Benchmark Reaffirms Buy Rating for IMAX (NYSE:IMAX)

Benchmark reaffirmed their buy rating on shares of IMAX (NYSE:IMAX) in a research report sent to investors on Friday morning,Benzinga reports. They currently have a $30.00 price objective on the stock.

Several other research firms have also recently weighed in on IMAX. Roth Mkm lifted their price objective on shares of IMAX from $27.00 to $28.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. StockNews.com downgraded IMAX from a “buy” rating to a “hold” rating in a report on Tuesday, January 14th. Rosenblatt Securities reissued a “buy” rating and issued a $28.00 price objective on shares of IMAX in a research note on Thursday. Wedbush reaffirmed an “outperform” rating on shares of IMAX in a research note on Wednesday, November 27th. Finally, Barrington Research reissued an “outperform” rating and issued a $30.00 price target on shares of IMAX in a research report on Friday, January 10th. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, IMAX has an average rating of “Moderate Buy” and a consensus price target of $28.13.

IMAX Stock Up 3.6 %

Shares of NYSE IMAX opened at $23.21 on Friday. The business has a fifty day simple moving average of $24.88 and a 200-day simple moving average of $21.91. The company has a market cap of $1.22 billion, a price-to-earnings ratio of 52.74, a P/E/G 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 earnings results on Wednesday, October 30th. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.23 by $0.12. The company had revenue of $91.50 million during the quarter, compared to analysts’ expectations of $93.71 million. IMAX had a net margin of 6.74% and a return on equity of 7.53%. The business’s revenue for the quarter was down 11.9% on a year-over-year basis. During the same period last year, the company posted $0.27 earnings per share. As a group, sell-side analysts expect that IMAX will post 0.77 EPS for the current fiscal year.

Insider Activity at IMAX

In related news, insider Kenneth Ian Weissman sold 6,309 shares of the company’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $25.51, for a total value of $160,942.59. Following the completion of the sale, the insider now directly owns 25,139 shares in the company, valued at approximately $641,295.89. This represents a 20.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through 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 transaction of $75,462.64. Following the transaction, the chief financial officer now directly owns 14,883 shares in the company, valued at $379,814.16. The trade was a 16.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 65,176 shares of company stock valued at $1,662,110. 24.08% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On IMAX

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Huntington National Bank acquired a new position in IMAX during the third quarter valued at approximately $34,000. Quarry LP boosted its holdings in shares of IMAX by 78,333.3% during the 3rd quarter. Quarry LP now owns 2,353 shares of the company’s stock worth $48,000 after buying an additional 2,350 shares during the period. nVerses Capital LLC acquired a new position in IMAX in the 3rd quarter valued at $70,000. US Bancorp DE raised its holdings in IMAX by 23.4% in the 3rd quarter. US Bancorp DE now owns 7,656 shares of the company’s stock worth $157,000 after acquiring an additional 1,452 shares during the period. Finally, Intech Investment Management LLC acquired a new position in IMAX during the 3rd quarter worth $205,000. 93.51% of the stock is currently owned by institutional investors and hedge funds.

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.