IMAX (NYSE:IMAX) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of IMAX (NYSE:IMAX) from a buy rating to a strong-buy rating in a report published on Saturday morning.

A number of other brokerages also recently weighed in on IMAX. Wedbush raised their target price on shares of IMAX from $35.00 to $39.00 and gave the company an “outperform” rating in a research note on Monday, September 22nd. Rosenblatt Securities raised their target price on shares of IMAX from $37.00 to $42.00 and gave the company a “buy” rating in a research note on Thursday, October 9th. Wells Fargo & Company raised their target price on shares of IMAX from $30.00 to $34.00 and gave the company an “overweight” rating in a research note on Friday, July 25th. Barrington Research increased their price target on shares of IMAX from $32.00 to $37.00 and gave the company an “outperform” rating in a research report on Friday, September 19th. Finally, Roth Capital reiterated a “buy” rating and set a $36.00 price target on shares of IMAX in a research report on Wednesday, July 9th. Nine analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $34.70.

IMAX Trading Down 0.1%

Shares of IMAX stock opened at $31.17 on Friday. IMAX has a 12-month low of $19.91 and a 12-month high of $34.14. The company has a market cap of $1.68 billion, a price-to-earnings ratio of 51.95, a PEG ratio of 2.12 and a beta of 0.62. The company’s 50-day moving average price is $29.68 and its 200-day moving average price is $27.43.

IMAX (NYSE:IMAX) last announced its quarterly earnings results on Thursday, July 24th. The company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.07. IMAX had a net margin of 9.04% and a return on equity of 8.62%. The firm had revenue of $91.68 million for the quarter, compared to the consensus estimate of $93.04 million. During the same period in the prior year, the firm posted $0.18 earnings per share. The company’s revenue for the quarter was up 3.1% on a year-over-year basis. On average, sell-side analysts predict that IMAX will post 0.91 earnings per share for the current year.

Insider Buying and Selling at IMAX

In other IMAX news, insider Kenneth Ian Weissman sold 15,072 shares of the firm’s stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $25.65, for a total transaction of $386,596.80. Following the completion of the transaction, the insider owned 26,133 shares of the company’s stock, valued at approximately $670,311.45. This trade represents a 36.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Robert D. Lister sold 20,000 shares of the firm’s stock in a transaction on Monday, September 15th. The shares were sold at an average price of $32.80, for a total value of $656,000.00. Following the transaction, the vice president directly owned 161,421 shares of the company’s stock, valued at $5,294,608.80. This represents a 11.02% decrease in their position. The disclosure for this sale can be found here. Insiders own 24.08% of the company’s stock.

Hedge Funds Weigh In On IMAX

Several large investors have recently modified their holdings of the stock. Orbis Allan Gray Ltd raised its position in shares of IMAX by 31.7% in the 2nd quarter. Orbis Allan Gray Ltd now owns 5,113,033 shares of the company’s stock worth $142,960,000 after purchasing an additional 1,230,267 shares during the last quarter. Ameriprise Financial Inc. raised its position in IMAX by 8.3% in the 1st quarter. Ameriprise Financial Inc. now owns 1,974,068 shares of the company’s stock worth $52,019,000 after buying an additional 150,552 shares during the last quarter. Nantahala Capital Management LLC raised its position in IMAX by 24.9% in the 2nd quarter. Nantahala Capital Management LLC now owns 1,133,993 shares of the company’s stock worth $31,706,000 after buying an additional 225,742 shares during the last quarter. JPMorgan Chase & Co. raised its position in IMAX by 10.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,029,602 shares of the company’s stock worth $28,788,000 after buying an additional 101,048 shares during the last quarter. Finally, Primecap Management Co. CA raised its position in IMAX by 1.3% in the 2nd quarter. Primecap Management Co. CA now owns 751,602 shares of the company’s stock worth $21,015,000 after buying an additional 9,902 shares during the last quarter. Hedge funds and other 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.