IMAX Corporation (NYSE:IMAX) Given Consensus Rating of "Moderate Buy" by Analysts

Key Points

• IMAX Corporation has a consensus rating of "Moderate Buy" from 12 research firms, with an average target price of $34.70.
• Recent analyst reports showed price target increases, with Wedbush raising their price objective from $35.00 to $39.00 and Benchmark from $30.00 to $32.00.
• Insider selling activities included Kenneth Ian Weissman selling 15,072 shares at an average price of $25.65, reducing his ownership by 36.58%.

Shares of IMAX Corporation (NYSE:IMAX - Get Free Report) have earned a consensus rating of "Moderate Buy" from the twelve research firms that are presently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and nine have assigned a buy rating to the company. The average 12 month target price among brokers that have covered the stock in the last year is $34.70.

IMAX has been the subject of a number of recent analyst reports. Wedbush upped their price objective on IMAX from $35.00 to $39.00 and gave the stock an "outperform" rating in a research note on Monday, September 22nd. JPMorgan Chase & Co. upped their price objective on IMAX from $28.00 to $31.00 and gave the stock a "neutral" rating in a research note on Thursday. The Goldman Sachs Group reaffirmed a "sell" rating on shares of IMAX in a research note on Friday, July 25th. Benchmark increased their price target on IMAX from $30.00 to $32.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Finally, Wall Street Zen raised IMAX from a "buy" rating to a "strong-buy" rating in a research note on Saturday.

Insider Buying and Selling

In related news, insider Kenneth Ian Weissman sold 15,072 shares of the stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $25.65, for a total transaction of $386,596.80. Following the completion of the transaction, the insider directly owned 26,133 shares of the company's stock, valued at approximately $670,311.45. This represents a 36.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Robert D. Lister sold 20,000 shares of the stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $32.80, for a total value of $656,000.00. Following the transaction, the vice president directly owned 161,421 shares of the company's stock, valued at approximately $5,294,608.80. The trade was a 11.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. 23.18% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On IMAX

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Orbis Allan Gray Ltd raised its position in IMAX by 31.7% during the second quarter. Orbis Allan Gray Ltd now owns 5,113,033 shares of the company's stock valued at $142,960,000 after purchasing an additional 1,230,267 shares during the period. Ameriprise Financial Inc. raised its position in IMAX by 8.3% during the first quarter. Ameriprise Financial Inc. now owns 1,974,068 shares of the company's stock valued at $52,019,000 after purchasing an additional 150,552 shares during the period. Nantahala Capital Management LLC raised its position in IMAX by 24.9% during the second quarter. Nantahala Capital Management LLC now owns 1,133,993 shares of the company's stock valued at $31,706,000 after purchasing an additional 225,742 shares during the period. JPMorgan Chase & Co. raised its position in IMAX by 10.9% during the second quarter. JPMorgan Chase & Co. now owns 1,029,602 shares of the company's stock valued at $28,788,000 after purchasing an additional 101,048 shares during the period. Finally, Primecap Management Co. CA raised its position in IMAX by 1.3% during the second quarter. Primecap Management Co. CA now owns 751,602 shares of the company's stock valued at $21,015,000 after purchasing an additional 9,902 shares during the period. 93.51% of the stock is currently owned by hedge funds and other institutional investors.

IMAX Stock Down 2.1%

NYSE IMAX opened at $31.19 on Friday. The firm has a market cap of $1.68 billion, a price-to-earnings ratio of 51.98, a price-to-earnings-growth ratio of 2.16 and a beta of 0.62. The business has a 50-day moving average price of $29.56 and a 200-day moving average price of $27.39. IMAX has a twelve month low of $19.91 and a twelve month high of $34.14.

IMAX (NYSE:IMAX - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The company reported $0.26 earnings per share for the quarter, topping analysts' consensus estimates of $0.19 by $0.07. The firm had revenue of $91.68 million during the quarter, compared to analyst estimates of $93.04 million. IMAX had a return on equity of 8.62% and a net margin of 9.04%.The business's quarterly revenue was up 3.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.18 earnings per share. Research analysts expect that IMAX will post 0.91 EPS for the current fiscal year.

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.

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