Rosenblatt Securities Increases IMAX (NYSE:IMAX) Price Target to $35.00

IMAX (NYSE:IMAX - Free Report) had its price target upped by Rosenblatt Securities from $28.00 to $35.00 in a research report released on Thursday,Benzinga reports. They currently have a buy rating on the stock.

Other analysts also recently issued reports about the company. JPMorgan Chase & Co. lifted their price objective on IMAX from $21.00 to $25.00 and gave the company a "neutral" rating in a report on Thursday, January 30th. Roth Mkm lifted their price objective on IMAX from $27.00 to $28.00 and gave the company a "buy" rating in a report on Thursday, October 31st. StockNews.com downgraded IMAX from a "buy" rating to a "hold" rating in a report on Thursday, February 13th. Wedbush restated an "outperform" rating and issued a $32.00 price objective on shares of IMAX in a report on Wednesday, February 12th. Finally, Barrington Research boosted their target price on shares of IMAX from $30.00 to $32.00 and gave the stock an "outperform" rating in a report on Thursday. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $30.67.

IMAX Stock Performance

NYSE IMAX traded down $0.91 on Thursday, hitting $26.03. 1,170,438 shares of the stock were exchanged, compared to its average volume of 707,780. The stock has a fifty day moving average price of $24.65 and a two-hundred day moving average price of $23.00. The firm has a market capitalization of $1.38 billion, a P/E ratio of 53.11, a P/E/G ratio of 1.49 and a beta of 1.22. IMAX has a 52-week low of $14.94 and a 52-week high of $27.77.

IMAX (NYSE:IMAX - Get Free Report) last released its quarterly earnings data on Wednesday, February 19th. The company reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.31 by ($0.14). The firm had revenue of $92.67 million during the quarter, compared to the consensus estimate of $104.08 million. IMAX had a net margin of 7.40% and a return on equity of 8.60%. Sell-side analysts expect that IMAX will post 0.91 earnings per share for the current fiscal year.

Insider Transactions at IMAX

In related news, insider Kenneth Ian Weissman sold 6,309 shares of the stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $25.51, for a total value of $160,942.59. Following the completion of the transaction, the insider now directly owns 25,139 shares of the company's stock, valued at $641,295.89. This trade represents a 20.06 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Robert D. Lister sold 55,910 shares of the stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $25.50, for a total transaction of $1,425,705.00. Following the completion of the transaction, the executive vice president now directly owns 138,889 shares of the company's stock, valued at $3,541,669.50. The trade was a 28.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 65,176 shares of company stock worth $1,662,110. Insiders own 24.08% of the company's stock.

Hedge Funds Weigh In On IMAX

Hedge funds and other institutional investors have recently modified their holdings of the stock. Mizuho Markets Americas LLC increased its holdings in IMAX by 47.5% in the 3rd quarter. Mizuho Markets Americas LLC now owns 387,689 shares of the company's stock worth $7,952,000 after buying an additional 124,811 shares during the period. Royce & Associates LP increased its holdings in IMAX by 3.1% in the 3rd quarter. Royce & Associates LP now owns 1,822,616 shares of the company's stock worth $37,382,000 after buying an additional 54,850 shares during the period. Quantbot Technologies LP acquired a new position in IMAX in the 3rd quarter worth approximately $777,000. Lord Abbett & CO. LLC acquired a new position in IMAX in the 3rd quarter worth approximately $6,322,000. Finally, Savant Capital LLC acquired a new position in IMAX in the 4th quarter worth approximately $249,000. 93.51% of the stock is owned by hedge funds and other institutional investors.

About IMAX

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.