IMAX (NYSE:IMAX) Upgraded at Wall Street Zen

Key Points

• IMAX has been upgraded to a "strong-buy" rating by Wall Street Zen, indicating a positive outlook from analysts regarding the company's future performance.
• Analysts have recently adjusted their price targets for IMAX, with the average target now set at $32.80, reflecting optimism in its market prospects.
• The company has announced a share buyback plan authorizing up to $100 million in repurchases, signaling confidence in its stock value.

IMAX (NYSE:IMAX - Get Free Report) was upgraded by Wall Street Zen from a "buy" rating to a "strong-buy" rating in a research note issued to investors on Saturday.

Several other equities research analysts also recently issued reports on the stock. Roth Capital restated a "buy" rating and set a $36.00 price objective on shares of IMAX in a research report on Wednesday, July 9th. Barrington Research restated an "outperform" rating and set a $32.00 price objective on shares of IMAX in a research report on Thursday, July 24th. Benchmark raised their target price on shares of IMAX from $30.00 to $32.00 and gave the stock a "buy" rating in a report on Friday, July 25th. B. Riley reaffirmed a "buy" rating and set a $36.00 target price on shares of IMAX in a report on Friday, May 16th. Finally, JPMorgan Chase & Co. lowered 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. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $32.80.

IMAX Price Performance

NYSE:IMAX traded up $0.23 on Friday, hitting $25.61. 915,122 shares of the company's stock were exchanged, compared to its average volume of 933,016. IMAX has a 52 week low of $18.76 and a 52 week high of $29.66. The company has a market cap of $1.38 billion, a P/E ratio of 42.68, a price-to-earnings-growth ratio of 1.75 and a beta of 0.81. The firm has a 50-day moving average price of $27.28 and a 200-day moving average price of $25.93.

IMAX (NYSE:IMAX - Get Free Report) last issued its earnings results on Thursday, July 24th. The company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.07. The business had revenue of $91.68 million during 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%. IMAX's revenue was up 3.1% on a year-over-year basis. During the same period last year, the business posted $0.18 EPS. On average, research analysts expect that IMAX will post 0.91 earnings per share for the current fiscal year.

IMAX announced that its Board of Directors has authorized a share repurchase plan on Thursday, June 12th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 6.5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

Hedge Funds Weigh In On IMAX

A number of hedge funds have recently modified their holdings of the business. TD Waterhouse Canada Inc. lifted its stake in shares of IMAX by 125.0% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 900 shares of the company's stock valued at $25,000 after purchasing an additional 500 shares during the period. Neuberger Berman Group LLC increased its stake in IMAX by 4.1% in the first quarter. Neuberger Berman Group LLC now owns 13,838 shares of the company's stock valued at $365,000 after purchasing an additional 542 shares in the last quarter. Legal & General Group Plc increased its stake in IMAX by 1.5% in the second quarter. Legal & General Group Plc now owns 50,969 shares of the company's stock valued at $1,425,000 after purchasing an additional 756 shares in the last quarter. Mission Wealth Management LP increased its stake in IMAX by 2.9% in the first quarter. Mission Wealth Management LP now owns 30,408 shares of the company's stock valued at $801,000 after purchasing an additional 845 shares in the last quarter. Finally, MetLife Investment Management LLC increased its stake in IMAX by 3.4% in the fourth quarter. MetLife Investment Management LLC now owns 25,918 shares of the company's stock valued at $664,000 after purchasing an additional 848 shares in the last quarter. Institutional investors and hedge funds own 93.51% of the company's stock.

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.