70-millimeter projection system.