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 Thursday morning.

IMAX has been the subject of a number of other research reports. Benchmark raised their price target on shares of IMAX from $27.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Wedbush restated an “outperform” rating on shares of IMAX in a research report on Wednesday, November 27th. Roth Mkm upped their price target on IMAX from $27.00 to $28.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. JPMorgan Chase & Co. lifted their price objective on IMAX from $20.00 to $21.00 and gave the company a “neutral” rating in a report on Monday, October 14th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $28.00 target price on shares of IMAX in a research report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $25.11.

IMAX Stock Performance

NYSE IMAX opened at $25.13 on Thursday. IMAX has a twelve month low of $13.20 and a twelve month high of $26.84. The stock has a market cap of $1.32 billion, a PE ratio of 57.11, a PEG ratio of 1.69 and a beta of 1.23. The firm has a 50-day simple moving average of $24.90 and a 200 day simple moving average of $21.43.

IMAX (NYSE:IMAX) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.35 earnings per share (EPS) 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 for the quarter, compared to analysts’ expectations of $93.71 million. During the same period in the previous year, the business posted $0.27 earnings per share. IMAX’s quarterly revenue was down 11.9% on a year-over-year basis. Research analysts forecast that IMAX will post 0.77 earnings per share for the current fiscal year.

Insider Transactions at IMAX

In other IMAX news, CFO Natasha Fernandes sold 2,957 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $25.52, for a total value of $75,462.64. Following the transaction, the chief financial officer now directly owns 14,883 shares of the company’s stock, valued at approximately $379,814.16. This trade represents a 16.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Robert D. Lister sold 55,910 shares of the company’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 sale, the executive vice president now owns 138,889 shares of the company’s stock, valued at $3,541,669.50. The trade was a 28.70 % decrease in their position. The disclosure for this sale can be found here. Over 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

A number of institutional investors have recently made changes to their positions in the stock. Huntington National Bank acquired a new stake in IMAX in the third quarter worth $34,000. Headlands Technologies LLC bought a new position in IMAX during the second quarter worth about $35,000. Quarry LP grew its stake in IMAX by 78,333.3% in the third quarter. Quarry LP now owns 2,353 shares of the company’s stock valued at $48,000 after acquiring an additional 2,350 shares during the period. nVerses Capital LLC bought a new stake in shares of IMAX in the third quarter worth about $70,000. Finally, US Bancorp DE lifted its holdings in shares of IMAX by 23.4% during the 3rd quarter. US Bancorp DE now owns 7,656 shares of the company’s stock valued at $157,000 after purchasing an additional 1,452 shares in the last quarter. 93.51% of the stock is owned by institutional investors and hedge funds.

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.