Wall Street Zen Upgrades IMAX (NYSE:IMAX) to Strong-Buy

IMAX (NYSE:IMAX) was upgraded by stock analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Saturday.

IMAX has been the topic of several other research reports. B. Riley reaffirmed a “buy” rating on shares of IMAX in a report on Friday. Barrington Research upped their price target on IMAX from $32.00 to $37.00 and gave the company an “outperform” rating in a report on Friday, September 19th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of IMAX in a report on Wednesday, October 8th. Wedbush boosted 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. Finally, Wells Fargo & Company boosted 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. Nine investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $34.70.

IMAX Stock Performance

NYSE IMAX opened at $31.19 on Friday. The stock has a market capitalization of $1.68 billion, a P/E ratio of 51.98, a P/E/G ratio of 2.12 and a beta of 0.62. IMAX has a 1 year low of $19.91 and a 1 year high of $34.14. The business’s fifty day moving average is $29.56 and its two-hundred day moving average is $27.39.

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

Insider Buying and Selling at IMAX

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

Hedge Funds Weigh In On IMAX

Several institutional investors and hedge funds have recently modified their holdings of the stock. Caxton Associates LLP purchased a new position in shares of IMAX during the 2nd quarter valued at $228,000. Tower Research Capital LLC TRC grew its holdings in shares of IMAX by 194.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,148 shares of the company’s stock valued at $116,000 after acquiring an additional 2,740 shares in the last quarter. Orbis Allan Gray Ltd grew its holdings in shares of IMAX by 31.7% during the 2nd quarter. Orbis Allan Gray Ltd now owns 5,113,033 shares of the company’s stock valued at $142,960,000 after acquiring an additional 1,230,267 shares in the last quarter. HRT Financial LP grew its holdings in shares of IMAX by 145.5% during the 2nd quarter. HRT Financial LP now owns 103,271 shares of the company’s stock valued at $2,887,000 after acquiring an additional 61,200 shares in the last quarter. Finally, Engineers Gate Manager LP grew its holdings in shares of IMAX by 152.3% during the 2nd quarter. Engineers Gate Manager LP now owns 20,491 shares of the company’s stock valued at $573,000 after acquiring an additional 12,369 shares in the last quarter. 93.51% of the stock is currently owned by hedge funds and other institutional investors.

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.