Other research analysts have also recently issued research reports about the company. B. Riley reiterated a buy rating and issued a $46.00 target price on shares of Imax Corporation in a research report on Saturday, May 20th. BidaskClub cut Imax Corporation from a sell rating to a strong sell rating in a research report on Wednesday, August 16th. Canaccord Genuity set a $33.00 target price on Imax Corporation and gave the company a buy rating in a research report on Friday, August 18th. Roth Capital set a $33.00 target price on Imax Corporation and gave the company a buy rating in a research report on Tuesday, June 13th. Finally, Barrington Research cut Imax Corporation from an outperform rating to a market perform rating in a research report on Wednesday, July 12th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus target price of $33.50.
Imax Corporation (NYSE IMAX) opened at 22.05 on Friday. The company’s 50-day moving average is $19.56 and its 200 day moving average is $25.96. Imax Corporation has a 12 month low of $17.58 and a 12 month high of $35.30. The firm has a market cap of $1.43 billion, a P/E ratio of 148.99 and a beta of 0.95.
Imax Corporation (NYSE:IMAX) last issued its quarterly earnings results on Wednesday, July 26th. The company reported $0.15 EPS for the quarter, topping the Zacks’ 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 company had revenue of $87.76 million for the quarter, compared to analysts’ expectations of $89.26 million. During the same quarter last year, the business earned $0.18 earnings per share. Imax Corporation’s revenue was down 4.3% on a year-over-year basis. Equities research analysts expect that Imax Corporation will post $0.62 EPS for the current fiscal year.
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Imax Corporation announced that its Board of Directors has approved a share buyback plan 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 shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.
In other news, CFO Patrick Mcclymont sold 1,760 shares of Imax Corporation stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $20.50, for a total transaction of $36,080.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Greg Foster sold 9,417 shares of Imax Corporation stock in a transaction dated Tuesday, September 5th. The shares were sold at an average price of $19.55, for a total value of $184,102.35. Following the sale, the chief executive officer now directly owns 67,018 shares in the company, valued at $1,310,201.90. The disclosure for this sale can be found here. Company insiders own 18.90% of the company’s stock.
Several hedge funds have recently made changes to their positions in IMAX. Dynamic Technology Lab Private Ltd acquired a new position in shares of Imax Corporation in the second quarter worth approximately $539,000. Verition Fund Management LLC acquired a new position in shares of Imax Corporation in the second quarter worth approximately $427,000. Cubist Systematic Strategies LLC lifted its stake in shares of Imax Corporation by 692.1% in the second quarter. Cubist Systematic Strategies LLC now owns 28,358 shares of the company’s stock worth $624,000 after acquiring an additional 24,778 shares during the period. State Street Corp lifted its stake in shares of Imax Corporation by 6.3% in the second quarter. State Street Corp now owns 1,131,398 shares of the company’s stock worth $24,891,000 after acquiring an additional 67,191 shares during the period. Finally, Janus Henderson Group PLC acquired a new position in shares of Imax Corporation in the second quarter worth approximately $12,359,000. 83.41% of the stock is currently owned by hedge funds and other institutional investors.
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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