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

by · The Markets Daily

IMAX (NYSE:IMAX – Get Free Report)‘s stock had its “buy” rating reiterated by equities researchers at Rosenblatt Securities in a research note issued on Monday,Benzinga reports. They currently have a $47.00 price objective on the stock. Rosenblatt Securities’ price target indicates a potential upside of 20.24% from the stock’s current price.

Several other research analysts have also issued reports on IMAX. JPMorgan Chase & Co. reduced their target price on shares of IMAX from $48.00 to $47.00 and set an “overweight” rating on the stock in a research note on Friday, May 1st. Weiss Ratings raised IMAX from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday. Wall Street Zen cut IMAX from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Wells Fargo & Company restated an “equal weight” rating and set a $41.00 target price (down from $47.00) on shares of IMAX in a research report on Thursday. Finally, Barrington Research boosted their price objective on shares of IMAX from $42.00 to $46.00 and gave the company an “outperform” rating in a report on Friday, May 1st. Nine investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $47.30.

Get Our Latest Stock Report on IMAX

IMAX Price Performance

Shares of IMAX stock opened at $39.09 on Monday. The firm has a 50 day simple moving average of $39.32 and a 200 day simple moving average of $37.91. IMAX has a fifty-two week low of $24.20 and a fifty-two week high of $45.52. The firm has a market cap of $2.15 billion, a P/E ratio of 60.14, a P/E/G ratio of 1.44 and a beta of 0.37.

IMAX (NYSE:IMAX – Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The company reported $0.17 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $0.02. The firm had revenue of $81.38 million for the quarter, compared to analyst estimates of $79.82 million. IMAX had a return on equity of 13.61% and a net margin of 9.08%.The business’s quarterly revenue was down 6.1% compared to the same quarter last year. During the same period last year, the company earned $0.13 EPS. On average, sell-side analysts expect that IMAX will post 1.3 EPS for the current year.

Insider Activity

In related news, CEO Richard L. Gelfond sold 8,943 shares of the firm’s stock in a transaction on Monday, April 27th. The shares were sold at an average price of $37.33, for a total transaction of $333,842.19. Following the sale, the chief executive officer directly owned 765,002 shares in the company, valued at $28,557,524.66. This trade represents a 1.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 20.55% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On IMAX

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Orbis Allan Gray Ltd raised its holdings in shares of IMAX by 31.7% in the second quarter. Orbis Allan Gray Ltd now owns 5,113,033 shares of the company’s stock valued at $142,960,000 after purchasing an additional 1,230,267 shares during the last quarter. Westfield Capital Management Co. LP boosted its stake in shares of IMAX by 44.6% during the 4th quarter. Westfield Capital Management Co. LP now owns 2,346,486 shares of the company’s stock worth $86,726,000 after buying an additional 723,861 shares during the last quarter. Marsico Capital Management LLC bought a new position in shares of IMAX in the 4th quarter valued at about $18,149,000. Balyasny Asset Management L.P. acquired a new stake in shares of IMAX in the second quarter valued at about $12,568,000. Finally, Nuveen LLC raised its holdings in IMAX by 253.0% during the fourth quarter. Nuveen LLC now owns 507,377 shares of the company’s stock worth $18,753,000 after acquiring an additional 363,658 shares in the last quarter. 93.51% of the stock is owned by institutional investors and hedge funds.

IMAX Company Profile

(Get Free Report)

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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