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

IMAX (NYSE:IMAX) had its target price raised by JPMorgan Chase & Co. from $21.00 to $25.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Several other research firms also recently weighed in on IMAX. Barrington Research restated 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 target price on shares of IMAX in a research report on Friday, January 17th. Rosenblatt Securities reiterated a “buy” rating and set a $28.00 price target on shares of IMAX in a research report on Thursday, January 16th. Roth Mkm raised their price objective on IMAX from $27.00 to $28.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Finally, StockNews.com raised shares of IMAX from a “hold” rating to a “buy” rating in a report on Wednesday, January 22nd. One investment analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $28.63.

IMAX Stock Performance

Shares of IMAX stock opened at $23.54 on Thursday. The company has a market cap of $1.24 billion, a P/E ratio of 53.51, a price-to-earnings-growth ratio of 1.30 and a beta of 1.24. IMAX has a fifty-two week low of $13.20 and a fifty-two week high of $26.84. The firm has a 50-day simple moving average of $24.68 and a two-hundred day simple moving average of $22.25.

IMAX (NYSE:IMAX) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.23 by $0.12. IMAX had a net margin of 6.74% and a return on equity of 7.53%. The company had revenue of $91.50 million during the quarter, compared to analyst estimates of $93.71 million. During the same quarter in the previous year, the firm earned $0.27 EPS. The firm’s revenue was down 11.9% compared to the same quarter last year. Equities research analysts forecast that IMAX will post 0.74 EPS for the current year.

Insider Buying and Selling

In other news, insider Kenneth Ian Weissman sold 6,309 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $25.51, for a total value of $160,942.59. Following the sale, the insider now directly owns 25,139 shares in the company, valued at approximately $641,295.89. This trade represents a 20.06 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Robert D. Lister sold 55,910 shares of IMAX stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $25.50, for a total value of $1,425,705.00. Following the completion of the transaction, the executive vice president now owns 138,889 shares of the company’s stock, valued at $3,541,669.50. The trade was 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 Trading of IMAX

A number of large investors have recently made changes to their positions in IMAX. FMR LLC lifted its stake in IMAX by 108.4% in the third quarter. FMR LLC now owns 3,949,643 shares of the company’s stock valued at $81,007,000 after buying an additional 2,054,031 shares during the last quarter. Royce & Associates LP increased its holdings in shares of IMAX by 3.1% in the 3rd quarter. Royce & Associates LP now owns 1,822,616 shares of the company’s stock valued at $37,382,000 after acquiring an additional 54,850 shares during the period. Victory Capital Management Inc. boosted its stake in IMAX by 9.8% during the 3rd quarter. Victory Capital Management Inc. now owns 1,420,592 shares of the company’s stock worth $29,136,000 after purchasing an additional 127,371 shares during the period. Mizuho Markets Americas LLC grew its position in IMAX by 47.5% during the 3rd quarter. Mizuho Markets Americas LLC now owns 387,689 shares of the company’s stock worth $7,952,000 after purchasing an additional 124,811 shares during the last quarter. Finally, Lord Abbett & CO. LLC acquired a new position in IMAX in the third quarter valued at $6,322,000. 93.51% of the stock is owned by institutional investors and hedge funds.

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.