Seaport Research Partners Boosts IMAX (NYSE:IMAX) Price Target to $45.00

Key Points

• Seaport Research Partners raised its price target on IMAX from $43.00 to $45.00 while maintaining a "buy" rating, implying roughly a 16.7% upside from the prior close.
• Analyst sentiment is broadly positive — 10 Buy ratings and 1 Hold with an average price target of $43.70 — and several firms (including JPMorgan and Rosenblatt) have recently lifted their targets.
• IMAX recently beat quarterly expectations with $0.58 EPS vs. $0.43 expected and revenue of $125.21M (+35.1% YoY), though insiders sold substantial shares in recent weeks (e.g., 330,200 and 121,220 shares reported).

IMAX (NYSE:IMAX - Get Free Report) had its target price boosted by investment analysts at Seaport Research Partners from $43.00 to $45.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the stock. Seaport Research Partners' price objective suggests a potential upside of 16.70% from the stock's previous close.

Several other brokerages also recently commented on IMAX. The Goldman Sachs Group raised their target price on shares of IMAX from $37.00 to $41.00 and gave the stock a "neutral" rating in a report on Monday, March 2nd. Weiss Ratings reiterated a "buy (b)" rating on shares of IMAX in a report on Monday, December 29th. Macquarie Infrastructure lifted their price objective on shares of IMAX from $39.00 to $44.00 and gave the company an "outperform" rating in a report on Thursday, January 15th. JPMorgan Chase & Co. lifted their price objective on shares of IMAX from $47.00 to $48.00 and gave the company an "overweight" rating in a report on Thursday, February 26th. Finally, Rosenblatt Securities reiterated a "buy" rating and issued a $47.00 price objective on shares of IMAX in a report on Tuesday, February 24th. Ten investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $43.70.

IMAX Stock Performance

IMAX stock traded down $0.24 during mid-day trading on Wednesday, hitting $38.56. 256,504 shares of the company were exchanged, compared to its average volume of 1,088,041. The firm has a market cap of $2.08 billion, a P/E ratio of 62.17, a P/E/G ratio of 1.89 and a beta of 0.41. The firm's 50 day simple moving average is $37.96 and its 200 day simple moving average is $35.96. IMAX has a 1-year low of $20.48 and a 1-year high of $43.16.

IMAX (NYSE:IMAX - Get Free Report) last announced its earnings results on Wednesday, February 25th. The company reported $0.58 EPS for the quarter, topping the consensus estimate of $0.43 by $0.15. The firm had revenue of $125.21 million for the quarter, compared to the consensus estimate of $120.30 million. IMAX had a net margin of 8.50% and a return on equity of 13.53%. The business's quarterly revenue was up 35.1% on a year-over-year basis. During the same period last year, the company posted $0.27 EPS. On average, equities research analysts predict that IMAX will post 0.91 EPS for the current fiscal year.

Insider Buying and Selling at IMAX

In related news, insider Kevin Douglas sold 330,200 shares of the firm's stock in a transaction on Monday, March 16th. The shares were sold at an average price of $37.82, for a total value of $12,488,164.00. Following the completion of the transaction, the insider directly owned 3,657,450 shares of the company's stock, valued at approximately $138,324,759. This trade represents a 8.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Richard L. Gelfond sold 121,220 shares of the firm's stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $40.10, for a total transaction of $4,860,922.00. Following the completion of the transaction, the chief executive officer directly owned 765,002 shares of the company's stock, valued at $30,676,580.20. This represents a 13.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 714,244 shares of company stock valued at $27,347,019 over the last three months. 24.08% of the stock is owned by company insiders.

Hedge Funds Weigh In On IMAX

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Aurora Investment Counsel boosted its position in IMAX by 0.4% during the third quarter. Aurora Investment Counsel now owns 70,235 shares of the company's stock worth $2,300,000 after purchasing an additional 308 shares during the period. Jones Financial Companies Lllp boosted its position in IMAX by 43.8% during the third quarter. Jones Financial Companies Lllp now owns 1,041 shares of the company's stock worth $34,000 after purchasing an additional 317 shares during the period. Caitong International Asset Management Co. Ltd boosted its position in IMAX by 28.7% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,489 shares of the company's stock worth $55,000 after purchasing an additional 332 shares during the period. GAMMA Investing LLC boosted its position in IMAX by 22.3% during the fourth quarter. GAMMA Investing LLC now owns 1,874 shares of the company's stock worth $69,000 after purchasing an additional 342 shares during the period. Finally, Arizona State Retirement System boosted its position in IMAX by 2.8% during the third quarter. Arizona State Retirement System now owns 13,517 shares of the company's stock worth $443,000 after purchasing an additional 364 shares during the period. 93.51% of the stock is owned by institutional investors.

About IMAX

IMAX Corporation is a global leader in immersive entertainment technologies, specializing in the design, manufacture and distribution of high-resolution cameras, projectors, and proprietary software solutions that enhance both film production and theatrical exhibition. The company licenses its premium large-format system to theatre owners and filmmakers around the world, enabling audiences to experience movies with greater clarity, scale and sound fidelity. IMAX also offers turnkey theatre development services, assisting cinema operators with auditorium design, installation and custom branding to optimize the customer experience.

Founded in 1967 and headquartered in Mississauga, Ontario, IMAX has built a reputation for pioneering film-format innovations, including its patented dual 15-perforation, 70-millimeter projection system.

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