IMAX (NYSE:IMAX) Upgraded to “Strong-Buy” at Wall Street Zen

Wall Street Zen upgraded shares of IMAX (NYSE:IMAX) from a buy rating to a strong-buy rating in a research note published on Sunday.

IMAX has been the topic of several other research reports. Weiss Ratings reiterated a “buy (b)” rating on shares of IMAX in a report on Tuesday, November 25th. The Goldman Sachs Group upgraded shares of IMAX from a “sell” rating to a “neutral” rating and raised their target price for the company from $22.00 to $34.00 in a research note on Tuesday, November 25th. Rosenblatt Securities reiterated a “buy” rating and issued a $42.00 target price on shares of IMAX in a report on Friday, October 24th. Wells Fargo & Company upped their price target on shares of IMAX from $34.00 to $40.00 and gave the company an “overweight” rating in a report on Friday, October 24th. Finally, JPMorgan Chase & Co. lifted their price objective on IMAX from $31.00 to $32.00 and gave the stock a “neutral” rating in a research note on Friday, October 24th. Nine investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $36.40.

IMAX Price Performance

IMAX stock opened at $35.85 on Friday. IMAX has a one year low of $20.48 and a one year high of $37.57. The company’s fifty day moving average price is $33.51 and its two-hundred day moving average price is $29.81. The company has a market capitalization of $1.93 billion, a price-to-earnings ratio of 50.49, a PEG ratio of 2.05 and a beta of 0.60.

IMAX (NYSE:IMAX) last announced its quarterly earnings results on Thursday, October 23rd. The company reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.31 by $0.16. The company had revenue of $106.65 million during the quarter, compared to analysts’ expectations of $102.88 million. IMAX had a return on equity of 9.91% and a net margin of 10.47%.The business’s quarterly revenue was up 16.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.35 earnings per share. As a group, sell-side analysts anticipate that IMAX will post 0.91 earnings per share for the current year.

Insider Transactions at IMAX

In related news, VP Robert D. Lister sold 50,143 shares of the business’s stock in a transaction dated Friday, November 7th. The stock was sold at an average price of $34.67, for a total transaction of $1,738,457.81. Following the transaction, the vice president directly owned 161,421 shares in the company, valued at $5,596,466.07. The trade was a 23.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Giovanni M. Dolci sold 6,188 shares of the company’s stock in a transaction that occurred on Monday, November 10th. The shares were sold at an average price of $34.25, for a total value of $211,939.00. Following the completion of the transaction, the executive vice president directly owned 33,000 shares of the company’s stock, valued at approximately $1,130,250. This trade represents a 15.79% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 76,331 shares of company stock valued at $2,606,397 in the last ninety days. 23.18% of the stock is owned by company insiders.

Institutional Trading of IMAX

Several institutional investors have recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of IMAX by 22.6% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,179 shares of the company’s stock valued at $453,000 after purchasing an additional 3,168 shares in the last quarter. XTX Topco Ltd increased its holdings in IMAX by 35.6% in the 1st quarter. XTX Topco Ltd now owns 22,699 shares of the company’s stock valued at $598,000 after buying an additional 5,963 shares during the period. US Bancorp DE raised its stake in shares of IMAX by 33.1% in the 1st quarter. US Bancorp DE now owns 16,338 shares of the company’s stock valued at $431,000 after buying an additional 4,062 shares in the last quarter. Jupiter Asset Management Ltd. raised its stake in shares of IMAX by 805.9% in the 1st quarter. Jupiter Asset Management Ltd. now owns 469,504 shares of the company’s stock valued at $12,371,000 after buying an additional 417,677 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of IMAX by 1.3% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 104,510 shares of the company’s stock worth $2,754,000 after acquiring an additional 1,309 shares during the period. Institutional investors and hedge funds own 93.51% of the company’s stock.

About IMAX

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.