IMAX (NYSE:IMAX) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of IMAX (NYSE:IMAX) from a hold rating to a buy rating in a research note published on Saturday,Wall Street Zen reports.

Several other research analysts also recently commented on IMAX. HC Wainwright reaffirmed a “buy” rating on shares of IMAX in a report on Friday, July 24th. The Goldman Sachs Group increased their price target on IMAX from $42.00 to $50.00 and gave the company a “neutral” rating in a research note on Friday. Benchmark restated a “buy” rating on shares of IMAX in a research report on Monday, June 22nd. Weiss Ratings raised IMAX from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, July 16th. Finally, B. Riley Financial upped their target price on IMAX from $52.00 to $61.00 and gave the company a “buy” rating in a report on Monday, August 24th. Ten research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $54.00.

IMAX Price Performance

IMAX opened at $51.72 on Friday. IMAX has a fifty-two week low of $28.93 and a fifty-two week high of $55.57. The company’s 50 day moving average price is $46.59 and its two-hundred day moving average price is $41.41. The firm has a market capitalization of $2.84 billion, a price-to-earnings ratio of 71.83, a PEG ratio of 1.60 and a beta of 0.40.

IMAX (NYSE:IMAX) last issued its quarterly earnings results on Thursday, July 23rd. The company reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.30 by $0.13. IMAX had a net margin of 9.84% and a return on equity of 15.47%. The company had revenue of $102.84 million for the quarter, compared to analyst estimates of $96.09 million. During the same quarter in the previous year, the business earned $0.26 earnings per share. IMAX’s revenue was up 12.2% compared to the same quarter last year. As a group, equities research analysts predict that IMAX will post 1.53 EPS for the current year.

Insider Activity

In related news, CFO Natasha Fernandes sold 20,000 shares of IMAX stock in a transaction on Monday, August 24th. The stock was sold at an average price of $54.63, for a total transaction of $1,092,600.00. Following the completion of the sale, the chief financial officer owned 35,596 shares of the company’s stock, valued at approximately $1,944,609.48. This trade represents a 35.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kenneth Weissman sold 8,000 shares of the business’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $54.54, for a total value of $436,320.00. Following the transaction, the insider owned 28,205 shares of the company’s stock, valued at approximately $1,538,300.70. The trade was a 22.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 484,757 shares of company stock worth $25,513,021 in the last three months. Corporate insiders own 20.55% of the company’s stock.

Institutional Investors Weigh In On IMAX

A number of large investors have recently added to or reduced their stakes in the company. AQR Capital Management LLC raised its holdings in IMAX by 47.9% in the first quarter. AQR Capital Management LLC now owns 56,348 shares of the company’s stock worth $1,485,000 after buying an additional 18,238 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in IMAX by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,486 shares of the company’s stock worth $672,000 after buying an additional 1,091 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in IMAX by 7.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 159,714 shares of the company’s stock valued at $4,208,000 after acquiring an additional 11,736 shares during the period. Creative Planning lifted its stake in IMAX by 84.1% during the 2nd quarter. Creative Planning now owns 16,081 shares of the company’s stock valued at $450,000 after acquiring an additional 7,344 shares during the period. Finally, Norges Bank purchased a new stake in shares of IMAX during the 2nd quarter valued at about $709,000. Hedge funds and other institutional investors own 93.51% of the company’s stock.

IMAX Company Profile

IMAX Corporation is a global leader in immersive entertainment technologies, specializing in the design, manufacture and distribution of high-resolution cameras, projectors, and proprietary software solutions that enhance both film production and theatrical exhibition. The company licenses its premium large-format system to theatre owners and filmmakers around the world, enabling audiences to experience movies with greater clarity, scale and sound fidelity. IMAX also offers turnkey theatre development services, assisting cinema operators with auditorium design, installation and custom branding to optimize the customer experience.

Founded in 1967 and headquartered in Mississauga, Ontario, IMAX has built a reputation for pioneering film-format innovations, including its patented dual 15-perforation, 70-millimeter projection system.