IMAX Corporation (NYSE:IMAX) Receives Average Rating of "Moderate Buy" from Brokerages

Key Points

• Eleven brokerages give IMAX a consensus rating of Moderate Buy, with an average 12‑month price target of $43.70 and recent upward revisions (e.g., Wells Fargo to $47).
• Company insiders sold a total of 689,220 shares (about $26.34M) over the last quarter — including CEO Richard Gelfond — bringing insider ownership to 23.18%.
• IMAX beat the quarter, reporting $0.58 EPS vs. $0.43 expected and $125.21M revenue (up 35.1% YoY); the stock trades near $40 with a $2.16B market cap.

Shares of IMAX Corporation (NYSE:IMAX - Get Free Report) have received a consensus rating of "Moderate Buy" from the eleven brokerages that are covering the stock, MarketBeat reports. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $43.70.

Several research firms recently commented on IMAX. Wells Fargo & Company increased their price target on IMAX from $40.00 to $47.00 and gave the company an "overweight" rating in a report on Thursday, December 18th. Weiss Ratings restated a "buy (b)" rating on shares of IMAX in a report on Monday, December 29th. Benchmark raised their target price on IMAX from $42.00 to $44.00 and gave the stock a "buy" rating in a research note on Thursday, February 26th. The Goldman Sachs Group lifted their price target on IMAX from $37.00 to $41.00 and gave the stock a "neutral" rating in a report on Monday, March 2nd. Finally, Wall Street Zen cut shares of IMAX from a "strong-buy" rating to a "buy" rating in a research report on Saturday, February 28th.

Insider Activity

In other news, CEO Richard L. Gelfond sold 121,220 shares of the stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $40.10, for a total value of $4,860,922.00. Following the completion of the sale, the chief executive officer owned 765,002 shares of the company's stock, valued at $30,676,580.20. This represents a 13.68% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Kevin Douglas sold 330,200 shares of the firm's stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $37.82, for a total transaction of $12,488,164.00. Following the sale, the insider owned 3,657,450 shares of the company's stock, valued at $138,324,759. This represents a 8.28% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 689,220 shares of company stock worth $26,342,682 over the last quarter. 23.18% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On IMAX

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. AQR Capital Management LLC raised its holdings in IMAX by 47.9% in the 1st quarter. AQR Capital Management LLC now owns 56,348 shares of the company's stock valued at $1,485,000 after buying an additional 18,238 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in IMAX by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,486 shares of the company's stock worth $672,000 after buying an additional 1,091 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in IMAX by 7.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 159,714 shares of the company's stock worth $4,208,000 after buying an additional 11,736 shares during the period. Creative Planning increased its position in shares of IMAX by 84.1% during the second quarter. Creative Planning now owns 16,081 shares of the company's stock valued at $450,000 after acquiring an additional 7,344 shares during the last quarter. Finally, Legal & General Group Plc increased its position in shares of IMAX by 1.5% during the second quarter. Legal & General Group Plc now owns 50,969 shares of the company's stock valued at $1,425,000 after acquiring an additional 756 shares during the last quarter. Institutional investors and hedge funds own 93.51% of the company's stock.

IMAX Stock Down 0.3%

Shares of NYSE IMAX opened at $40.01 on Friday. The firm has a 50-day simple moving average of $37.78 and a 200-day simple moving average of $35.81. The stock has a market capitalization of $2.16 billion, a price-to-earnings ratio of 64.54, a price-to-earnings-growth ratio of 1.89 and a beta of 0.41. IMAX has a 52 week low of $20.48 and a 52 week high of $43.16.

IMAX (NYSE:IMAX - Get Free Report) last posted its quarterly earnings results on Wednesday, February 25th. The company reported $0.58 earnings per share for the quarter, topping analysts' consensus estimates of $0.43 by $0.15. IMAX had a net margin of 8.50% and a return on equity of 13.53%. The firm had revenue of $125.21 million for the quarter, compared to analyst estimates of $120.30 million. During the same period in the previous year, the business posted $0.27 earnings per share. IMAX's quarterly revenue was up 35.1% on a year-over-year basis. As a group, equities research analysts expect that IMAX will post 0.91 EPS for the current year.

IMAX Company Profile

IMAX Corporation is a global leader in immersive entertainment technologies, specializing in the design, manufacture and distribution of high-resolution cameras, projectors, and proprietary software solutions that enhance both film production and theatrical exhibition. The company licenses its premium large-format system to theatre owners and filmmakers around the world, enabling audiences to experience movies with greater clarity, scale and sound fidelity. IMAX also offers turnkey theatre development services, assisting cinema operators with auditorium design, installation and custom branding to optimize the customer experience.

Founded in 1967 and headquartered in Mississauga, Ontario, IMAX has built a reputation for pioneering film-format innovations, including its patented dual 15-perforation, 70-millimeter projection system.

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