Imax Corporation (NYSE:IMAX)‘s stock had its “buy” rating restated by analysts at Piper Jaffray Companies in a research report issued to clients and investors on Sunday. They currently have a $28.00 target price on the stock. Piper Jaffray Companies’ price target indicates a potential upside of 26.41% from the stock’s previous close.
Several other research analysts have also issued reports on IMAX. B. Riley restated a “buy” rating and issued a $46.00 price target on shares of Imax Corporation in a research report on Saturday, May 20th. ValuEngine lowered shares of Imax Corporation from a “hold” rating to a “sell” rating in a research report on Friday, June 2nd. Benchmark Co. lowered shares of Imax Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, June 7th. Canaccord Genuity set a $33.00 price target on shares of Imax Corporation and gave the stock a “buy” rating in a research report on Thursday, June 8th. Finally, Roth Capital set a $33.00 price target on shares of Imax Corporation and gave the stock a “buy” rating in a research report on Tuesday, June 13th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $33.50.
Shares of Imax Corporation (IMAX) opened at 22.15 on Friday. Imax Corporation has a one year low of $17.58 and a one year high of $35.30. The firm has a market cap of $1.43 billion, a PE ratio of 149.66 and a beta of 0.95. The firm’s 50-day moving average price is $19.57 and its 200-day moving average price is $25.79.
Imax Corporation (NYSE:IMAX) last announced its earnings results on Wednesday, July 26th. The company reported $0.15 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.02) by $0.17. Imax Corporation had a return on equity of 2.39% and a net margin of 2.81%. The firm had revenue of $87.76 million for the quarter, compared to analysts’ expectations of $89.26 million. During the same quarter in the previous year, the company earned $0.18 earnings per share. The firm’s quarterly revenue was down 4.3% compared to the same quarter last year. Equities research analysts expect that Imax Corporation will post $0.62 earnings per share for the current fiscal year.
Imax Corporation declared that its board has authorized a stock repurchase program on Monday, June 12th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 12.5% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.
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In other Imax Corporation news, CEO Greg Foster sold 9,417 shares of Imax Corporation stock in a transaction that occurred on Tuesday, September 5th. The shares were sold at an average price of $19.55, for a total transaction of $184,102.35. Following the transaction, the chief executive officer now directly owns 67,018 shares in the company, valued at approximately $1,310,201.90. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Patrick Mcclymont sold 1,760 shares of Imax Corporation stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $20.50, for a total transaction of $36,080.00. The disclosure for this sale can be found here. Insiders own 18.90% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. Legal & General Group Plc grew its holdings in shares of Imax Corporation by 0.6% during the 2nd quarter. Legal & General Group Plc now owns 21,109 shares of the company’s stock valued at $468,000 after acquiring an additional 129 shares in the last quarter. MML Investors Services LLC grew its holdings in shares of Imax Corporation by 0.5% during the 2nd quarter. MML Investors Services LLC now owns 31,735 shares of the company’s stock valued at $698,000 after acquiring an additional 166 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Imax Corporation by 13.0% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,522 shares of the company’s stock valued at $181,000 after acquiring an additional 748 shares in the last quarter. Blair William & Co. IL grew its holdings in shares of Imax Corporation by 1.5% during the 1st quarter. Blair William & Co. IL now owns 94,231 shares of the company’s stock valued at $3,203,000 after acquiring an additional 1,408 shares in the last quarter. Finally, American International Group Inc. grew its holdings in shares of Imax Corporation by 5.0% during the 1st quarter. American International Group Inc. now owns 35,583 shares of the company’s stock valued at $1,210,000 after acquiring an additional 1,701 shares in the last quarter. Institutional investors and hedge funds own 83.41% of the company’s stock.
About Imax Corporation
IMAX Corporation is an entertainment technology company. The Company operates through seven segments: IMAX systems; theater system maintenance; joint revenue sharing arrangements; film production and IMAX DMR; film distribution; film post-production, and other. The IMAX systems segment designs, manufactures, sells or leases IMAX theater projection system equipment.
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