IMAX (NYSE:IMAX) Board of Directors Declares Stock Buyback Program

IMAX (NYSE:IMAX - Get Free Report) announced that its Board of Directors has approved a share buyback plan on Thursday, June 12th, RTT News reports. The company plans to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 6.5% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's management believes its stock is undervalued.

Analyst Ratings Changes

A number of research firms recently commented on IMAX. B. Riley reaffirmed a "buy" rating and issued a $36.00 price objective on shares of IMAX in a research note on Friday, May 16th. Barrington Research reaffirmed an "outperform" rating and issued a $32.00 price objective on shares of IMAX in a research note on Thursday, April 24th. Wells Fargo & Company decreased their price objective on shares of IMAX from $32.00 to $30.00 and set an "overweight" rating for the company in a research report on Thursday, April 24th. Benchmark restated a "buy" rating and issued a $30.00 target price on shares of IMAX in a report on Thursday, April 10th. Finally, Wall Street Zen upgraded IMAX from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. One research analyst has rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $31.70.

IMAX Price Performance

Shares of IMAX stock traded up $0.22 during trading hours on Friday, reaching $28.82. The company had a trading volume of 1,588,543 shares, compared to its average volume of 768,608. The company has a market cap of $1.55 billion, a price-to-earnings ratio of 58.81, a price-to-earnings-growth ratio of 1.49 and a beta of 0.81. IMAX has a 12 month low of $14.96 and a 12 month high of $29.67. The business has a fifty day simple moving average of $25.32 and a 200-day simple moving average of $25.20.

IMAX (NYSE:IMAX - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.11 by $0.02. The firm had revenue of $86.67 million for the quarter, compared to the consensus estimate of $82.95 million. IMAX had a net margin of 7.40% and a return on equity of 8.60%. The business's revenue for the quarter was up 9.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.15 EPS. On average, equities research analysts expect that IMAX will post 0.91 earnings per share for the current year.

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.