Wells Fargo & Company Issues Positive Forecast for IMAX (NYSE:IMAX) Stock Price

Key Points

• Wells Fargo & Company has raised its price target for IMAX from $30.00 to $34.00, indicating a potential upside of 24.91% from the stock's previous close.
• Other analysts have varying ratings and targets for IMAX, with recommendations from "buy" to "neutral" and price targets ranging from $26.00 to $37.00.
• IMAX reported quarterly earnings of $0.26 per share, surpassing analyst expectations and demonstrating a 3.1% increase in revenue year-over-year.
• The company's board has authorized a $100 million stock buyback program, suggesting that they believe the stock is currently undervalued.

IMAX (NYSE:IMAX - Get Free Report) had its price objective increased by equities research analysts at Wells Fargo & Company from $30.00 to $34.00 in a research note issued on Friday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Wells Fargo & Company's price objective indicates a potential upside of 26.35% from the stock's previous close.

A number of other equities research analysts have also recently weighed in on IMAX. Roth Capital reiterated a "buy" rating and set a $36.00 price target on shares of IMAX in a research report on Wednesday, July 9th. Macquarie lifted their price target on shares of IMAX from $30.00 to $32.00 and gave the company an "outperform" rating in a research report on Friday, April 25th. Wall Street Zen upgraded shares of IMAX from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. Barrington Research reiterated an "outperform" rating and set a $32.00 price target on shares of IMAX in a research report on Thursday. Finally, Benchmark lifted their price target on shares of IMAX from $30.00 to $32.00 and gave the company a "buy" rating in a research report on Friday. One research analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $32.80.

IMAX Trading Down 4.9%

IMAX stock traded down $1.38 during trading on Friday, reaching $26.91. 3,423,552 shares of the stock were exchanged, compared to its average volume of 1,021,881. The business has a 50 day moving average price of $27.72 and a 200-day moving average price of $25.74. IMAX has a 1 year low of $18.76 and a 1 year high of $29.66. The firm has a market capitalization of $1.45 billion, a price-to-earnings ratio of 44.85, a P/E/G ratio of 2.11 and a beta of 0.80.

IMAX (NYSE:IMAX - Get Free Report) last issued its earnings results on Thursday, July 24th. The company reported $0.26 EPS for the quarter, topping analysts' consensus estimates of $0.19 by $0.07. IMAX had a net margin of 9.04% and a return on equity of 8.79%. The company had revenue of $91.68 million for the quarter, compared to the consensus estimate of $93.04 million. During the same period in the previous year, the firm earned $0.18 earnings per share. IMAX's quarterly revenue was up 3.1% compared to the same quarter last year. On average, research analysts anticipate that IMAX will post 0.91 EPS for the current year.

IMAX declared that its board has approved a stock repurchase program on Thursday, June 12th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to reacquire up to 6.5% of its stock through open market purchases. Stock buyback programs are often a sign that the company's leadership believes its stock is undervalued.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Neuberger Berman Group LLC grew its holdings in IMAX by 4.1% during the 1st quarter. Neuberger Berman Group LLC now owns 13,838 shares of the company's stock worth $365,000 after acquiring an additional 542 shares in the last quarter. Mission Wealth Management LP lifted its position in shares of IMAX by 2.9% during the 1st quarter. Mission Wealth Management LP now owns 30,408 shares of the company's stock worth $801,000 after buying an additional 845 shares during the last quarter. MetLife Investment Management LLC lifted its position in shares of IMAX by 3.4% during the 4th quarter. MetLife Investment Management LLC now owns 25,918 shares of the company's stock worth $664,000 after buying an additional 848 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of IMAX by 3.9% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,395 shares of the company's stock worth $625,000 after buying an additional 905 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of IMAX by 1.3% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 104,510 shares of the company's stock worth $2,754,000 after buying an additional 1,309 shares during the last quarter. Institutional investors and hedge funds own 93.51% of the company's stock.

IMAX Company Profile

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.