IMAX (NYSE:IMAX) Lowered to “Hold” Rating by StockNews.com

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

Several other research analysts have also recently issued reports on the company. JPMorgan Chase & Co. increased their price objective on IMAX from $20.00 to $21.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. Rosenblatt Securities reissued a “buy” rating and set a $28.00 price target on shares of IMAX in a research report on Thursday, October 31st. Barrington Research restated an “outperform” rating and issued a $24.00 price objective on shares of IMAX in a report on Thursday, October 31st. Seaport Res Ptn raised shares of IMAX to a “strong-buy” rating in a research note on Wednesday, July 24th. Finally, Macquarie raised their target price on shares of IMAX from $24.00 to $26.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $24.22.

IMAX Trading Down 0.7 %

Shares of IMAX opened at $24.60 on Thursday. The firm has a fifty day moving average price of $21.68 and a 200-day moving average price of $19.43. The firm has a market capitalization of $1.30 billion, a P/E ratio of 55.90, a P/E/G ratio of 1.63 and a beta of 1.22. IMAX has a 12-month low of $13.20 and a 12-month high of $25.28.

IMAX (NYSE:IMAX) last released its quarterly earnings data 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. The company had revenue of $91.50 million during the quarter, compared to analysts’ expectations of $93.71 million. IMAX had a net margin of 6.74% and a return on equity of 7.53%. The firm’s quarterly revenue was down 11.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.27 EPS. Analysts predict that IMAX will post 0.76 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of IMAX. FMR LLC grew its holdings in IMAX by 108.4% in the third quarter. FMR LLC now owns 3,949,643 shares of the company’s stock worth $81,007,000 after purchasing an additional 2,054,031 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in IMAX by 33.1% in the second quarter. Victory Capital Management Inc. now owns 1,293,221 shares of the company’s stock worth $21,687,000 after acquiring an additional 321,506 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of IMAX by 90.6% during the second quarter. Bank of New York Mellon Corp now owns 587,694 shares of the company’s stock worth $9,856,000 after acquiring an additional 279,410 shares during the last quarter. Castleark Management LLC acquired a new position in shares of IMAX during the third quarter valued at about $5,199,000. Finally, Pier Capital LLC acquired a new stake in IMAX in the 3rd quarter worth approximately $4,221,000. Hedge funds and other 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.