JPMorgan Chase & Co. Issues Positive Forecast for IMAX (NYSE:IMAX) Stock Price

IMAX (NYSE:IMAX) had its price objective increased by JPMorgan Chase & Co. from $21.00 to $25.00 in a research note released on Thursday,Benzinga reports. They currently have a neutral rating on the stock.

A number of other analysts have also issued reports on IMAX. Roth Mkm boosted their price objective on IMAX from $27.00 to $28.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Barrington Research reiterated an “outperform” rating and set a $30.00 price target on shares of IMAX in a research report on Friday, January 10th. Benchmark restated a “buy” rating and issued a $30.00 price objective on shares of IMAX in a research report on Friday, January 17th. Rosenblatt Securities reaffirmed a “buy” rating and set a $28.00 target price on shares of IMAX in a report on Thursday, January 16th. Finally, Wedbush reissued an “outperform” rating and issued a $32.00 price target on shares of IMAX in a report on Friday, January 17th. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $28.63.

IMAX Price Performance

NYSE:IMAX opened at $23.54 on Thursday. The firm has a 50-day moving average of $24.68 and a 200-day moving average of $22.25. The company has a market cap of $1.24 billion, a PE ratio of 53.51, a PEG ratio of 1.30 and a beta of 1.24. IMAX has a one year low of $13.20 and a one year high of $26.84.

IMAX (NYSE:IMAX) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.12. IMAX had a net margin of 6.74% and a return on equity of 7.53%. The business had revenue of $91.50 million during the quarter, compared to the consensus estimate of $93.71 million. During the same period in the prior year, the firm posted $0.27 EPS. The firm’s quarterly revenue was down 11.9% compared to the same quarter last year. On average, equities research analysts expect that IMAX will post 0.74 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Natasha Fernandes sold 2,957 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $25.52, for a total value of $75,462.64. Following the sale, the chief financial officer now 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 sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Robert D. Lister sold 55,910 shares of the stock in a transaction that occurred on 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 completion of the transaction, the executive vice president now owns 138,889 shares in the company, valued at $3,541,669.50. This trade represents a 28.70 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 65,176 shares of company stock worth $1,662,110 in the last quarter. 24.08% of the stock is owned by company insiders.

Institutional Trading of IMAX

Hedge funds have recently modified their holdings of the company. Janney Montgomery Scott LLC grew its holdings in IMAX by 1.9% during the 4th quarter. Janney Montgomery Scott LLC now owns 29,176 shares of the company’s stock worth $747,000 after acquiring an additional 533 shares in the last quarter. Blue Trust Inc. boosted its position in IMAX by 138.5% during the 4th quarter. Blue Trust Inc. now owns 966 shares of the company’s stock valued at $25,000 after acquiring an additional 561 shares in the last quarter. US Bancorp DE increased its holdings in shares of IMAX by 23.4% in the 3rd quarter. US Bancorp DE now owns 7,656 shares of the company’s stock valued at $157,000 after acquiring an additional 1,452 shares during the period. Huntington National Bank bought a new stake in IMAX during the third quarter valued at about $34,000. Finally, Quarry LP raised its holdings in IMAX by 78,333.3% in the third quarter. Quarry LP now owns 2,353 shares of the company’s stock worth $48,000 after purchasing an additional 2,350 shares in the last quarter. 93.51% of the stock is 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.