Benchmark Reaffirms Buy Rating for IMAX (NYSE:IMAX)

IMAX (NYSE:IMAX)‘s stock had its “buy” rating reissued by equities researchers at Benchmark in a report issued on Friday,Benzinga reports. They presently have a $30.00 price target on the stock. Benchmark’s price objective would suggest a potential upside of 29.27% from the stock’s previous close.

Several other research firms have also recently weighed in on IMAX. Rosenblatt Securities reaffirmed a “buy” rating and issued a $28.00 price target on shares of IMAX in a report on Thursday. Wedbush reaffirmed an “outperform” rating on shares of IMAX in a research note on Wednesday, November 27th. JPMorgan Chase & Co. boosted their price target on shares of IMAX from $20.00 to $21.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. StockNews.com lowered shares of IMAX from a “buy” rating to a “hold” rating in a report on Tuesday, January 14th. Finally, Barrington Research reaffirmed an “outperform” rating and set a $30.00 price objective on shares of IMAX in a report on Friday, January 10th. Two research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $28.13.

IMAX Trading Up 3.6 %

IMAX stock opened at $23.21 on Friday. The firm has a 50 day moving average of $24.88 and a 200-day moving average of $21.87. The firm has a market capitalization of $1.22 billion, a P/E ratio of 52.74, a price-to-earnings-growth ratio of 1.25 and a beta of 1.24. IMAX has a 12 month low of $13.20 and a 12 month high of $26.84.

IMAX (NYSE:IMAX) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.23 by $0.12. The firm had revenue of $91.50 million during the quarter, compared to the consensus estimate of $93.71 million. IMAX had a net margin of 6.74% and a return on equity of 7.53%. The business’s quarterly revenue was down 11.9% compared to the same quarter last year. During the same period last year, the firm earned $0.27 EPS. Sell-side analysts predict that IMAX will post 0.77 EPS for the current year.

Insiders Place Their Bets

In related news, EVP Robert D. Lister sold 55,910 shares of the company’s stock in a transaction 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 of the company’s stock, valued at $3,541,669.50. This represents a 28.70 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Natasha Fernandes sold 2,957 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $25.52, for a total value of $75,462.64. Following the completion of the transaction, the chief financial officer now owns 14,883 shares of the company’s stock, valued at approximately $379,814.16. This trade represents a 16.58 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 65,176 shares of company stock worth $1,662,110. 24.08% of the stock is currently owned by corporate insiders.

Institutional Trading of IMAX

A number of hedge funds and other institutional investors have recently modified their holdings of IMAX. Huntington National Bank purchased a new position in IMAX during the 3rd quarter valued at about $34,000. Quarry LP lifted its holdings in shares of IMAX by 78,333.3% during the third quarter. Quarry LP now owns 2,353 shares of the company’s stock valued at $48,000 after purchasing an additional 2,350 shares during the last quarter. nVerses Capital LLC bought a new stake in shares of IMAX in the 3rd quarter worth approximately $70,000. US Bancorp DE increased its position in IMAX by 23.4% during the 3rd quarter. US Bancorp DE now owns 7,656 shares of the company’s stock valued at $157,000 after buying an additional 1,452 shares in the last quarter. Finally, Intech Investment Management LLC purchased a new position in IMAX during the third quarter valued at $205,000. 93.51% of the stock is owned by hedge funds and other institutional investors.

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.