Shares of Imax Corporation (NYSE:IMAX) have been given a consensus recommendation of “Hold” by the fifteen brokerages that are covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a sell recommendation, four have given a hold recommendation and eight have given a buy recommendation to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $35.13.
Several research analysts have recently issued reports on the stock. Zacks Investment Research raised shares of Imax Corporation from a “sell” rating to a “hold” rating in a research note on Wednesday. B. Riley reaffirmed a “buy” rating and issued a $35.00 target price on shares of Imax Corporation in a research note on Tuesday. BidaskClub lowered shares of Imax Corporation from a “hold” rating to a “sell” rating in a research note on Monday. Wedbush reaffirmed a “buy” rating on shares of Imax Corporation in a research note on Thursday, July 27th. Finally, Piper Jaffray Companies set a $35.00 target price on shares of Imax Corporation and gave the company a “buy” rating in a research note on Friday, July 21st.
In other Imax Corporation news, Director Eric A. Demirian sold 2,670 shares of the firm’s stock in a transaction that occurred on Thursday, June 15th. The shares were sold at an average price of $25.10, for a total transaction of $67,017.00. Following the sale, the director now directly owns 17,945 shares in the company, valued at approximately $450,419.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 18.90% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the company. Sei Investments Co. increased its stake in shares of Imax Corporation by 25.0% in the first quarter. Sei Investments Co. now owns 206,850 shares of the company’s stock valued at $7,033,000 after buying an additional 41,414 shares during the period. Two Sigma Securities LLC bought a new stake in shares of Imax Corporation during the first quarter valued at approximately $331,000. Peregrine Capital Management LLC increased its stake in shares of Imax Corporation by 7.4% in the first quarter. Peregrine Capital Management LLC now owns 1,109,121 shares of the company’s stock valued at $37,488,000 after buying an additional 76,309 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Imax Corporation by 78.9% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,774 shares of the company’s stock valued at $156,000 after buying an additional 2,546 shares during the period. Finally, Paloma Partners Management Co bought a new stake in shares of Imax Corporation during the first quarter valued at approximately $1,504,000. Hedge funds and other institutional investors own 88.94% of the company’s stock.
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Imax Corporation (NYSE IMAX) traded down 7.94% during mid-day trading on Friday, hitting $20.30. 4,515,840 shares of the company were exchanged. Imax Corporation has a 12-month low of $19.33 and a 12-month high of $35.30. The stock has a market cap of $1.31 billion, a P/E ratio of 137.16 and a beta of 0.90. The company has a 50 day moving average of $22.47 and a 200 day moving average of $28.82.
Imax Corporation (NYSE:IMAX) last issued its earnings results on Wednesday, July 26th. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.17. The company had revenue of $87.76 million for the quarter, compared to analyst estimates of $89.26 million. Imax Corporation had a net margin of 2.81% and a return on equity of 2.39%. The company’s revenue for the quarter was down 4.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.18 EPS. On average, equities research analysts expect that Imax Corporation will post $0.70 earnings per share for the current fiscal year.
Imax Corporation announced that its Board of Directors has approved a stock repurchase program on Monday, June 12th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 12.5% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its stock is undervalued.
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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