IMAX (NYSE:IMAX) Stock Price Expected to Rise, Macquarie Analyst Says

IMAX (NYSE:IMAX - Free Report) had its price objective increased by Macquarie from $30.00 to $32.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

IMAX has been the subject of a number of other reports. Benchmark reiterated a "buy" rating and issued a $30.00 price target on shares of IMAX in a research report on Thursday, April 10th. Wells Fargo & Company reduced their target price on shares of IMAX from $32.00 to $30.00 and set an "overweight" rating on the stock in a research note on Thursday. Rosenblatt Securities reaffirmed a "buy" rating and issued a $35.00 price target on shares of IMAX in a research note on Thursday. Barrington Research reaffirmed an "outperform" rating and issued a $32.00 price target on shares of IMAX in a research note on Thursday. Finally, Wedbush restated an "outperform" rating and set a $32.00 target price on shares of IMAX in a report on Thursday, April 17th. One equities research analyst has rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $30.56.

IMAX Stock Performance

Shares of IMAX stock traded up $0.08 during midday trading on Friday, reaching $23.98. 703,457 shares of the company's stock traded hands, compared to its average volume of 757,904. The stock has a 50 day moving average of $24.63 and a 200-day moving average of $24.38. The company has a market cap of $1.27 billion, a PE ratio of 48.94, a price-to-earnings-growth ratio of 1.49 and a beta of 0.91. IMAX has a 12 month low of $14.94 and a 12 month high of $27.77.

IMAX (NYSE:IMAX - Get Free Report) last issued its quarterly earnings results 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 return on equity of 8.60% and a net margin of 7.40%. The firm had revenue of $86.67 million during the quarter, compared to the consensus estimate of $82.95 million. During the same period last year, the company earned $0.15 earnings per share. The company's revenue was up 9.6% on a year-over-year basis. On average, equities analysts anticipate that IMAX will post 0.91 earnings per share for the current fiscal year.

Institutional Investors Weigh In On IMAX

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IMAX. Principal Financial Group Inc. grew its position in shares of IMAX by 69.3% during the 4th quarter. Principal Financial Group Inc. now owns 103,946 shares of the company's stock valued at $2,661,000 after acquiring an additional 42,562 shares during the period. Intech Investment Management LLC lifted its stake 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 in the last quarter. Raymond James Financial Inc. acquired a new position in IMAX during the fourth quarter worth $9,143,000. Savant Capital LLC purchased a new stake in IMAX in the 4th quarter valued at $249,000. Finally, Lord Abbett & CO. LLC purchased a new stake in IMAX in the 3rd quarter valued at $6,322,000. 93.51% of the stock is owned by institutional investors and hedge funds.

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.