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

IMAX (NYSE:IMAX) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.

Other equities analysts also recently issued research reports about the company. Barrington Research reiterated an “outperform” rating and set a $30.00 price target on shares of IMAX in a research note on Friday, January 10th. Roth Mkm increased their price target on shares of IMAX from $27.00 to $28.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Benchmark reissued a “buy” rating and issued a $30.00 target price on shares of IMAX in a research report on Friday, January 10th. JPMorgan Chase & Co. lifted their target price on shares of IMAX from $20.00 to $21.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $28.00 price target on shares of IMAX in a research report on Thursday, October 31st. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $27.38.

IMAX Price Performance

Shares of IMAX stock opened at $22.80 on Tuesday. The firm has a market cap of $1.20 billion, a price-to-earnings ratio of 51.82, a PEG ratio of 1.69 and a beta of 1.24. IMAX has a one year low of $13.20 and a one year high of $26.84. The stock’s 50-day moving average is $24.98 and its 200 day moving average is $21.78.

IMAX (NYSE:IMAX) last issued its 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. The company 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 firm’s revenue for the quarter was down 11.9% compared to the same quarter last year. During the same period last year, the business posted $0.27 EPS. On average, sell-side analysts expect that IMAX will post 0.77 EPS for the current fiscal year.

Insider Activity at IMAX

In other news, CFO Natasha Fernandes sold 2,957 shares of the stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $25.52, for a total transaction of $75,462.64. Following the transaction, the chief financial officer now directly owns 14,883 shares in the company, valued at approximately $379,814.16. This represents a 16.58 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Kenneth Ian Weissman sold 6,309 shares of IMAX stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $25.51, for a total transaction of $160,942.59. Following the transaction, the insider now directly owns 25,139 shares in the company, valued at $641,295.89. This trade represents a 20.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 65,176 shares of company stock valued at $1,662,110 over the last three months. 24.08% of the stock is owned by corporate insiders.

Institutional Trading of IMAX

A number of institutional investors have recently made changes to their positions in the stock. Headlands Technologies LLC purchased a new position in shares of IMAX in the second quarter valued at about $35,000. American Century Companies Inc. increased its stake in shares of IMAX by 57.0% during the second quarter. American Century Companies Inc. now owns 120,021 shares of the company’s stock valued at $2,013,000 after purchasing an additional 43,584 shares in the last quarter. XTX Topco Ltd bought a new position in IMAX during the 2nd quarter valued at approximately $208,000. Thrivent Financial for Lutherans increased its stake in IMAX by 5.5% during the 2nd quarter. Thrivent Financial for Lutherans now owns 819,325 shares of the company’s stock valued at $13,740,000 after purchasing an additional 42,952 shares in the last quarter. Finally, Lombard Odier Asset Management USA Corp purchased a new position in IMAX in the second quarter worth about $300,000. 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.