IMAX (NYSE:IMAX) Downgraded to Hold Rating by StockNews.com

StockNews.com cut shares of IMAX (NYSE:IMAX) from a buy rating to a hold rating in a research report report published on Tuesday.

Several other brokerages also recently issued reports on IMAX. Barrington Research restated an “outperform” rating and issued a $24.00 price objective on shares of IMAX in a research report on Thursday, October 31st. Roth Mkm upped their price objective on IMAX from $27.00 to $28.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Wedbush restated an “outperform” rating on shares of IMAX in a research report on Wednesday, November 27th. JPMorgan Chase & Co. upped their target price on IMAX from $20.00 to $21.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $28.00 target price on shares of IMAX in a research note on Thursday, October 31st. One research analyst has rated the stock with a sell rating, two have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $24.22.

IMAX Stock Performance

IMAX opened at $25.84 on Tuesday. The business’s fifty day moving average is $23.16 and its two-hundred day moving average is $20.28. The company has a market cap of $1.36 billion, a price-to-earnings ratio of 58.73, a PEG ratio of 1.68 and a beta of 1.23. IMAX has a one year low of $13.20 and a one year high of $26.84.

IMAX (NYSE:IMAX) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.12. IMAX had a return on equity of 7.53% and a net margin of 6.74%. The business had revenue of $91.50 million for the quarter, compared to the consensus estimate of $93.71 million. During the same period in the prior year, the business earned $0.27 earnings per share. The business’s revenue was down 11.9% on a year-over-year basis. On average, analysts predict that IMAX will post 0.77 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Robert D. Lister sold 55,910 shares of the stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $25.50, for a total value of $1,425,705.00. Following the completion of the sale, the executive vice president now owns 138,889 shares in the company, valued at approximately $3,541,669.50. This trade represents a 28.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Kenneth Ian Weissman sold 6,309 shares of the stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $25.51, for a total value of $160,942.59. Following the completion of the sale, the insider now owns 25,139 shares of the company’s stock, valued at approximately $641,295.89. This trade represents a 20.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 65,176 shares of company stock worth $1,662,110 over the last three months. 24.08% of the stock is owned by insiders.

Institutional Investors Weigh In On IMAX

A number of large investors have recently modified their holdings of IMAX. Vanguard Group Inc. boosted its holdings in IMAX by 13.2% in the first quarter. Vanguard Group Inc. now owns 584,795 shares of the company’s stock valued at $9,456,000 after purchasing an additional 68,155 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in IMAX by 33.1% in the second quarter. Victory Capital Management Inc. now owns 1,293,221 shares of the company’s stock valued at $21,687,000 after purchasing an additional 321,506 shares during the last quarter. Mizuho Markets Americas LLC boosted its holdings in IMAX by 47.5% in the third quarter. Mizuho Markets Americas LLC now owns 387,689 shares of the company’s stock valued at $7,952,000 after purchasing an additional 124,811 shares during the last quarter. American Century Companies Inc. boosted its holdings in IMAX by 57.0% in the second quarter. American Century Companies Inc. now owns 120,021 shares of the company’s stock valued at $2,013,000 after purchasing an additional 43,584 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in IMAX by 90.6% in the second quarter. Bank of New York Mellon Corp now owns 587,694 shares of the company’s stock valued at $9,856,000 after purchasing an additional 279,410 shares during the last quarter. Institutional investors and hedge funds own 93.51% of the company’s stock.

About IMAX

IMAX Corporation, together with its subsidiaries, operates as a technology platform for entertainment and events worldwide. The company operates in two segments, Content Solutions and Technology Products and Services. The company offers IMAX DMR, a proprietary technology that digitally remasters films and other content into IMAX formats for distribution to the IMAX network; IMAX Enhanced that provides end-to-end technology across streaming content and entertainment devices at home; and SSIMWAVE, an AI-driven video quality solutions for media and entertainment companies.