IMAX (NYSE:IMAX) Downgraded by Wall Street Zen to Buy

IMAX (NYSE:IMAX) was downgraded by equities researchers at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a note issued to investors on Friday.

Other equities research analysts also recently issued research reports about the stock. Wedbush lifted their price target on shares of IMAX from $39.00 to $46.00 and gave the stock an “outperform” rating in a research note on Monday, December 8th. B. Riley reaffirmed a “buy” rating on shares of IMAX in a research report on Monday, December 8th. Rosenblatt Securities increased their price target on IMAX from $42.00 to $47.00 and gave the company a “buy” rating in a report on Monday, December 8th. Barrington Research raised their price objective on IMAX from $37.00 to $42.00 and gave the company an “outperform” rating in a research note on Monday, December 8th. Finally, Benchmark restated a “buy” rating on shares of IMAX in a report on Monday, January 5th. Ten investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, IMAX has a consensus rating of “Moderate Buy” and an average price target of $42.70.

IMAX Price Performance

NYSE IMAX traded down $0.79 on Friday, reaching $34.60. The company had a trading volume of 1,101,344 shares, compared to its average volume of 1,125,176. IMAX has a 1 year low of $20.48 and a 1 year high of $39.98. The firm has a 50-day moving average of $36.49 and a 200-day moving average of $32.26. The firm has a market capitalization of $1.86 billion, a PE ratio of 48.73, a P/E/G ratio of 1.76 and a beta of 0.37.

IMAX (NYSE:IMAX) last posted its earnings results on Thursday, October 23rd. The company reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.16. The business had revenue of $106.65 million for the quarter, compared to analysts’ expectations of $102.88 million. IMAX had a net margin of 10.47% and a return on equity of 9.91%. The business’s revenue for the quarter was up 16.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.35 earnings per share. As a group, sell-side analysts expect that IMAX will post 0.91 EPS for the current fiscal year.

Insider Activity

In related news, VP Robert D. Lister sold 50,143 shares of the business’s stock in a transaction dated Friday, November 7th. The stock was sold at an average price of $34.67, for a total value of $1,738,457.81. Following the completion of the sale, the vice president directly owned 161,421 shares of the company’s stock, valued at $5,596,466.07. The trade was a 23.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Giovanni M. Dolci sold 6,188 shares of the company’s stock in a transaction that occurred on Monday, November 10th. The shares were sold at an average price of $34.25, for a total value of $211,939.00. Following the sale, the executive vice president owned 33,000 shares in the company, valued at $1,130,250. The trade was a 15.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 23.18% of the stock is owned by insiders.

Hedge Funds Weigh In On IMAX

Several large investors have recently added to or reduced their stakes in IMAX. JPMorgan Chase & Co. raised its position in shares of IMAX by 10.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,029,602 shares of the company’s stock worth $28,788,000 after purchasing an additional 101,048 shares during the period. Aurora Investment Counsel bought a new position in IMAX during the 2nd quarter worth $1,955,000. Harbor Capital Advisors Inc. acquired a new stake in IMAX in the third quarter worth $897,000. Pembroke Management LTD increased its position in IMAX by 18.4% in the third quarter. Pembroke Management LTD now owns 516,622 shares of the company’s stock worth $16,919,000 after buying an additional 80,229 shares during the period. Finally, RWA Wealth Partners LLC bought a new stake in IMAX in the second quarter valued at $701,000. 93.51% of the stock is currently owned by institutional investors.

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.