IMAX (NYSE:IMAX) Given Buy Rating at Rosenblatt Securities

Key Points

• Rosenblatt Securities reissued a "buy" rating on IMAX with a $47 price target, implying about a 34.47% upside from the prior close.
• Analyst sentiment is broadly positive—ten analysts rate IMAX a Buy and one a Hold, giving a consensus of "Moderate Buy" and an average price target of $43.70.
• IMAX recently beat quarterly estimates with $0.58 EPS vs. $0.43 expected and revenue of $125.21M (up 35.1% year-over-year), supporting the bullish analyst views.

IMAX (NYSE:IMAX - Get Free Report)'s stock had its "buy" rating reissued by analysts at Rosenblatt Securities in a research report issued to clients and investors on Monday,Benzinga reports. They currently have a $47.00 target price on the stock. Rosenblatt Securities' price objective points to a potential upside of 34.47% from the company's previous close.

A number of other analysts have also recently weighed in on the stock. Seaport Research Partners raised their target price on shares of IMAX from $43.00 to $45.00 and gave the stock a "buy" rating in a report on Wednesday, April 8th. Wedbush reaffirmed an "outperform" rating and set a $46.00 target price on shares of IMAX in a research note on Monday, February 23rd. The Goldman Sachs Group upped their price target on shares of IMAX from $37.00 to $41.00 and gave the stock a "neutral" rating in a research note on Monday, March 2nd. Weiss Ratings restated a "buy (b)" rating on shares of IMAX in a report on Monday, December 29th. Finally, Macquarie Infrastructure raised their target price on IMAX from $39.00 to $44.00 and gave the company an "outperform" rating in a report on Thursday, January 15th. Ten equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, IMAX has a consensus rating of "Moderate Buy" and an average price target of $43.70.

IMAX Trading Down 0.4%

NYSE IMAX opened at $34.95 on Monday. The company has a 50-day moving average price of $38.21 and a two-hundred day moving average price of $36.21. The stock has a market cap of $1.89 billion, a price-to-earnings ratio of 56.37, a price-to-earnings-growth ratio of 1.60 and a beta of 0.41. IMAX has a 52 week low of $21.86 and a 52 week high of $43.16.

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

Insider Buying and Selling at IMAX

In other IMAX news, insider Kevin Douglas sold 330,200 shares of the business's stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $37.82, for a total value of $12,488,164.00. Following the completion of the transaction, the insider directly owned 3,657,450 shares of the company's stock, valued at approximately $138,324,759. The trade was a 8.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Richard L. Gelfond sold 15,746 shares of the stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $37.07, for a total transaction of $583,704.22. Following the sale, the chief executive officer directly owned 765,002 shares in the company, valued at $28,358,624.14. This trade represents a 2.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 969,422 shares of company stock worth $36,915,549 in the last 90 days. 23.18% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On IMAX

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Westfield Capital Management Co. LP acquired a new position in IMAX during the third quarter valued at approximately $53,141,000. Orbis Allan Gray Ltd grew its position in shares of IMAX by 31.7% in the 2nd 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. Divisadero Street Capital Management LP bought a new stake in shares of IMAX during the third quarter worth $20,975,000. Marsico Capital Management LLC bought a new position in IMAX during the 4th quarter worth about $18,149,000. Finally, Balyasny Asset Management L.P. acquired a new position in shares of IMAX during the second quarter worth about $12,568,000. 93.51% of the stock is owned by 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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