Imax (NYSE:IMAX) Trading 5.2% Higher

Imax Corp (NYSE:IMAX)’s stock price traded up 5.2% during mid-day trading on Friday . The stock traded as high as $20.24 and last traded at $20.20. 789,802 shares were traded during trading, an increase of 92% from the average session volume of 412,009 shares. The stock had previously closed at $19.20.

Several research analysts have recently issued reports on the stock. Wedbush set a $28.00 price objective on shares of Imax and gave the stock a “buy” rating in a report on Monday, April 22nd. B. Riley set a $34.00 target price on shares of Imax and gave the company a “buy” rating in a research note on Monday, April 8th. TheStreet raised shares of Imax from a “c” rating to a “b-” rating in a research note on Friday, April 26th. MKM Partners upped their target price on shares of Imax to $28.00 and gave the company a “buy” rating in a research note on Friday, April 12th. Finally, Barrington Research reissued a “buy” rating and issued a $27.00 target price on shares of Imax in a research note on Wednesday, March 6th. Two analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $26.83.

The firm has a market capitalization of $1.24 billion, a price-to-earnings ratio of 36.07, a P/E/G ratio of 1.26 and a beta of 1.11. The business’s 50 day moving average price is $21.37.

Imax (NYSE:IMAX) last posted its earnings results on Friday, April 26th. The company reported $0.12 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.11 by $0.01. The business had revenue of $80.20 million for the quarter, compared to analysts’ expectations of $81.29 million. Imax had a net margin of 6.12% and a return on equity of 6.31%. The firm’s revenue for the quarter was down 5.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.21 earnings per share. On average, equities research analysts forecast that Imax Corp will post 0.91 EPS for the current year.

In other Imax news, CEO Richard L. Gelfond sold 8,648 shares of the company’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $24.48, for a total transaction of $211,703.04. Following the sale, the chief executive officer now directly owns 245,279 shares of the company’s stock, valued at $6,004,429.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Darren D. Throop sold 3,301 shares of the company’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $20.21, for a total transaction of $66,713.21. Following the sale, the director now directly owns 8,341 shares in the company, valued at $168,571.61. The disclosure for this sale can be found here. Insiders have sold 65,975 shares of company stock worth $1,529,542 over the last ninety days. Insiders own 18.70% of the company’s stock.

A number of institutional investors have recently modified their holdings of the business. First Trust Advisors LP grew its position in Imax by 73.0% in the first quarter. First Trust Advisors LP now owns 38,383 shares of the company’s stock valued at $871,000 after purchasing an additional 16,201 shares in the last quarter. Nordea Investment Management AB grew its position in Imax by 1.2% in the first quarter. Nordea Investment Management AB now owns 222,078 shares of the company’s stock valued at $5,036,000 after purchasing an additional 2,633 shares in the last quarter. Mission Wealth Management LP bought a new position in Imax in the first quarter valued at $237,000. Dynamic Technology Lab Private Ltd bought a new position in Imax in the first quarter valued at $489,000. Finally, William Blair Investment Management LLC bought a new position in Imax in the first quarter valued at $2,982,000. 77.61% of the stock is currently owned by hedge funds and other institutional investors.

About Imax (NYSE:IMAX)

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, and 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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