Imax Corporation (IMAX) Rating Reiterated by Wedbush

Wedbush reiterated their buy rating on shares of Imax Corporation (NYSE:IMAX) in a research note published on Thursday morning.

Several other equities research analysts also recently weighed in on the stock. MKM Partners reissued a buy rating and issued a $40.00 target price on shares of Imax Corporation in a research note on Tuesday, April 25th. TheStreet downgraded shares of Imax Corporation from a b- rating to a c rating in a research note on Wednesday, May 17th. Zacks Investment Research raised shares of Imax Corporation from a sell rating to a hold rating in a research note on Monday, June 19th. Roth Capital set a $37.00 target price on shares of Imax Corporation and gave the company a buy rating in a research note on Thursday, April 20th. Finally, Canaccord Genuity reissued a buy rating and issued a $39.00 target price on shares of Imax Corporation in a research note on Monday, April 10th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and eight have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average target price of $35.60.

Imax Corporation (IMAX) traded up 4.03% during trading on Thursday, hitting $21.95. 2,662,545 shares of the company’s stock were exchanged. Imax Corporation has a 52-week low of $20.05 and a 52-week high of $35.30. The firm has a 50 day moving average price of $22.60 and a 200 day moving average price of $29.03. The company has a market cap of $1.42 billion, a price-to-earnings ratio of 148.31 and a beta of 0.90.

Imax Corporation (NYSE:IMAX) last announced its earnings results on Wednesday, July 26th. The company reported $0.15 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.02) by $0.17. Imax Corporation had a net margin of 2.81% and a return on equity of 2.39%. The business had revenue of $87.76 million for the quarter, compared to the consensus estimate of $89.26 million. During the same quarter in the prior year, the firm posted $0.18 earnings per share. The business’s revenue for the quarter was down 4.3% on a year-over-year basis. On average, equities research analysts predict that Imax Corporation will post $0.70 earnings per share for the current year.

Imax Corporation declared that its board has approved a share repurchase plan on Monday, June 12th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the company to buy up to 12.5% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.

In other Imax Corporation news, Director Eric A. Demirian sold 2,670 shares of the firm’s stock in a transaction dated Thursday, June 15th. The shares were sold at an average price of $25.10, for a total transaction of $67,017.00. Following the transaction, the director now owns 17,945 shares of the company’s stock, valued at approximately $450,419.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 18.90% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of IMAX. Kornitzer Capital Management Inc. KS increased its position in Imax Corporation by 15.0% in the second quarter. Kornitzer Capital Management Inc. KS now owns 371,075 shares of the company’s stock worth $8,164,000 after buying an additional 48,365 shares during the period. Pembroke Management LTD acquired a new position in Imax Corporation during the second quarter worth approximately $19,949,000. Aperio Group LLC acquired a new position in Imax Corporation during the second quarter worth approximately $205,000. North Star Investment Management Corp. increased its position in Imax Corporation by 1,000.0% in the second quarter. North Star Investment Management Corp. now owns 38,500 shares of the company’s stock worth $847,000 after buying an additional 35,000 shares during the period. Finally, Handelsinvest Investeringsforvaltning increased its position in Imax Corporation by 179.0% in the second quarter. Handelsinvest Investeringsforvaltning now owns 117,200 shares of the company’s stock worth $2,578,000 after buying an additional 75,200 shares during the period. 88.98% of the stock is currently owned by institutional investors and hedge funds.

Imax Corporation Company Profile

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.