Canaccord Genuity Trims Imax (IMAX) Target Price to $23.00

Imax (NYSE:IMAX) had its price objective reduced by Canaccord Genuity from $26.00 to $23.00 in a report issued on Friday. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity’s price objective would indicate a potential upside of 15.00% from the company’s previous close.

Several other equities analysts also recently weighed in on IMAX. Wedbush reissued a “buy” rating and issued a $32.00 price target on shares of Imax in a research note on Tuesday, July 3rd. Zacks Investment Research downgraded shares of Imax from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 3rd. Finally, ValuEngine raised shares of Imax from a “sell” rating to a “hold” rating in a research note on Friday, July 6th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $27.06.

Shares of NYSE:IMAX traded up $0.29 during midday trading on Friday, hitting $20.00. The company’s stock had a trading volume of 1,541,089 shares, compared to its average volume of 630,393. The company has a market cap of $1.23 billion, a P/E ratio of 111.11, a P/E/G ratio of 1.63 and a beta of 0.86. Imax has a 12-month low of $18.85 and a 12-month high of $26.70.



Imax (NYSE:IMAX) last posted its quarterly earnings results on Thursday, October 25th. The company reported $0.14 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.04 by $0.10. The firm had revenue of $82.11 million for the quarter, compared to the consensus estimate of $80.26 million. Imax had a net margin of 6.64% and a return on equity of 6.88%. As a group, analysts expect that Imax will post 0.64 earnings per share for the current year.

In other Imax news, CFO Patrick Mcclymont sold 1,915 shares of Imax stock in a transaction dated Thursday, August 9th. The shares were sold at an average price of $22.65, for a total transaction of $43,374.75. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Greg Foster sold 9,415 shares of Imax stock in a transaction dated Tuesday, September 4th. The stock was sold at an average price of $23.46, for a total transaction of $220,875.90. Following the transaction, the chief executive officer now directly owns 86,960 shares in the company, valued at $2,040,081.60. The disclosure for this sale can be found here. Insiders have sold 26,330 shares of company stock worth $604,301 over the last ninety days. 18.70% of the stock is owned by insiders.

A number of hedge funds have recently modified their holdings of IMAX. Guggenheim Capital LLC increased its position in shares of Imax by 18.7% during the first quarter. Guggenheim Capital LLC now owns 13,435 shares of the company’s stock valued at $257,000 after acquiring an additional 2,116 shares during the last quarter. Gamco Investors INC. ET AL increased its position in shares of Imax by 6.4% during the second quarter. Gamco Investors INC. ET AL now owns 58,500 shares of the company’s stock valued at $1,296,000 after acquiring an additional 3,500 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. increased its position in shares of Imax by 82.2% during the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 7,800 shares of the company’s stock valued at $150,000 after acquiring an additional 3,520 shares during the last quarter. Aurora Investment Counsel increased its position in shares of Imax by 5.0% during the second quarter. Aurora Investment Counsel now owns 91,159 shares of the company’s stock valued at $2,019,000 after acquiring an additional 4,319 shares during the last quarter. Finally, Wells Fargo & Company MN increased its position in shares of Imax by 3.6% during the first quarter. Wells Fargo & Company MN now owns 147,804 shares of the company’s stock valued at $2,837,000 after acquiring an additional 5,194 shares during the last quarter. 83.35% of the stock is currently owned by institutional investors.

Imax Company Profile

IMAX Corporation, together with its subsidiaries, operates as an entertainment technology company that specializes in motion picture technologies and presentations worldwide. It offers cinematic solution comprising proprietary software, theater architecture, and equipment. The company engages in Digital Re-Mastering (DMR) of films into the IMAX format for exhibition in the IMAX theater network; the provision of IMAX premium theater systems to exhibitor customers through sales, long-term leases, or joint revenue sharing arrangements; the distribution of documentary films; the provision of production technical support and film post-production services; the ownership and operation of IMAX theaters; and the provision of camera and other miscellaneous items rental services.

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