Imax (IMAX) Rating Lowered to Sell at ValuEngine

ValuEngine lowered shares of Imax (NYSE:IMAX) from a hold rating to a sell rating in a research note issued to investors on Sunday.

Several other analysts have also recently commented on IMAX. Zacks Investment Research upgraded shares of Imax from a sell rating to a hold rating in a research note on Tuesday, September 12th. BidaskClub upgraded shares of Imax from a strong sell rating to a sell rating in a research note on Thursday, September 14th. Piper Jaffray Companies restated a buy rating and set a $28.00 price objective on shares of Imax in a research note on Sunday, September 17th. Credit Suisse Group decreased their price objective on shares of Imax from $26.00 to $25.00 and set a neutral rating for the company in a research note on Thursday, September 28th. Finally, Wedbush restated a buy rating and set a $29.00 price objective on shares of Imax in a research note on Tuesday, October 10th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company’s stock. Imax currently has a consensus rating of Hold and an average price target of $30.10.

Imax (NYSE:IMAX) traded down $0.15 during mid-day trading on Friday, reaching $23.05. 554,300 shares of the company were exchanged, compared to its average volume of 536,850. The firm has a market cap of $1,502.31, a PE ratio of 256.14, a PEG ratio of 1.17 and a beta of 1.13. Imax has a one year low of $17.58 and a one year high of $34.60.

Imax (NYSE:IMAX) last released its earnings results on Thursday, October 26th. The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.01 by $0.07. Imax had a net margin of 1.78% and a return on equity of 2.62%. The company had revenue of $98.80 million during the quarter, compared to analysts’ expectations of $86.17 million. During the same period last year, the business earned $0.12 EPS. Imax’s revenue for the quarter was up 14.2% on a year-over-year basis. sell-side analysts predict that Imax will post 0.3 EPS for the current year.

In other news, insider Robert D. Lister sold 3,528 shares of the company’s stock in a transaction on Monday, December 11th. The shares were 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 owns 35,594 shares of the company’s stock, valued at $853,188.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Greg Foster sold 3,566 shares of the company’s stock in a transaction on Monday, December 11th. The stock was sold at an average price of $23.97, for a total transaction of $85,477.02. Following the sale, the chief executive officer now directly owns 74,696 shares of the company’s stock, valued at approximately $1,790,463.12. The disclosure for this sale can be found here. In the last three months, insiders sold 17,050 shares of company stock valued at $425,276. 18.90% of the stock is owned by insiders.

Several institutional investors have recently added to or reduced their stakes in IMAX. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Imax by 13.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,522 shares of the company’s stock valued at $181,000 after purchasing an additional 748 shares during the period. BNP Paribas Arbitrage SA grew its holdings in shares of Imax by 1,151.0% in the second quarter. BNP Paribas Arbitrage SA now owns 6,818 shares of the company’s stock valued at $150,000 after purchasing an additional 6,273 shares during the period. Seven Eight Capital LP grew its holdings in shares of Imax by 1,115.7% in the second quarter. Seven Eight Capital LP now owns 7,294 shares of the company’s stock valued at $160,000 after purchasing an additional 6,694 shares during the period. Aperio Group LLC purchased a new stake in shares of Imax in the second quarter valued at about $205,000. Finally, Formula Growth Ltd. purchased a new stake in shares of Imax in the third quarter valued at about $222,000. 83.91% of the stock is owned by institutional investors and hedge funds.

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About Imax

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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