IMAX (NYSE:IMAX) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of IMAX (NYSE:IMAX) from a hold rating to a buy rating in a research note released on Wednesday morning.

Several other analysts have also recently issued reports on IMAX. Wedbush reissued an “outperform” rating and set a $32.00 price target on shares of IMAX in a research report on Friday, January 17th. JPMorgan Chase & Co. increased their target price on shares of IMAX from $20.00 to $21.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. Barrington Research restated an “outperform” rating and issued a $30.00 price target on shares of IMAX in a research note on Friday, January 10th. Roth Mkm increased their price objective on IMAX from $27.00 to $28.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Finally, Rosenblatt Securities reissued a “buy” rating and set a $28.00 target price on shares of IMAX in a research note on Thursday, January 16th. One equities research analyst has rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, IMAX presently has a consensus rating of “Buy” and an average price target of $28.13.

IMAX Price Performance

NYSE IMAX opened at $23.53 on Wednesday. IMAX has a 12 month low of $13.20 and a 12 month high of $26.84. The stock has a market capitalization of $1.24 billion, a P/E ratio of 53.48, a PEG ratio of 1.29 and a beta of 1.24. The firm’s 50-day moving average is $24.77 and its two-hundred day moving average is $22.07.

IMAX (NYSE:IMAX) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $93.71 million. During the same period in the previous year, the firm posted $0.27 earnings per share. The company’s revenue was down 11.9% on a year-over-year basis. As a group, analysts anticipate that IMAX will post 0.75 EPS for the current year.

Insider Buying and Selling at IMAX

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

Institutional Trading of IMAX

Institutional investors and hedge funds have recently made changes to their positions in the company. FMR LLC lifted its stake in IMAX by 108.4% in the third quarter. FMR LLC now owns 3,949,643 shares of the company’s stock valued at $81,007,000 after buying an additional 2,054,031 shares during the last quarter. Lord Abbett & CO. LLC purchased a new stake in IMAX in the 3rd quarter valued at $6,322,000. Castleark Management LLC acquired a new stake in IMAX during the 3rd quarter worth $5,199,000. Pier Capital LLC purchased a new position in IMAX during the 3rd quarter worth $4,221,000. Finally, Victory Capital Management Inc. increased its stake in IMAX by 9.8% in the third quarter. Victory Capital Management Inc. now owns 1,420,592 shares of the company’s stock valued at $29,136,000 after purchasing an additional 127,371 shares during the period. 93.51% of the stock is owned by hedge funds and other institutional investors.

IMAX Company Profile

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.