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

StockNews.com lowered shares of IMAX (NYSE:IMAX) from a buy rating to a hold rating in a research report sent to investors on Thursday morning.

Other equities analysts also recently issued research reports about the stock. Wedbush reissued an “outperform” rating and issued a $32.00 price objective on shares of IMAX in a research note on Wednesday. Rosenblatt Securities reiterated a “buy” rating and issued a $28.00 price target on shares of IMAX in a research report on Thursday, January 16th. Benchmark restated a “buy” rating and set a $30.00 price objective on shares of IMAX in a research report on Friday, January 17th. JPMorgan Chase & Co. lifted their price objective on IMAX from $21.00 to $25.00 and gave the stock a “neutral” rating in a research note on Thursday, January 30th. Finally, Roth Mkm increased their target price on shares of IMAX from $27.00 to $28.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Two research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $28.63.

IMAX Price Performance

Shares of NYSE:IMAX opened at $26.82 on Thursday. IMAX has a 1 year low of $14.06 and a 1 year high of $26.85. The stock has a market capitalization of $1.41 billion, a price-to-earnings ratio of 60.96, a price-to-earnings-growth ratio of 1.40 and a beta of 1.22. The company’s 50 day simple moving average is $24.53 and its 200 day simple moving average is $22.75.

Insiders Place Their Bets

In other news, insider Kenneth Ian Weissman sold 6,309 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $25.51, for a total transaction of $160,942.59. Following the transaction, the insider now owns 25,139 shares in the company, valued at approximately $641,295.89. This represents a 20.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Robert D. Lister sold 55,910 shares of the firm’s stock in a transaction dated Monday, December 9th. The shares were 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 of the company’s stock, valued at approximately $3,541,669.50. This represents a 28.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 65,176 shares of company stock worth $1,662,110. Corporate insiders own 24.08% of the company’s stock.

Institutional Investors Weigh In On IMAX

Several hedge funds and other institutional investors have recently modified their holdings of IMAX. FMR LLC lifted its holdings in shares of IMAX by 14.2% in the 4th quarter. FMR LLC now owns 4,508,583 shares of the company’s stock worth $115,420,000 after purchasing an additional 558,940 shares in the last quarter. Royce & Associates LP lifted its stake in shares of IMAX by 3.1% in the third quarter. Royce & Associates LP now owns 1,822,616 shares of the company’s stock valued at $37,382,000 after buying an additional 54,850 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of IMAX by 9.8% during the third quarter. Victory Capital Management Inc. now owns 1,420,592 shares of the company’s stock valued at $29,136,000 after buying an additional 127,371 shares during the last quarter. Wells Fargo & Company MN increased its position in shares of IMAX by 45.4% during the fourth quarter. Wells Fargo & Company MN now owns 624,510 shares of the company’s stock worth $15,987,000 after acquiring an additional 194,917 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in shares of IMAX by 11.0% in the 4th quarter. Vanguard Group Inc. now owns 612,115 shares of the company’s stock worth $15,670,000 after acquiring an additional 60,762 shares during the last quarter. Institutional investors own 93.51% of the company’s stock.

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.