StockNews.com Downgrades IMAX (NYSE:IMAX) to Hold

StockNews.com lowered shares of IMAX (NYSE:IMAX) from a buy rating to a hold rating in a research report released on Thursday.

Several other analysts have also recently commented on the company. Barrington Research reissued an “outperform” rating and issued a $32.00 price target on shares of IMAX in a report on Thursday, April 24th. Wedbush restated an “outperform” rating and set a $32.00 target price on shares of IMAX in a research report on Thursday, April 17th. Macquarie upped their price target on shares of IMAX from $30.00 to $32.00 and gave the stock an “outperform” rating in a research note on Friday, April 25th. Wells Fargo & Company reduced their price objective on shares of IMAX from $32.00 to $30.00 and set an “overweight” rating for the company in a research note on Thursday, April 24th. Finally, JPMorgan Chase & Co. lowered their target price on shares of IMAX from $27.00 to $26.00 and set a “neutral” rating on the stock in a research report on Friday, April 11th. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, IMAX has a consensus rating of “Moderate Buy” and a consensus target price of $30.56.

IMAX Stock Performance

Shares of IMAX opened at $26.00 on Thursday. IMAX has a fifty-two week low of $14.94 and a fifty-two week high of $27.77. The firm has a 50-day simple moving average of $24.48 and a 200-day simple moving average of $24.62. The company has a market capitalization of $1.40 billion, a price-to-earnings ratio of 53.06, a price-to-earnings-growth ratio of 1.49 and a beta of 0.79.

IMAX (NYSE:IMAX) last announced its quarterly earnings data on Wednesday, April 23rd. The company reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.02. The company had revenue of $86.67 million during the quarter, compared to the consensus estimate of $82.95 million. IMAX had a net margin of 7.40% and a return on equity of 8.60%. IMAX’s quarterly revenue was up 9.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.15 EPS. Equities research analysts forecast that IMAX will post 0.91 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of IMAX. Principal Financial Group Inc. increased its position in IMAX by 69.3% during the fourth quarter. Principal Financial Group Inc. now owns 103,946 shares of the company’s stock worth $2,661,000 after buying an additional 42,562 shares in the last quarter. Intech Investment Management LLC boosted its stake in shares of IMAX by 116.1% during the fourth quarter. Intech Investment Management LLC now owns 21,589 shares of the company’s stock valued at $553,000 after acquiring an additional 11,597 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in IMAX during the 4th quarter worth about $9,143,000. Savant Capital LLC acquired a new position in IMAX in the 4th quarter valued at about $249,000. Finally, Wells Fargo & Company MN lifted its holdings in IMAX by 45.4% in the 4th quarter. Wells Fargo & Company MN now owns 624,510 shares of the company’s stock valued at $15,987,000 after purchasing an additional 194,917 shares in the last quarter. 93.51% of the stock is currently owned by institutional investors and hedge funds.

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.