IMAX (NYSE:IMAX) Rating Lowered to Hold at StockNews.com

IMAX (NYSE:IMAX) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Thursday.

Several other analysts also recently issued reports on IMAX. Rosenblatt Securities reissued a “buy” rating and set a $28.00 target price on shares of IMAX in a research note on Thursday, October 31st. Wedbush upped their price target on shares of IMAX from $24.00 to $26.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 3rd. Roth Mkm upped their price objective on shares of IMAX from $27.00 to $28.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Barrington Research reiterated an “outperform” rating and issued a $24.00 price objective on shares of IMAX in a report on Thursday, October 31st. Finally, JPMorgan Chase & Co. upped their price objective on shares of IMAX from $20.00 to $21.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $24.22.

IMAX Price Performance

Shares of NYSE:IMAX traded down $0.18 on Thursday, reaching $24.60. 183,768 shares of the company traded hands, compared to its average volume of 761,486. IMAX has a fifty-two week low of $13.20 and a fifty-two week high of $25.28. The company’s 50 day moving average is $21.68 and its 200-day moving average is $19.43. The stock has a market capitalization of $1.30 billion, a PE ratio of 55.90, a P/E/G ratio of 1.63 and a beta of 1.22.

IMAX (NYSE:IMAX) last announced its earnings results on Wednesday, October 30th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.12. IMAX had a net margin of 6.74% and a return on equity of 7.53%. The company had revenue of $91.50 million for the quarter, compared to the consensus estimate of $93.71 million. During the same period in the previous year, the business earned $0.27 EPS. The company’s revenue was down 11.9% on a year-over-year basis. As a group, analysts expect that IMAX will post 0.76 EPS for the current year.

Institutional Trading of IMAX

Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of IMAX by 13.2% in the first quarter. Vanguard Group Inc. now owns 584,795 shares of the company’s stock valued at $9,456,000 after purchasing an additional 68,155 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of IMAX by 33.1% in the second quarter. Victory Capital Management Inc. now owns 1,293,221 shares of the company’s stock valued at $21,687,000 after purchasing an additional 321,506 shares in the last quarter. Mizuho Markets Americas LLC increased its holdings in shares of IMAX by 47.5% in the third quarter. Mizuho Markets Americas LLC now owns 387,689 shares of the company’s stock valued at $7,952,000 after purchasing an additional 124,811 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of IMAX by 57.0% in the second quarter. American Century Companies Inc. now owns 120,021 shares of the company’s stock valued at $2,013,000 after purchasing an additional 43,584 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of IMAX by 90.6% in the second quarter. Bank of New York Mellon Corp now owns 587,694 shares of the company’s stock valued at $9,856,000 after purchasing an additional 279,410 shares in the last quarter. Institutional investors and hedge funds 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.