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

Key Points

• Benchmark raised IMAX's price target from $30.00 to $32.00, suggesting a potential upside of 13.06% from its current price.
• IMAX reported quarterly earnings of $0.26 per share, exceeding estimates, while revenue was $91.68 million, slightly below expectations of $93.04 million.
• The company's Board of Directors authorized a $100 million stock buyback program, indicating their belief that the shares are undervalued.

IMAX (NYSE:IMAX - Get Free Report) had its price target lifted by equities research analysts at Benchmark from $30.00 to $32.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Benchmark's price target would suggest a potential upside of 13.06% from the company's current price.

A number of other equities research analysts have also recently commented on the stock. Wall Street Zen raised shares of IMAX from a "hold" rating to a "buy" rating in a report on Friday, May 16th. JPMorgan Chase & Co. lowered their target price on shares of IMAX from $27.00 to $26.00 and set a "neutral" rating on the stock in a research report on Friday, April 11th. Rosenblatt Securities upped their target price on shares of IMAX from $35.00 to $37.00 and gave the stock a "buy" rating in a research report on Friday. Wells Fargo & Company lowered their price target on shares of IMAX from $32.00 to $30.00 and set an "overweight" rating on the stock in a research report on Thursday, April 24th. Finally, Roth Capital reiterated a "buy" rating and issued a $36.00 price target on shares of IMAX in a research report on Wednesday, July 9th. One research analyst has rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $32.10.

IMAX Stock Down 2.5%

NYSE:IMAX opened at $28.30 on Friday. The company has a market cap of $1.52 billion, a price-to-earnings ratio of 60.22, a price-to-earnings-growth ratio of 2.28 and a beta of 0.80. The company has a fifty day simple moving average of $27.70 and a two-hundred day simple moving average of $25.68. IMAX has a 52 week low of $18.76 and a 52 week high of $29.66.

IMAX (NYSE:IMAX - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.07. The business had revenue of $91.68 million during the quarter, compared to analysts' expectations of $93.04 million. IMAX had a net margin of 6.98% and a return on equity of 7.79%. The company's revenue for the quarter was up 3.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.18 EPS. On average, analysts expect that IMAX will post 0.91 EPS for the current year.

IMAX declared that its Board of Directors has authorized a stock buyback program on Thursday, June 12th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to purchase up to 6.5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in IMAX. Creative Financial Designs Inc. ADV bought a new position in shares of IMAX in the 1st quarter worth about $59,000. Ridgewood Investments LLC bought a new position in shares of IMAX in the 2nd quarter worth about $62,000. Tower Research Capital LLC TRC lifted its position in shares of IMAX by 415.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 7,236 shares of the company's stock worth $185,000 after buying an additional 5,832 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of IMAX in the 1st quarter worth about $202,000. Finally, State of Tennessee Department of Treasury lifted its position in shares of IMAX by 19.8% in the 4th quarter. State of Tennessee Department of Treasury now owns 9,827 shares of the company's stock worth $252,000 after buying an additional 1,627 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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