Benchmark Reiterates “Buy” Rating for IMAX (NYSE:IMAX)

Benchmark reiterated their buy rating on shares of IMAX (NYSE:IMAX) in a research report released on Thursday,Benzinga reports. Benchmark currently has a $30.00 price target on the stock.

IMAX has been the topic of a number of other reports. Barrington Research boosted their price target on IMAX from $30.00 to $32.00 and gave the stock an “outperform” rating in a research report on Thursday. StockNews.com lowered shares of IMAX from a “buy” rating to a “hold” rating in a research note on Thursday, February 13th. Rosenblatt Securities raised their price objective on IMAX from $28.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday. Roth Mkm raised their price objective on shares of IMAX from $27.00 to $28.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Finally, JPMorgan Chase & Co. upped their target price on shares of IMAX from $21.00 to $25.00 and gave the stock a “neutral” rating in a report on Thursday, January 30th. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $30.44.

IMAX Stock Down 1.2 %

NYSE IMAX opened at $26.90 on Thursday. The stock’s 50-day simple moving average is $24.65 and its two-hundred day simple moving average is $22.96. IMAX has a twelve month low of $14.94 and a twelve month high of $27.38. The company has a market capitalization of $1.42 billion, a price-to-earnings ratio of 54.90, a PEG ratio of 1.50 and a beta of 1.22.

IMAX (NYSE:IMAX) last released its quarterly earnings data on Wednesday, February 19th. The company reported $0.17 EPS for the quarter, missing the consensus estimate of $0.31 by ($0.14). IMAX had a return on equity of 8.79% and a net margin of 7.40%. The company had revenue of $92.67 million during the quarter, compared to analysts’ expectations of $104.08 million. On average, equities analysts expect that IMAX will post 0.91 earnings per share for the current fiscal year.

Insider Activity at IMAX

In related news, EVP Robert D. Lister sold 55,910 shares of the firm’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $25.50, for a total transaction of $1,425,705.00. Following the completion of the transaction, the executive vice president now owns 138,889 shares of the company’s stock, valued at $3,541,669.50. This trade represents a 28.70 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Kenneth Ian Weissman sold 6,309 shares of the firm’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $25.51, for a total transaction of $160,942.59. Following the transaction, the insider now directly owns 25,139 shares of the company’s stock, valued at approximately $641,295.89. This trade represents a 20.06 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 65,176 shares of company stock worth $1,662,110. Insiders own 24.08% of the company’s stock.

Institutional Trading of IMAX

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. FMR LLC lifted its stake in shares of IMAX by 14.2% in the fourth quarter. FMR LLC now owns 4,508,583 shares of the company’s stock worth $115,420,000 after buying an additional 558,940 shares in the last quarter. Ameriprise Financial Inc. raised its stake in shares of IMAX by 36.9% in the 4th quarter. Ameriprise Financial Inc. now owns 1,823,516 shares of the company’s stock valued at $46,671,000 after acquiring an additional 491,172 shares during the period. Royce & Associates LP raised its stake in shares of IMAX by 3.1% in the 3rd quarter. Royce & Associates LP now owns 1,822,616 shares of the company’s stock valued at $37,382,000 after acquiring an additional 54,850 shares during the period. Victory Capital Management Inc. raised its stake in shares of IMAX by 9.8% in the 3rd quarter. Victory Capital Management Inc. now owns 1,420,592 shares of the company’s stock valued at $29,136,000 after acquiring an additional 127,371 shares during the period. Finally, Wells Fargo & Company MN grew its holdings in shares of IMAX by 45.4% in the fourth quarter. Wells Fargo & Company MN now owns 624,510 shares of the company’s stock valued at $15,987,000 after purchasing an additional 194,917 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.