Rosenblatt Securities Reiterates Buy Rating for IMAX (NYSE:IMAX)

IMAX (NYSE:IMAX - Get Free Report)'s stock had its "buy" rating reissued by stock analysts at Rosenblatt Securities in a report issued on Friday,Benzinga reports. They presently have a $35.00 target price on the stock. Rosenblatt Securities' price target suggests a potential upside of 33.74% from the stock's previous close.

Several other equities analysts have also recently issued reports on the company. Wall Street Zen raised IMAX from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. JPMorgan Chase & Co. dropped their target price on shares of IMAX from $27.00 to $26.00 and set a "neutral" rating on the stock in a report on Friday, April 11th. Benchmark restated a "buy" rating on shares of IMAX in a report on Wednesday. B. Riley restated a "buy" rating and issued a $36.00 target price on shares of IMAX in a report on Friday, May 16th. Finally, Wedbush reissued an "outperform" rating and issued a $32.00 target price on shares of IMAX in a report on Thursday, April 17th. One research 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 stock. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $31.70.

IMAX Trading Down 0.5%

IMAX stock opened at $26.17 on Friday. The stock has a market capitalization of $1.41 billion, a PE ratio of 55.68, a price-to-earnings-growth ratio of 1.66 and a beta of 0.80. IMAX has a 12-month low of $16.62 and a 12-month high of $29.66. The stock's 50 day simple moving average is $27.22 and its 200 day simple moving average is $25.49.

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

IMAX announced that its Board of Directors has initiated a stock repurchase plan on Thursday, June 12th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to purchase up to 6.5% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's management believes its stock is undervalued.

Institutional Trading of IMAX

Several large investors have recently added to or reduced their stakes in the business. FMR LLC grew its stake in shares of IMAX by 14.2% during the 4th quarter. FMR LLC now owns 4,508,583 shares of the company's stock valued at $115,420,000 after acquiring an additional 558,940 shares during the period. Jane Street Group LLC grew its stake in shares of IMAX by 2,496.9% during the 1st quarter. Jane Street Group LLC now owns 573,919 shares of the company's stock valued at $15,123,000 after acquiring an additional 551,819 shares during the period. Ameriprise Financial Inc. grew its stake in shares of IMAX by 36.9% during the 4th quarter. Ameriprise Financial Inc. now owns 1,823,516 shares of the company's stock valued at $46,671,000 after acquiring an additional 491,172 shares during the period. Orbis Allan Gray Ltd grew its stake 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 valued at $102,311,000 after acquiring an additional 425,081 shares during the period. Finally, Driehaus Capital Management LLC bought a new position in shares of IMAX during the 1st quarter valued at approximately $11,181,000. 93.51% of the stock is currently owned by institutional investors.

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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