StockNews.com Downgrades IMAX (NYSE:IMAX) to Hold

StockNews.com lowered shares of IMAX (NYSE:IMAX) from a buy rating to a hold rating in a report released on Tuesday morning.

A number of other analysts have also recently weighed in on the stock. Roth Mkm upped their price target on shares of IMAX from $27.00 to $28.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. JPMorgan Chase & Co. upped their price target on shares of IMAX from $20.00 to $21.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Rosenblatt Securities reaffirmed a “buy” rating and set a $28.00 price target on shares of IMAX in a research report on Thursday, October 31st. Barrington Research reaffirmed an “outperform” rating and set a $30.00 price target on shares of IMAX in a research report on Friday, January 10th. Finally, Wedbush reaffirmed an “outperform” rating on shares of IMAX in a research report on Wednesday, November 27th. Two analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $27.38.

IMAX Stock Up 1.3 %

IMAX stock opened at $23.10 on Tuesday. The company has a market cap of $1.22 billion, a price-to-earnings ratio of 52.50, a PEG ratio of 1.69 and a beta of 1.24. The business has a fifty day simple moving average of $25.01 and a 200-day simple moving average of $21.74. IMAX has a 52 week low of $13.20 and a 52 week high of $26.84.

IMAX (NYSE:IMAX) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.12. The business had revenue of $91.50 million during the quarter, compared to the consensus estimate of $93.71 million. IMAX had a return on equity of 7.53% and a net margin of 6.74%. The business’s revenue for the quarter was down 11.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.27 EPS. As a group, analysts expect that IMAX will post 0.77 earnings per share for the current fiscal year.

Insider Buying and Selling at IMAX

In other news, insider Kenneth Ian Weissman sold 6,309 shares of the company’s 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 sale, the insider now owns 25,139 shares in the company, valued at approximately $641,295.89. This represents a 20.06 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Robert D. Lister sold 55,910 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $25.50, for a total transaction of $1,425,705.00. Following the completion of the sale, the executive vice president now owns 138,889 shares in the company, valued at approximately $3,541,669.50. This trade represents a 28.70 % 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 in the last ninety days. Insiders own 24.08% of the company’s stock.

Institutional Investors Weigh In On IMAX

A number of institutional investors have recently modified their holdings of IMAX. Huntington National Bank acquired a new stake in IMAX during the third quarter worth about $34,000. Headlands Technologies LLC acquired a new stake in IMAX during the second quarter worth about $35,000. Quarry LP raised its stake in IMAX by 78,333.3% during the third quarter. Quarry LP now owns 2,353 shares of the company’s stock worth $48,000 after acquiring an additional 2,350 shares during the period. nVerses Capital LLC acquired a new stake in IMAX during the third quarter worth about $70,000. Finally, US Bancorp DE raised its stake in IMAX by 23.4% during the third quarter. US Bancorp DE now owns 7,656 shares of the company’s stock worth $157,000 after acquiring an additional 1,452 shares during the period. 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.