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

Rosenblatt Securities reaffirmed their buy rating on shares of IMAX (NYSE:IMAX - Free Report) in a report issued on Friday morning,Benzinga reports. Rosenblatt Securities currently has a $35.00 target price on the stock.

IMAX has been the topic of several other research reports. B. Riley reiterated a "buy" rating and issued a $36.00 price objective on shares of IMAX in a report on Friday, May 16th. Barrington Research reiterated an "outperform" rating and issued a $32.00 price objective on shares of IMAX in a report on Thursday, April 24th. Roth Capital reissued a "buy" rating and issued a $36.00 target price on shares of IMAX in a research note on Wednesday. JPMorgan Chase & Co. cut 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. Finally, Macquarie raised their target price on IMAX from $30.00 to $32.00 and gave the stock an "outperform" rating in a research note on Friday, April 25th. One investment analyst has rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, IMAX currently has an average rating of "Buy" and a consensus price target of $31.70.

IMAX Stock Performance

IMAX stock traded up $0.71 during midday trading on Friday, hitting $26.88. 1,003,931 shares of the company's stock were exchanged, compared to its average volume of 791,771. The company has a market cap of $1.44 billion, a P/E ratio of 57.19, a PEG ratio of 1.67 and a beta of 0.80. The stock has a 50-day moving average price of $27.26 and a two-hundred day moving average price of $25.50. IMAX has a 52-week low of $16.87 and a 52-week high of $29.66.

IMAX (NYSE:IMAX - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.02. IMAX had a net margin of 6.98% and a return on equity of 7.79%. The firm had revenue of $86.67 million for the quarter, compared to analysts' expectations of $82.95 million. During the same quarter last year, the company posted $0.15 EPS. The business's quarterly revenue was up 9.6% on a year-over-year basis. As a group, sell-side analysts expect that IMAX will post 0.91 earnings per share for the current year.

IMAX announced that its Board of Directors has approved a stock repurchase program on Thursday, June 12th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 6.5% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's leadership believes its shares are undervalued.

Institutional Trading of IMAX

Several hedge funds have recently made changes to their positions in IMAX. US Bancorp DE raised its position in shares of IMAX by 60.3% during the 4th quarter. US Bancorp DE now owns 12,276 shares of the company's stock valued at $314,000 after buying an additional 4,620 shares in the last quarter. Proficio Capital Partners LLC purchased a new stake in shares of IMAX during the 4th quarter valued at about $502,000. Raymond James Financial Inc. purchased a new stake in shares of IMAX during the 4th quarter valued at about $9,143,000. Wealthfront Advisers LLC purchased a new stake in IMAX in the 4th quarter worth about $217,000. Finally, Intech Investment Management LLC raised its position in IMAX by 116.1% in the 4th quarter. Intech Investment Management LLC now owns 21,589 shares of the company's stock worth $553,000 after purchasing an additional 11,597 shares during the period. 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.