IMAX (NYSE:IMAX) Given New $32.00 Price Target at Wells Fargo & Company

IMAX (NYSE:IMAX) had its target price raised by Wells Fargo & Company from $26.00 to $32.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other equities analysts have also recently weighed in on the stock. Roth Mkm upped their price objective on shares of IMAX from $27.00 to $28.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Benchmark restated a “buy” rating and set a $30.00 price objective on shares of IMAX in a research report on Friday, January 17th. JPMorgan Chase & Co. increased their target price on shares of IMAX from $21.00 to $25.00 and gave the company a “neutral” rating in a research report on Thursday, January 30th. Barrington Research increased their target price on shares of IMAX from $30.00 to $32.00 and gave the company an “outperform” rating in a research report on Thursday. Finally, Rosenblatt Securities increased their target price on shares of IMAX from $28.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $30.44.

IMAX Stock Performance

Shares of NYSE IMAX opened at $26.90 on Thursday. The company’s fifty day moving average price is $24.65 and its 200 day moving average price is $22.96. The company has a market capitalization of $1.42 billion, a PE ratio of 54.90, a price-to-earnings-growth ratio of 1.50 and a beta of 1.22. IMAX has a 1 year low of $14.94 and a 1 year high of $27.38.

IMAX (NYSE:IMAX) last posted its quarterly earnings data on Wednesday, February 19th. The company reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.14). The company had revenue of $92.67 million for the quarter, compared to analyst estimates of $104.08 million. IMAX had a return on equity of 8.79% and a net margin of 7.40%. On average, equities analysts expect that IMAX will post 0.91 EPS for the current year.

Insider Buying and Selling

In related news, CFO Natasha Fernandes sold 2,957 shares of the firm’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $25.52, for a total transaction of $75,462.64. Following the completion of the sale, the chief financial officer now directly owns 14,883 shares in the company, valued at approximately $379,814.16. This trade represents a 16.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Robert D. Lister sold 55,910 shares of the stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $25.50, for a total transaction of $1,425,705.00. Following the transaction, the executive vice president now directly owns 138,889 shares of the company’s stock, valued at approximately $3,541,669.50. This trade represents a 28.70 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 65,176 shares of company stock worth $1,662,110. Insiders own 24.08% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of IMAX. Blue Trust Inc. boosted its stake in IMAX by 138.5% during the fourth quarter. Blue Trust Inc. now owns 966 shares of the company’s stock worth $25,000 after buying an additional 561 shares during the period. Huntington National Bank purchased a new position in IMAX during the third quarter worth about $34,000. Quarry LP boosted its stake in IMAX by 78,333.3% during the third quarter. Quarry LP now owns 2,353 shares of the company’s stock worth $48,000 after buying an additional 2,350 shares during the period. US Bancorp DE boosted its stake in IMAX by 23.4% during the third quarter. US Bancorp DE now owns 7,656 shares of the company’s stock worth $157,000 after buying an additional 1,452 shares during the period. Finally, Tower Research Capital LLC TRC boosted its stake in IMAX by 415.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 7,236 shares of the company’s stock worth $185,000 after buying an additional 5,832 shares during the period. Hedge funds and other institutional investors own 93.51% of the company’s stock.

IMAX Company Profile

IMAX Corporation, together with its subsidiaries, operates as a technology platform for entertainment and events worldwide. The company operates in two segments, Content Solutions and Technology Products and Services. The company offers IMAX DMR, a proprietary technology that digitally remasters films and other content into IMAX formats for distribution to the IMAX network; IMAX Enhanced that provides end-to-end technology across streaming content and entertainment devices at home; and SSIMWAVE, an AI-driven video quality solutions for media and entertainment companies.