Macquarie Boosts IMAX (NYSE:IMAX) Price Target to $32.00

IMAX (NYSE:IMAX) had its price target hoisted by equities research analysts at Macquarie from $30.00 to $32.00 in a report released on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Macquarie’s target price would suggest a potential upside of 33.95% from the stock’s previous close.

A number of other research firms have also recently weighed in on IMAX. Barrington Research restated an “outperform” rating and set a $32.00 price objective on shares of IMAX in a research report on Thursday. Wedbush restated an “outperform” rating and set a $32.00 price target on shares of IMAX in a research report on Thursday, April 17th. JPMorgan Chase & Co. lowered their price objective on IMAX from $27.00 to $26.00 and set a “neutral” rating on the stock in a report on Friday, April 11th. Rosenblatt Securities reiterated a “buy” rating and set a $35.00 price objective on shares of IMAX in a research note on Thursday. Finally, Benchmark restated a “buy” rating and issued a $30.00 target price on shares of IMAX in a research report on Thursday, April 10th. One research analyst has rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $30.56.

IMAX Trading Up 2.6 %

Shares of IMAX stock opened at $23.89 on Friday. The stock has a 50 day moving average of $24.70 and a 200 day moving average of $24.34. IMAX has a twelve month low of $14.94 and a twelve month high of $27.77. The stock has a market cap of $1.27 billion, a P/E ratio of 48.76, a P/E/G ratio of 1.49 and a beta of 0.91.

IMAX (NYSE:IMAX) last released its quarterly earnings results 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 business had revenue of $92.67 million during the quarter, compared to analyst estimates of $104.08 million. IMAX had a return on equity of 8.60% and a net margin of 7.40%. On average, research analysts predict that IMAX will post 0.91 earnings per share for the current fiscal year.

Institutional Investors Weigh In On IMAX

A number of large investors have recently made changes to their positions in IMAX. Creative Financial Designs Inc. ADV acquired a new stake in shares of IMAX in the first quarter valued at approximately $59,000. Mission Wealth Management LP increased its stake in shares of IMAX by 2.9% in the 1st quarter. Mission Wealth Management LP now owns 30,408 shares of the company’s stock worth $801,000 after acquiring an additional 845 shares during the last quarter. North Star Investment Management Corp. purchased a new position in shares of IMAX during the 1st quarter worth $290,000. Wesbanco Bank Inc. purchased a new position in shares of IMAX during the 1st quarter worth $477,000. Finally, Rhumbline Advisers boosted its position in shares of IMAX by 7.7% during the 1st quarter. Rhumbline Advisers now owns 60,447 shares of the company’s stock valued at $1,593,000 after acquiring an additional 4,325 shares during the last quarter. 93.51% of the stock is currently owned by hedge funds and other institutional investors.

About IMAX

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.