Investment analysts at JPMorgan Chase & Co. initiated coverage on shares of Imax (NYSE:IMAX) in a research report issued to clients and investors on Tuesday. The firm set an “overweight” rating and a $28.00 price target on the stock. JPMorgan Chase & Co.’s price objective would suggest a potential upside of 22.00% from the stock’s previous close.
Several other analysts also recently commented on IMAX. Piper Jaffray Companies downgraded Imax from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $28.00 to $21.00 in a research note on Wednesday, January 10th. Barrington Research raised Imax from a “market perform” rating to an “outperform” rating and set a $32.00 price objective for the company in a research note on Monday, October 30th. B. Riley reissued a “buy” rating and issued a $35.00 price objective on shares of Imax in a research note on Friday, October 27th. ValuEngine downgraded Imax from a “hold” rating to a “sell” rating in a research note on Friday, February 2nd. Finally, Wedbush reissued an “outperform” rating and issued a $30.00 price objective on shares of Imax in a research note on Tuesday. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $29.40.
Imax (NYSE IMAX) opened at $22.95 on Tuesday. Imax has a 52 week low of $17.58 and a 52 week high of $34.60. The firm has a market capitalization of $1,490.00, a P/E ratio of 229.50, a P/E/G ratio of 1.32 and a beta of 0.93.
In related news, insider Robert D. Lister sold 3,528 shares of the stock in a transaction that occurred on Monday, December 11th. The stock was sold at an average price of $23.97, for a total transaction of $84,566.16. Following the completion of the sale, the insider now directly owns 35,594 shares of the company’s stock, valued at $853,188.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Greg Foster sold 3,566 shares of the stock in a transaction that occurred on Monday, December 11th. The shares were sold at an average price of $23.97, for a total value of $85,477.02. Following the sale, the chief executive officer now directly owns 74,696 shares of the company’s stock, valued at $1,790,463.12. The disclosure for this sale can be found here. Insiders have sold 17,050 shares of company stock valued at $425,276 over the last ninety days. 18.90% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently modified their holdings of the stock. Schwab Charles Investment Management Inc. boosted its stake in Imax by 5.9% during the second quarter. Schwab Charles Investment Management Inc. now owns 99,100 shares of the company’s stock valued at $2,181,000 after buying an additional 5,500 shares during the period. Vanguard Group Inc. boosted its position in Imax by 4.6% during the 2nd quarter. Vanguard Group Inc. now owns 268,791 shares of the company’s stock valued at $5,913,000 after acquiring an additional 11,760 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Imax by 189.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 682,021 shares of the company’s stock valued at $15,007,000 after acquiring an additional 446,672 shares in the last quarter. State Street Corp boosted its position in Imax by 6.3% during the 2nd quarter. State Street Corp now owns 1,131,398 shares of the company’s stock valued at $24,891,000 after acquiring an additional 67,191 shares in the last quarter. Finally, Peregrine Capital Management LLC boosted its position in Imax by 17.6% during the 3rd quarter. Peregrine Capital Management LLC now owns 1,083,133 shares of the company’s stock valued at $24,533,000 after acquiring an additional 162,301 shares in the last quarter. 83.29% of the stock is owned by institutional investors.
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IMAX Corporation is an entertainment technology company. The Company operates through seven segments: IMAX systems; theater system maintenance; joint revenue sharing arrangements; film production and IMAX DMR; film distribution; film post-production, and other. The IMAX systems segment designs, manufactures, sells or leases IMAX theater projection system equipment.
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