IMAX Corporation (NYSE:IMAX) Receives Consensus Rating of "Moderate Buy" from Analysts

Key Points

• IMAX has a consensus analyst rating of “Moderate Buy”, with 9 buy ratings and 3 hold ratings from the 12 firms covering the stock. The average 1-year price target is $47.90.
• The company recently reported better-than-expected quarterly results, posting EPS of $0.17 versus estimates of $0.15 and revenue of $81.38 million versus estimates of $79.82 million. However, revenue was still down 6.1% year over year.
• Shares opened at $38.28, below the recent average analyst target, and the stock remains supported by heavy institutional ownership at 93.51%. Insiders have also been selling shares, including CEO Richard L. Gelfond in a pre-arranged transaction.

IMAX Corporation (NYSE:IMAX - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the twelve ratings firms that are currently covering the company, Marketbeat.com reports. Three investment analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $47.90.

Several equities analysts have commented on IMAX shares. Rosenblatt Securities reiterated a "buy" rating and issued a $47.00 price target on shares of IMAX in a research note on Monday, April 20th. Weiss Ratings downgraded shares of IMAX from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Tuesday, June 23rd. Barrington Research boosted their price objective on IMAX from $42.00 to $46.00 and gave the company an "outperform" rating in a research note on Friday, May 1st. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $60.00 price objective on shares of IMAX in a report on Friday, May 22nd. Finally, Wall Street Zen lowered shares of IMAX from a "buy" rating to a "hold" rating in a research report on Saturday, May 9th.

IMAX Stock Performance

NYSE:IMAX opened at $38.28 on Monday. The stock has a 50-day simple moving average of $39.04 and a 200-day simple moving average of $37.86. The stock has a market cap of $2.11 billion, a P/E ratio of 58.89, a P/E/G ratio of 1.36 and a beta of 0.37. IMAX has a 1 year low of $24.20 and a 1 year high of $45.52.

IMAX (NYSE:IMAX - Get Free Report) last released its quarterly earnings data on Thursday, April 30th. The company reported $0.17 EPS for the quarter, beating analysts' consensus estimates of $0.15 by $0.02. The business had revenue of $81.38 million for the quarter, compared to the consensus estimate of $79.82 million. IMAX had a return on equity of 13.61% and a net margin of 9.08%.The business's revenue for the quarter was down 6.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.13 EPS. On average, equities research analysts predict that IMAX will post 1.34 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Richard L. Gelfond sold 8,943 shares of the stock in a transaction on Monday, April 27th. The shares were sold at an average price of $37.33, for a total transaction of $333,842.19. Following the completion of the sale, the chief executive officer owned 765,002 shares in the company, valued at $28,557,524.66. This represents a 1.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 107,532 shares of company stock worth $3,987,360. 20.55% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On IMAX

A number of institutional investors and hedge funds have recently made changes to their positions in the business. AQR Capital Management LLC grew its holdings in shares of IMAX by 47.9% during the first quarter. AQR Capital Management LLC now owns 56,348 shares of the company's stock worth $1,485,000 after buying an additional 18,238 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in IMAX by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,486 shares of the company's stock valued at $672,000 after acquiring an additional 1,091 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in IMAX by 7.9% during the 1st 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 acquiring an additional 11,736 shares during the period. Creative Planning grew its stake in shares of IMAX by 84.1% in the 2nd quarter. Creative Planning now owns 16,081 shares of the company's stock valued at $450,000 after purchasing an additional 7,344 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of IMAX in the 2nd quarter valued at approximately $709,000. 93.51% of the stock is owned by hedge funds and other institutional investors.

About IMAX

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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