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

Key Points

• Rosenblatt Securities reaffirmed its buy rating on IMAX and kept a $47 price target, implying about 20% upside from the current share price.
• Wall Street remains generally positive on the stock overall, with 9 Buy ratings and 3 Hold ratings, and a consensus target price of $47.30.
• IMAX recently beat quarterly earnings expectations, reporting $0.17 EPS versus $0.15 expected and revenue of $81.38 million, though revenue was still down 6.1% year over year.

IMAX (NYSE:IMAX - Get Free Report)'s stock had its "buy" rating reaffirmed by investment analysts at Rosenblatt Securities in a research report issued on Monday,Benzinga reports. They presently have a $47.00 target price on the stock. Rosenblatt Securities' price objective indicates a potential upside of 20.24% from the company's current price.

A number of other equities analysts have also commented on IMAX. JPMorgan Chase & Co. dropped their price objective on IMAX from $48.00 to $47.00 and set an "overweight" rating on the stock in a research note on Friday, May 1st. Wells Fargo & Company reiterated an "equal weight" rating and set a $41.00 price target (down from $47.00) on shares of IMAX in a report on Thursday. Wall Street Zen downgraded shares of IMAX from a "buy" rating to a "hold" rating in a research note on Saturday, May 9th. Seaport Research Partners reaffirmed a "buy" rating and set a $50.00 target price on shares of IMAX in a research report on Wednesday, June 24th. Finally, Wedbush reiterated an "outperform" rating and set a $46.00 target price on shares of IMAX in a research note on Thursday, April 23rd. Nine research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $47.30.

IMAX Stock Performance

IMAX opened at $39.09 on Monday. The business has a 50 day moving average price of $39.32 and a 200 day moving average price of $37.91. IMAX has a twelve month low of $24.20 and a twelve month high of $45.52. The firm has a market cap of $2.15 billion, a P/E ratio of 60.14, a price-to-earnings-growth ratio of 1.44 and a beta of 0.37.

IMAX (NYSE:IMAX - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The company reported $0.17 EPS for the quarter, beating the consensus estimate of $0.15 by $0.02. The company 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 company's revenue for the quarter was down 6.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.13 earnings per share. As a group, analysts anticipate that IMAX will post 1.3 earnings per share for the current fiscal year.

Insider Transactions at IMAX

In other 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 value of $333,842.19. Following the completion of the transaction, the chief executive officer owned 765,002 shares in the company, valued at approximately $28,557,524.66. This represents a 1.16% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 20.55% of the stock is owned by company insiders.

Institutional Trading of IMAX

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IMAX. CIBC Private Wealth Group LLC bought a new position in IMAX during the third quarter worth about $27,000. Quarry LP raised its holdings in shares of IMAX by 166.8% in the 4th quarter. Quarry LP now owns 875 shares of the company's stock worth $32,000 after buying an additional 547 shares in the last quarter. Caitong International Asset Management Co. Ltd lifted its position in shares of IMAX by 2,310.4% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 1,157 shares of the company's stock worth $38,000 after buying an additional 1,109 shares during the period. Torren Management LLC acquired a new stake in IMAX in the 4th quarter valued at $40,000. Finally, Aster Capital Management DIFC Ltd grew its position in IMAX by 863.0% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,666 shares of the company's stock valued at $62,000 after acquiring an additional 1,493 shares during the period. Institutional investors own 93.51% of the company's stock.

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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