Rosenblatt Securities Raises IMAX (NYSE:IMAX) Price Target to $37.00

Key Points

• Rosenblatt Securities has raised its target price for IMAX (NYSE:IMAX) stock from $35.00 to $37.00, indicating a potential upside of 30.73%.
• IMAX reported a quarterly earnings of $0.26 per share, beating expectations of $0.19 by $0.07, along with a revenue of $91.68 million.
• The company has initiated a $100 million share buyback program, suggesting that its board believes the stock is undervalued.

IMAX (NYSE:IMAX - Free Report) had its target price raised by Rosenblatt Securities from $35.00 to $37.00 in a report released on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other equities research analysts have also recently issued reports on the stock. B. Riley reiterated a "buy" rating and set a $36.00 price objective on shares of IMAX in a research report on Friday, May 16th. Macquarie boosted their target price on shares of IMAX from $30.00 to $32.00 and gave the company an "outperform" rating in a research note on Friday, April 25th. Wedbush reissued an "outperform" rating on shares of IMAX in a research report on Friday, July 11th. Barrington Research restated an "outperform" rating and set a $32.00 price objective on shares of IMAX in a report on Thursday, July 24th. Finally, Benchmark reiterated a "buy" rating on shares of IMAX in a report on Wednesday, July 9th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $32.80.

IMAX Stock Performance

NYSE:IMAX traded down $0.82 during midday trading on Friday, reaching $26.15. 832,874 shares of the stock traded hands, compared to its average volume of 929,166. The company has a fifty day moving average of $27.71 and a 200 day moving average of $25.78. The stock has a market capitalization of $1.41 billion, a P/E ratio of 43.59, a PEG ratio of 2.11 and a beta of 0.80. IMAX has a 12 month low of $18.76 and a 12 month high of $29.66.

IMAX (NYSE:IMAX - Get Free Report) last announced its quarterly earnings results 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. The firm had revenue of $91.68 million for the quarter, compared to the consensus estimate of $93.04 million. IMAX had a net margin of 9.04% and a return on equity of 8.62%. The business's quarterly revenue was up 3.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.18 EPS. On average, analysts predict that IMAX will post 0.91 EPS for the current fiscal year.

IMAX declared that its Board of Directors has approved a share repurchase program on Thursday, June 12th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 6.5% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board of directors believes its shares are undervalued.

Institutional Trading of IMAX

Institutional investors and hedge funds have recently bought and sold shares of the stock. Ridgewood Investments LLC acquired a new position in IMAX in the second quarter valued at approximately $62,000. Assenagon Asset Management S.A. purchased a new stake in IMAX in the second quarter valued at approximately $2,091,000. Wesbanco Bank Inc. lifted its stake in IMAX by 146.4% in the second quarter. Wesbanco Bank Inc. now owns 44,600 shares of the company's stock valued at $1,247,000 after buying an additional 26,500 shares during the last quarter. Rhumbline Advisers raised its stake in shares of IMAX by 7.7% during the first quarter. Rhumbline Advisers now owns 60,447 shares of the company's stock worth $1,593,000 after purchasing an additional 4,325 shares during the last quarter. Finally, Strs Ohio acquired a new position in IMAX during the first quarter worth $9,278,000. 93.51% of the stock is currently owned by hedge funds and other institutional investors.

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.