Rosenblatt Securities Increases IMAX (NYSE:IMAX) Price Target to $35.00

IMAX (NYSE:IMAX) had its price target hoisted by analysts at Rosenblatt Securities from $28.00 to $35.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Rosenblatt Securities’ price objective would suggest a potential upside of 28.52% from the stock’s previous close.

Several other equities analysts also recently weighed in on the company. StockNews.com downgraded IMAX from a “buy” rating to a “hold” rating in a report on Thursday, February 13th. Barrington Research lifted their target price on shares of IMAX from $30.00 to $32.00 and gave the stock an “outperform” rating in a report on Thursday. Roth Mkm increased their price target on shares of IMAX from $27.00 to $28.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Benchmark restated a “buy” rating and issued a $30.00 price objective on shares of IMAX in a report on Friday, January 17th. Finally, JPMorgan Chase & Co. increased their target price on IMAX from $21.00 to $25.00 and gave the company a “neutral” rating in a research note on Thursday, January 30th. Two investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, IMAX presently has an average rating of “Moderate Buy” and a consensus target price of $29.75.

IMAX Price Performance

Shares of NYSE IMAX opened at $27.23 on Thursday. The stock has a market cap of $1.43 billion, a P/E ratio of 61.90, a price-to-earnings-growth ratio of 1.49 and a beta of 1.22. IMAX has a 1 year low of $14.90 and a 1 year high of $27.38. The firm has a 50-day moving average of $24.63 and a 200 day moving average of $22.93.

IMAX (NYSE:IMAX) last released its earnings results on Wednesday, February 19th. The company reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by ($0.14). IMAX had a net margin of 6.74% and a return on equity of 7.53%. Research analysts expect that IMAX will post 0.64 earnings per share for the current fiscal year.

Insider Buying and Selling

In other IMAX news, insider Kenneth Ian Weissman sold 6,309 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $25.51, for a total transaction of $160,942.59. Following the completion of the sale, the insider now directly owns 25,139 shares of the company’s stock, valued at approximately $641,295.89. This represents a 20.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Natasha Fernandes sold 2,957 shares of IMAX 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 owns 14,883 shares in the company, valued at $379,814.16. This represents a 16.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 65,176 shares of company stock valued at $1,662,110 over the last 90 days. Company insiders own 24.08% of the company’s stock.

Hedge Funds Weigh In On IMAX

A number of institutional investors have recently bought and sold shares of IMAX. Mizuho Markets Americas LLC lifted its position in shares of IMAX by 47.5% during the 3rd quarter. Mizuho Markets Americas LLC now owns 387,689 shares of the company’s stock valued at $7,952,000 after buying an additional 124,811 shares in the last quarter. Royce & Associates LP raised its stake in IMAX by 3.1% during the 3rd quarter. Royce & Associates LP now owns 1,822,616 shares of the company’s stock worth $37,382,000 after acquiring an additional 54,850 shares during the period. Quantbot Technologies LP purchased a new position in IMAX during the third quarter valued at approximately $777,000. Lord Abbett & CO. LLC bought a new position in shares of IMAX in the third quarter worth approximately $6,322,000. Finally, SG Americas Securities LLC purchased a new stake in shares of IMAX in the fourth quarter worth $333,000. 93.51% of the stock is owned by institutional investors.

IMAX Company Profile

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.