IMAX (NYSE:IMAX) Upgraded by StockNews.com to “Buy” Rating

IMAX (NYSE:IMAX) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday.

IMAX has been the subject of a number of other research reports. Benchmark boosted their target price on IMAX from $27.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Barrington Research reissued an “outperform” rating and set a $24.00 price objective on shares of IMAX in a report on Thursday, October 31st. Wedbush reaffirmed an “outperform” rating on shares of IMAX in a research note on Wednesday, November 27th. Roth Mkm boosted their price target on shares of IMAX from $27.00 to $28.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Finally, JPMorgan Chase & Co. raised their price objective on shares of IMAX from $20.00 to $21.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, IMAX presently has an average rating of “Moderate Buy” and an average target price of $25.11.

IMAX Stock Up 3.5 %

Shares of NYSE:IMAX opened at $25.26 on Tuesday. The firm has a market cap of $1.33 billion, a P/E ratio of 57.41, a P/E/G ratio of 1.69 and a beta of 1.23. IMAX has a 12 month low of $13.20 and a 12 month high of $26.84. The company’s 50-day moving average price is $24.25 and its two-hundred day moving average price is $20.95.

IMAX (NYSE:IMAX) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.35 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 business had revenue of $91.50 million for the quarter, compared to analysts’ expectations of $93.71 million. During the same period in the prior year, the firm earned $0.27 earnings per share. IMAX’s revenue was down 11.9% compared to the same quarter last year. As a group, equities analysts predict that IMAX will post 0.77 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other IMAX news, EVP Robert D. Lister sold 55,910 shares of the stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $25.50, for a total value of $1,425,705.00. Following the completion of the sale, the executive vice president now directly owns 138,889 shares in the company, valued at $3,541,669.50. This represents a 28.70 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Natasha Fernandes sold 2,957 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $25.52, for a total transaction of $75,462.64. Following the sale, the chief financial officer now owns 14,883 shares in the company, valued at $379,814.16. This trade represents a 16.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 65,176 shares of company stock worth $1,662,110. Company insiders own 24.08% of the company’s stock.

Institutional Investors Weigh In On IMAX

Several institutional investors have recently added to or reduced their stakes in the stock. FMR LLC increased its holdings in IMAX by 108.4% during the 3rd 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 in the last quarter. Royce & Associates LP boosted its position in shares of IMAX by 3.1% during the third quarter. Royce & Associates LP now owns 1,822,616 shares of the company’s stock worth $37,382,000 after buying an additional 54,850 shares during the period. Victory Capital Management Inc. grew its holdings in shares of IMAX by 9.8% during the third quarter. Victory Capital Management Inc. now owns 1,420,592 shares of the company’s stock worth $29,136,000 after buying an additional 127,371 shares in the last quarter. Thrivent Financial for Lutherans raised its position in IMAX by 5.5% in the 2nd quarter. Thrivent Financial for Lutherans now owns 819,325 shares of the company’s stock valued at $13,740,000 after buying an additional 42,952 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in IMAX by 90.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 587,694 shares of the company’s stock valued at $9,856,000 after buying an additional 279,410 shares during the last quarter. 93.51% of the stock is owned by institutional investors.

About IMAX

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.