Rosenblatt Securities Boosts IMAX (NYSE:IMAX) Price Target to $42.00

Key Points

• Rosenblatt Securities has raised its price target for IMAX stock from $37 to $42, indicating a potential upside of 34.31%.
• Despite the upgrade, IMAX shares recently declined 2.9% to a trading price of $31.27.
• IMAX reported a quarterly earnings per share (EPS) of $0.26, beating analyst estimates of $0.19, though revenue slightly missed expectations at $91.68 million.

IMAX (NYSE:IMAX - Get Free Report) had its price objective boosted by equities research analysts at Rosenblatt Securities from $37.00 to $42.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Rosenblatt Securities' price objective indicates a potential upside of 34.31% from the company's current price.

A number of other research analysts have also recently issued reports on IMAX. Roth Capital reaffirmed a "buy" rating and set a $36.00 price objective on shares of IMAX in a research note on Wednesday, July 9th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of IMAX in a research note on Wednesday. JPMorgan Chase & Co. lifted their target price on shares of IMAX from $28.00 to $31.00 and gave the stock a "neutral" rating in a research note on Thursday. Wedbush lifted their target price on shares of IMAX from $35.00 to $39.00 and gave the stock an "outperform" rating in a research note on Monday, September 22nd. Finally, The Goldman Sachs Group reaffirmed a "sell" rating on shares of IMAX in a research note on Friday, July 25th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $34.70.

IMAX Stock Down 2.9%

Shares of IMAX stock traded down $0.95 during trading on Thursday, reaching $31.27. The company's stock had a trading volume of 338,179 shares, compared to its average volume of 930,460. The company has a market cap of $1.68 billion, a price-to-earnings ratio of 52.12, a PEG ratio of 2.22 and a beta of 0.62. The firm's 50-day moving average is $29.32 and its two-hundred day moving average is $27.33. IMAX has a 52-week low of $19.27 and a 52-week high of $34.14.

IMAX (NYSE:IMAX - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The company reported $0.26 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.19 by $0.07. IMAX had a return on equity of 8.62% and a net margin of 9.04%.The firm had revenue of $91.68 million for the quarter, compared to analysts' expectations of $93.04 million. During the same period last year, the firm earned $0.18 earnings per share. The company's revenue for the quarter was up 3.1% compared to the same quarter last year. On average, equities research analysts anticipate that IMAX will post 0.91 EPS for the current year.

IMAX declared that its Board of Directors has initiated a share buyback program on Thursday, June 12th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 6.5% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board of directors believes its stock is undervalued.

Insider Transactions at IMAX

In related news, VP Robert D. Lister sold 20,000 shares of the company's stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $32.80, for a total value of $656,000.00. Following the transaction, the vice president owned 161,421 shares in the company, valued at $5,294,608.80. The trade was a 11.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Kenneth Ian Weissman sold 15,072 shares of the company's stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $25.65, for a total transaction of $386,596.80. Following the completion of the transaction, the insider 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. Insiders own 23.18% of the company's stock.

Hedge Funds Weigh In On IMAX

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Jupiter Asset Management Ltd. lifted its stake in IMAX by 805.9% during the 1st quarter. Jupiter Asset Management Ltd. now owns 469,504 shares of the company's stock valued at $12,371,000 after acquiring an additional 417,677 shares during the period. North Star Investment Management Corp. bought a new position in IMAX during the 1st quarter valued at about $290,000. Nuveen LLC purchased a new stake in shares of IMAX during the 1st quarter valued at about $4,438,000. Ameriprise Financial Inc. increased its position in shares of IMAX by 8.3% during the 1st quarter. Ameriprise Financial Inc. now owns 1,974,068 shares of the company's stock valued at $52,019,000 after purchasing an additional 150,552 shares during the last quarter. Finally, Mizuho Markets Americas LLC increased its position in shares of IMAX by 19.3% during the 1st quarter. Mizuho Markets Americas LLC now owns 710,489 shares of the company's stock valued at $18,721,000 after purchasing an additional 114,800 shares during the last quarter. Institutional investors own 93.51% of the company's stock.

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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