IMAX (NYSE:IMAX) Given New $50.00 Price Target at The Goldman Sachs Group

IMAX (NYSE:IMAX) had its price target lifted by The Goldman Sachs Group from $42.00 to $50.00 in a research report issued on Friday, Benzinga reports. The firm presently has a “neutral” rating on the stock. The Goldman Sachs Group’s price target would suggest a potential downside of 3.43% from the company’s previous close.

Other equities analysts have also issued reports about the company. Seaport Research Partners reiterated a “buy” rating and issued a $50.00 target price on shares of IMAX in a research note on Wednesday, June 24th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $60.00 price target on shares of IMAX in a research report on Friday, May 22nd. HC Wainwright reaffirmed a “buy” rating on shares of IMAX in a report on Friday, July 24th. Wall Street Zen cut IMAX from a “buy” rating to a “hold” rating in a research note on Saturday, August 22nd. Finally, Roth Capital raised their target price on shares of IMAX from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday. Ten equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, IMAX currently has an average rating of “Moderate Buy” and an average price target of $54.00.

IMAX Price Performance

Shares of NYSE:IMAX traded down $0.14 during trading on Friday, reaching $51.77. The company had a trading volume of 215,491 shares, compared to its average volume of 1,176,694. IMAX has a fifty-two week low of $28.93 and a fifty-two week high of $55.57. The stock’s fifty day moving average price is $46.15 and its 200 day moving average price is $41.20. The firm has a market capitalization of $2.84 billion, a price-to-earnings ratio of 71.90, a price-to-earnings-growth ratio of 1.66 and a beta of 0.40.

IMAX (NYSE:IMAX) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.30 by $0.13. The business had revenue of $102.84 million for the quarter, compared to analysts’ expectations of $96.09 million. IMAX had a net margin of 9.84% and a return on equity of 15.47%. The business’s revenue for the quarter was up 12.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.26 EPS. On average, equities analysts anticipate that IMAX will post 1.49 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Kenneth Weissman sold 8,000 shares of IMAX stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $54.54, for a total transaction of $436,320.00. Following the transaction, the insider owned 28,205 shares in the company, valued at $1,538,300.70. The trade was a 22.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Natasha Fernandes sold 20,000 shares of the stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $54.63, for a total transaction of $1,092,600.00. Following the transaction, the chief financial officer owned 35,596 shares of the company’s stock, valued at approximately $1,944,609.48. This represents a 35.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 484,757 shares of company stock valued at $25,513,021. 20.55% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of IMAX. Pier Capital LLC grew its stake in IMAX by 85.0% in the fourth quarter. Pier Capital LLC now owns 244,589 shares of the company’s stock valued at $9,040,000 after purchasing an additional 112,397 shares in the last quarter. Principal Financial Group Inc. raised its position in IMAX by 76.3% during the first quarter. Principal Financial Group Inc. now owns 192,120 shares of the company’s stock valued at $7,302,000 after acquiring an additional 83,118 shares in the last quarter. Westfield Capital Management Co. LP lifted its stake in IMAX by 44.6% in the fourth quarter. Westfield Capital Management Co. LP now owns 2,346,486 shares of the company’s stock valued at $86,726,000 after acquiring an additional 723,861 shares during the last quarter. Manatuck Hill Partners LLC bought a new stake in IMAX in the second quarter worth approximately $3,679,000. Finally, Militia Capital Management LLC bought a new position in shares of IMAX during the 1st quarter valued at $1,634,000. Institutional investors and hedge funds own 93.51% of the company’s stock.

About IMAX

IMAX Corporation is a global leader in immersive entertainment technologies, specializing in the design, manufacture and distribution of high-resolution cameras, projectors, and proprietary software solutions that enhance both film production and theatrical exhibition. The company licenses its premium large-format system to theatre owners and filmmakers around the world, enabling audiences to experience movies with greater clarity, scale and sound fidelity. IMAX also offers turnkey theatre development services, assisting cinema operators with auditorium design, installation and custom branding to optimize the customer experience.

Founded in 1967 and headquartered in Mississauga, Ontario, IMAX has built a reputation for pioneering film-format innovations, including its patented dual 15-perforation, 70-millimeter projection system.