IMAX (NYSE:IMAX) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of IMAX (NYSE:IMAX) from a hold rating to a buy rating in a research report released on Saturday morning,Wall Street Zen reports.

Other equities analysts have also recently issued research reports about the stock. Wedbush boosted their price objective on shares of IMAX from $46.00 to $54.00 and gave the company an “outperform” rating in a research report on Friday, July 24th. HC Wainwright reiterated a “buy” rating on shares of IMAX in a report on Friday, July 24th. Roth Capital increased their target price on shares of IMAX from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday, September 3rd. JPMorgan Chase & Co. raised their target price on IMAX from $47.00 to $50.00 and gave the stock an “overweight” rating in a research note on Friday, July 24th. Finally, UBS Group set a $65.00 price target on IMAX in a report on Wednesday, October 7th. Eleven investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $56.15.

IMAX Stock Performance

NYSE:IMAX opened at $51.73 on Friday. IMAX has a fifty-two week low of $30.74 and a fifty-two week high of $57.73. The firm has a market cap of $2.84 billion, a PE ratio of 71.85, a price-to-earnings-growth ratio of 1.49 and a beta of 0.49. The business has a 50 day moving average price of $52.39 and a 200-day moving average price of $43.87.

IMAX (NYSE:IMAX) last issued its earnings results on Thursday, July 23rd. The company reported $0.43 EPS for the quarter, topping the consensus estimate of $0.30 by $0.13. The company had revenue of $102.84 million for the quarter, compared to the consensus estimate of $96.09 million. IMAX had a net margin of 9.84% and a return on equity of 15.47%. The firm’s revenue for the quarter was up 12.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.26 earnings per share. Research analysts predict that IMAX will post 1.62 EPS for the current year.

Insider Buying and Selling

In related news, VP Robert D. Lister sold 22,500 shares of the company’s stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $51.58, for a total value of $1,160,550.00. Following the transaction, the vice president owned 182,375 shares in the company, valued at $9,406,902.50. The trade was a 10.98% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Richard L. Gelfond sold 100,000 shares of the company’s stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $53.23, for a total transaction of $5,323,000.00. Following the completion of the transaction, the chief executive officer owned 665,002 shares in the company, valued at approximately $35,398,056.46. The trade was a 13.07% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 507,257 shares of company stock valued at $26,673,571. Insiders own 20.55% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of IMAX. Global Retirement Partners LLC bought a new stake in shares of IMAX in the second quarter worth $85,000. Nykredit A S purchased a new stake in IMAX during the second quarter valued at $105,000. Caitong International Asset Management Co. Ltd lifted its holdings in IMAX by 159.8% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,006 shares of the company’s stock valued at $111,000 after acquiring an additional 1,849 shares during the period. Kemnay Advisory Services Inc. bought a new position in IMAX in the fourth quarter valued at about $135,000. Finally, State of Wyoming bought a new position in IMAX in the second quarter valued at about $192,000. 93.51% of the stock is owned by hedge funds and other institutional investors.

About IMAX

IMAX Corporation (NYSE: IMAX) is an entertainment technology company that develops and licenses premium-format motion picture systems for cinemas and other venues. Its offerings combine specialized projection and display technology, immersive sound systems, theater design, and large-format screens to provide audiences with an enhanced presentation experience.

The company supports the theatrical release of films through its IMAX DMR (Digital Media Remastering) process, which adapts and optimizes content for IMAX presentations.