Imax’s (IMAX) “Buy” Rating Reiterated at Canaccord Genuity

Canaccord Genuity reiterated their buy rating on shares of Imax (NYSE:IMAX) in a research note published on Wednesday morning, The Fly reports. They currently have a $14.50 target price on the stock, down from their previous target price of $16.00.

A number of other brokerages have also weighed in on IMAX. Goldman Sachs Group started coverage on shares of Imax in a research note on Wednesday, July 15th. They set a buy rating and a $14.00 target price on the stock. TheStreet lowered shares of Imax from a c rating to a d rating in a research note on Friday, May 1st. MKM Partners cut their target price on shares of Imax from $20.00 to $18.00 and set a buy rating on the stock in a research note on Monday, July 13th. Benchmark raised shares of Imax from a hold rating to a buy rating and set a $14.00 target price on the stock in a research note on Tuesday, April 28th. Finally, Wedbush started coverage on shares of Imax in a research note on Friday, July 24th. They set a hold rating and a $14.00 target price on the stock. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus target price of $15.06.

Shares of IMAX stock traded down $0.35 during mid-day trading on Wednesday, reaching $11.29. The stock had a trading volume of 780,998 shares, compared to its average volume of 1,096,935. The stock’s 50-day moving average price is $11.95 and its two-hundred day moving average price is $13.28. Imax has a 52-week low of $6.01 and a 52-week high of $22.88. The firm has a market capitalization of $664.53 million, a PE ratio of -13.77 and a beta of 1.51.

Imax (NYSE:IMAX) last released its quarterly earnings data on Tuesday, July 28th. The company reported ($0.44) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.52) by $0.08. Imax had a negative net margin of 18.91% and a negative return on equity of 6.88%. The firm had revenue of $8.90 million for the quarter, compared to analysts’ expectations of $9.22 million. During the same quarter in the previous year, the company earned $0.32 earnings per share. The company’s revenue for the quarter was down 91.5% compared to the same quarter last year. Equities analysts forecast that Imax will post -1.48 earnings per share for the current year.

Several hedge funds and other institutional investors have recently made changes to their positions in IMAX. Deutsche Bank AG increased its stake in shares of Imax by 1,320.5% during the first quarter. Deutsche Bank AG now owns 1,182,450 shares of the company’s stock valued at $10,701,000 after purchasing an additional 1,099,211 shares in the last quarter. Norges Bank bought a new stake in shares of Imax during the fourth quarter valued at approximately $21,624,000. Bank of New York Mellon Corp increased its position in shares of Imax by 379.1% during the first quarter. Bank of New York Mellon Corp now owns 740,792 shares of the company’s stock valued at $6,705,000 after acquiring an additional 586,181 shares in the last quarter. BlackRock Inc. increased its position in shares of Imax by 14.7% during the first quarter. BlackRock Inc. now owns 3,237,220 shares of the company’s stock valued at $29,294,000 after acquiring an additional 413,885 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its position in shares of Imax by 18.9% during the first quarter. Massachusetts Financial Services Co. MA now owns 2,039,997 shares of the company’s stock valued at $18,462,000 after acquiring an additional 324,364 shares in the last quarter. 73.58% of the stock is owned by institutional investors and hedge funds.

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, 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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Analyst Recommendations for Imax (NYSE:IMAX)

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