IMAX (NYSE:IMAX) Price Target Raised to $32.00

Key Points

• JPMorgan Chase & Co. has increased its price target for IMAX from $31.00 to $32.00, while maintaining a "neutral" rating on the stock.
• IMAX recently reported earnings of $0.47 per share, exceeding expectations and reflecting a 16.6% year-over-year revenue growth.
• Overall, IMAX has a consensus rating of "Moderate Buy" from analysts, with nine buy ratings and an average price target of $35.20.

IMAX (NYSE:IMAX - Get Free Report) had its price objective hoisted by equities researchers at JPMorgan Chase & Co. from $31.00 to $32.00 in a report released on Friday,Benzinga reports. The brokerage presently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s target price points to a potential downside of 1.03% from the stock's current price.

A number of other research firms have also recently weighed in on IMAX. The Goldman Sachs Group reaffirmed a "sell" rating on shares of IMAX in a research note on Friday, July 25th. Barrington Research reaffirmed an "outperform" rating and issued a $37.00 target price on shares of IMAX in a report on Thursday. B. Riley reissued a "buy" rating on shares of IMAX in a research note on Friday, October 10th. Benchmark raised their price objective on IMAX from $30.00 to $32.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Finally, Roth Capital boosted their target price on IMAX from $36.00 to $40.00 and gave the stock a "buy" rating in a research report on Tuesday, October 14th. Nine research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $35.20.

IMAX Trading Up 0.8%

Shares of IMAX stock opened at $32.33 on Friday. The stock has a 50 day simple moving average of $30.76 and a 200-day simple moving average of $27.75. The company has a market cap of $1.74 billion, a price-to-earnings ratio of 53.89, a price-to-earnings-growth ratio of 2.05 and a beta of 0.62. IMAX has a 12-month low of $19.91 and a 12-month high of $34.14.

IMAX (NYSE:IMAX - Get Free Report) last announced its quarterly earnings data on Thursday, October 23rd. The company reported $0.47 earnings per share for the quarter, topping analysts' consensus estimates of $0.31 by $0.16. The firm had revenue of $106.65 million for the quarter, compared to analyst estimates of $102.88 million. IMAX had a return on equity of 8.62% and a net margin of 9.04%.IMAX's quarterly revenue was up 16.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.35 earnings per share. On average, equities analysts forecast that IMAX will post 0.91 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, VP Robert D. Lister sold 20,000 shares of the company's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $32.80, for a total value of $656,000.00. Following the sale, the vice president directly owned 161,421 shares in the company, valued at $5,294,608.80. This represents a 11.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Kenneth Ian Weissman sold 15,072 shares of the stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $25.65, for a total value of $386,596.80. Following the sale, the insider directly owned 26,133 shares in the company, valued at approximately $670,311.45. The trade was a 36.58% decrease in their position. The disclosure for this sale can be found here. 23.18% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On IMAX

Several hedge funds have recently modified their holdings of the company. Orbis Allan Gray Ltd raised its position in shares of IMAX by 31.7% in the second quarter. Orbis Allan Gray Ltd now owns 5,113,033 shares of the company's stock valued at $142,960,000 after buying an additional 1,230,267 shares during the last quarter. Jane Street Group LLC raised its holdings in IMAX by 2,496.9% in the 1st quarter. Jane Street Group LLC now owns 573,919 shares of the company's stock valued at $15,123,000 after acquiring an additional 551,819 shares during the last quarter. Balyasny Asset Management L.P. acquired a new position in IMAX in the 2nd quarter valued at $12,568,000. Driehaus Capital Management LLC purchased a new stake in shares of IMAX in the first quarter valued at $11,181,000. Finally, Jupiter Asset Management Ltd. increased its stake in IMAX by 805.9% in the first quarter. Jupiter Asset Management Ltd. now owns 469,504 shares of the company's stock valued at $12,371,000 after purchasing an additional 417,677 shares during the last quarter. 93.51% of the stock is owned by institutional investors and hedge funds.

About IMAX

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.

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