IMAX (NYSE:IMAX) Upgraded at StockNews.com

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

IMAX has been the topic of a number of other research reports. Wedbush reaffirmed an “outperform” rating on shares of IMAX in a research note on Wednesday, November 27th. Benchmark increased their target price on IMAX from $27.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Barrington Research reiterated an “outperform” rating and set a $24.00 price objective on shares of IMAX in a research note on Thursday, October 31st. Rosenblatt Securities reissued a “buy” rating and issued a $28.00 price objective on shares of IMAX in a research report on Thursday, October 31st. Finally, JPMorgan Chase & Co. raised their price objective on IMAX from $20.00 to $21.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $25.11.

IMAX Trading Up 0.1 %

Shares of IMAX opened at $25.13 on Thursday. The firm has a market capitalization of $1.32 billion, a PE ratio of 57.11, a P/E/G ratio of 1.69 and a beta of 1.23. The stock’s 50 day moving average is $24.90 and its two-hundred day moving average is $21.43. IMAX has a twelve month low of $13.20 and a twelve month high of $26.84.

IMAX (NYSE:IMAX) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.23 by $0.12. The business had revenue of $91.50 million for the quarter, compared to analyst estimates of $93.71 million. IMAX had a return on equity of 7.53% and a net margin of 6.74%. The company’s quarterly revenue was down 11.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.27 EPS. On average, sell-side analysts predict that IMAX will post 0.77 EPS for the current year.

Insider Activity

In other news, CFO Natasha Fernandes sold 2,957 shares of IMAX stock in a transaction on Monday, December 9th. The stock was sold at an average price of $25.52, for a total transaction of $75,462.64. Following the transaction, the chief financial officer now owns 14,883 shares in the company, valued at approximately $379,814.16. The trade was a 16.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Kenneth Ian Weissman sold 6,309 shares of IMAX stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $25.51, for a total value of $160,942.59. Following the transaction, the insider now directly owns 25,139 shares in the company, valued at approximately $641,295.89. This trade represents a 20.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 65,176 shares of company stock valued at $1,662,110 over the last three months. Insiders own 24.08% of the company’s stock.

Hedge Funds Weigh In On IMAX

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Lord Abbett & CO. LLC acquired a new stake in shares of IMAX in the third quarter worth about $6,322,000. Public Employees Retirement System of Ohio bought a new stake in IMAX during the third quarter worth approximately $1,555,000. Pier Capital LLC acquired a new position in IMAX during the third quarter valued at approximately $4,221,000. Castleark Management LLC acquired a new stake in shares of IMAX in the third quarter worth $5,199,000. Finally, Systematic Financial Management LP acquired a new position in IMAX in the 3rd quarter valued at $838,000. Institutional investors own 93.51% of the company’s stock.

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.