IMAX (NYSE:IMAX) Downgraded by Wall Street Zen to “Hold”

Wall Street Zen downgraded shares of IMAX (NYSE:IMAX) from a buy rating to a hold rating in a research report report published on Saturday morning.

A number of other research analysts also recently issued reports on the company. JPMorgan Chase & Co. decreased their price target on IMAX from $48.00 to $47.00 and set an “overweight” rating for the company in a report on Friday, May 1st. Weiss Ratings downgraded IMAX from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, April 24th. The Goldman Sachs Group boosted their price target on IMAX from $37.00 to $41.00 and gave the company a “neutral” rating in a report on Monday, March 2nd. Benchmark boosted their price target on IMAX from $42.00 to $44.00 and gave the company a “buy” rating in a report on Thursday, February 26th. Finally, Barrington Research boosted their price target on IMAX from $42.00 to $46.00 and gave the company an “outperform” rating in a report on Friday, May 1st. Ten research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $44.00.

IMAX Stock Down 0.8%

IMAX stock opened at $35.35 on Friday. IMAX has a 52 week low of $24.20 and a 52 week high of $43.16. The company has a market capitalization of $1.94 billion, a price-to-earnings ratio of 54.38, a price-to-earnings-growth ratio of 1.25 and a beta of 0.37. The stock has a 50-day moving average price of $38.13 and a 200 day moving average price of $36.57.

IMAX (NYSE:IMAX) last released its earnings results on Thursday, April 30th. The company reported $0.17 EPS for the quarter, topping analysts’ consensus estimates of $0.15 by $0.02. IMAX had a return on equity of 13.61% and a net margin of 9.08%.The firm had revenue of $81.38 million during the quarter, compared to the consensus estimate of $79.82 million. During the same quarter in the previous year, the company posted $0.13 earnings per share. The company’s revenue was down 6.1% compared to the same quarter last year. Research analysts anticipate that IMAX will post 1.34 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Kevin Douglas sold 330,200 shares of the business’s stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $37.82, for a total value of $12,488,164.00. Following the completion of the sale, the insider directly owned 3,657,450 shares in the company, valued at $138,324,759. The trade was a 8.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Richard L. Gelfond sold 8,943 shares of the business’s stock in a transaction that occurred on Monday, April 27th. The shares were sold at an average price of $37.33, for a total value of $333,842.19. Following the completion of the sale, the chief executive officer owned 765,002 shares of the company’s stock, valued at $28,557,524.66. This trade represents a 1.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 1,054,284 shares of company stock valued at $40,062,532 over the last 90 days. Company insiders own 20.55% of the company’s stock.

Institutional Trading of IMAX

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP increased its position in shares of IMAX by 1.9% in the first quarter. Dimensional Fund Advisors LP now owns 1,237,230 shares of the company’s stock valued at $47,026,000 after buying an additional 23,401 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of IMAX by 76.3% in the first quarter. Principal Financial Group Inc. now owns 192,120 shares of the company’s stock valued at $7,302,000 after buying an additional 83,118 shares in the last quarter. Moran Wealth Management LLC increased its position in shares of IMAX by 59.2% in the first quarter. Moran Wealth Management LLC now owns 30,054 shares of the company’s stock valued at $1,142,000 after buying an additional 11,177 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in shares of IMAX in the first quarter valued at approximately $2,370,000. Finally, Elevation Point Wealth Partners LLC purchased a new stake in shares of IMAX in the first quarter valued at approximately $248,000. 93.51% of the stock is currently owned by hedge funds and other institutional investors.

About IMAX

IMAX Corporation is a global leader in immersive entertainment technologies, specializing in the design, manufacture and distribution of high-resolution cameras, projectors, and proprietary software solutions that enhance both film production and theatrical exhibition. The company licenses its premium large-format system to theatre owners and filmmakers around the world, enabling audiences to experience movies with greater clarity, scale and sound fidelity. IMAX also offers turnkey theatre development services, assisting cinema operators with auditorium design, installation and custom branding to optimize the customer experience.

Founded in 1967 and headquartered in Mississauga, Ontario, IMAX has built a reputation for pioneering film-format innovations, including its patented dual 15-perforation, 70-millimeter projection system.