IMAX Corporation (NYSE:IMAX) Given Average Recommendation of “Moderate Buy” by Brokerages

IMAX Corporation (NYSE:IMAX) has received an average rating of “Moderate Buy” from the thirteen analysts that are currently covering the company, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold recommendation and ten have issued a buy recommendation on the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $51.5455.

Several equities analysts have commented on the company. Seaport Research Partners reaffirmed a “buy” rating and issued a $50.00 price target on shares of IMAX in a report on Wednesday, June 24th. Weiss Ratings raised IMAX from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, July 16th. Wedbush boosted their price objective on IMAX from $46.00 to $54.00 and gave the company an “outperform” rating in a research report on Friday, July 24th. B. Riley Financial upped their target price on IMAX from $48.00 to $52.00 and gave the company a “buy” rating in a research note on Monday, July 20th. Finally, The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $42.00 target price on shares of IMAX in a research report on Thursday, July 23rd.

IMAX Stock Performance

NYSE:IMAX opened at $53.40 on Friday. The firm’s 50-day moving average is $43.24 and its 200-day moving average is $39.43. The company has a market cap of $2.93 billion, a price-to-earnings ratio of 74.16, a PEG ratio of 1.69 and a beta of 0.38. IMAX has a 52-week low of $25.06 and a 52-week high of $53.56.

IMAX (NYSE:IMAX) last released its earnings results on Thursday, July 23rd. The company reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.13. IMAX had a net margin of 9.84% and a return on equity of 15.47%. The business had revenue of $102.84 million during the quarter, compared to analysts’ expectations of $96.09 million. During the same quarter last year, the company earned $0.26 earnings per share. The firm’s revenue was up 12.2% on a year-over-year basis. Equities analysts predict that IMAX will post 1.44 EPS for the current year.

Hedge Funds Weigh In On IMAX

A number of hedge funds have recently made changes to their positions in IMAX. Cibc World Market Inc. acquired a new stake in shares of IMAX during the 2nd quarter valued at about $632,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in IMAX in the second quarter worth about $360,000. Elevation Point Wealth Partners LLC acquired a new position in IMAX in the second quarter worth about $295,000. Keebeck Wealth Management bought a new position in IMAX during the second quarter worth about $567,000. Finally, K2 Principal Fund L.P. bought a new position in IMAX during the second quarter worth about $3,711,000. 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.