IMAX's (IMAX) "Buy" Rating Reiterated at Rosenblatt Securities

IMAX (NYSE:IMAX - Get Free Report)'s stock had its "buy" rating reaffirmed by equities research analysts at Rosenblatt Securities in a research note issued on Monday,Benzinga reports. They currently have a $35.00 target price on the stock. Rosenblatt Securities' target price indicates a potential upside of 21.46% from the company's current price.

A number of other research firms have also recently commented on IMAX. JPMorgan Chase & Co. lowered their target price on IMAX from $27.00 to $26.00 and set a "neutral" rating on the stock in a research note on Friday, April 11th. Benchmark restated a "buy" rating and issued a $30.00 target price on shares of IMAX in a research note on Thursday, April 10th. Barrington Research reiterated an "outperform" rating and set a $32.00 price target on shares of IMAX in a research note on Thursday, April 24th. Wall Street Zen upgraded IMAX from a "hold" rating to a "buy" rating in a research note on Friday, May 16th. Finally, B. Riley reaffirmed a "buy" rating and set a $36.00 price objective on shares of IMAX in a report on Friday, May 16th. One analyst has rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Buy" and an average target price of $31.70.

IMAX Trading Up 0.8%

Shares of NYSE:IMAX opened at $28.82 on Monday. The stock's fifty day simple moving average is $25.45 and its two-hundred day simple moving average is $25.22. The stock has a market cap of $1.55 billion, a PE ratio of 58.81, a price-to-earnings-growth ratio of 1.49 and a beta of 0.81. IMAX has a 1-year low of $15.50 and a 1-year high of $29.66.

IMAX (NYSE:IMAX - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The company reported $0.13 earnings per share 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 return on equity of 8.60% and a net margin of 7.40%. The company's revenue was up 9.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.15 EPS. On average, sell-side analysts forecast that IMAX will post 0.91 earnings per share for the current fiscal year.

IMAX declared that its Board of Directors has approved a stock buyback plan on Thursday, June 12th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to repurchase up to 6.5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. FMR LLC grew its position in IMAX by 14.2% during the fourth quarter. FMR LLC now owns 4,508,583 shares of the company's stock worth $115,420,000 after buying an additional 558,940 shares in the last quarter. Orbis Allan Gray Ltd lifted its holdings in shares of IMAX by 12.3% during the 1st quarter. Orbis Allan Gray Ltd now owns 3,882,766 shares of the company's stock worth $102,311,000 after acquiring an additional 425,081 shares during the last quarter. Ameriprise Financial Inc. grew its position in IMAX by 8.3% in the first quarter. Ameriprise Financial Inc. now owns 1,974,068 shares of the company's stock worth $52,019,000 after acquiring an additional 150,552 shares in the last quarter. Mizuho Markets Americas LLC grew its position in IMAX by 19.3% in the first quarter. Mizuho Markets Americas LLC now owns 710,489 shares of the company's stock worth $18,721,000 after acquiring an additional 114,800 shares in the last quarter. Finally, Wells Fargo & Company MN increased its stake in IMAX by 45.4% in the fourth quarter. Wells Fargo & Company MN now owns 624,510 shares of the company's stock valued at $15,987,000 after acquiring an additional 194,917 shares during the last quarter. Institutional investors 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.

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