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

IMAX (NYSE:IMAX) was downgraded by research analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research report issued on Friday.

Several other analysts have also recently commented on the company. Wedbush lifted their price target on IMAX from $34.00 to $35.00 and gave the company an “outperform” rating in a report on Friday, July 25th. Wells Fargo & Company lifted their price target on IMAX from $30.00 to $34.00 and gave the company an “overweight” rating in a report on Friday, July 25th. Benchmark lifted their price target on IMAX from $30.00 to $32.00 and gave the company a “buy” rating in a report on Friday, July 25th. Rosenblatt Securities lifted their price target on IMAX from $35.00 to $37.00 and gave the company a “buy” rating in a report on Friday, July 25th. Finally, The Goldman Sachs Group reiterated a “sell” rating on shares of IMAX in a report on Friday, July 25th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $32.80.

IMAX Trading Up 3.9%

IMAX stock opened at $26.9950 on Friday. The stock has a market cap of $1.45 billion, a PE ratio of 44.99, a P/E/G ratio of 1.79 and a beta of 0.81. The stock has a 50-day moving average price of $26.93 and a 200 day moving average price of $26.03. IMAX has a 52 week low of $18.76 and a 52 week high of $29.66.

IMAX (NYSE:IMAX) last posted its quarterly earnings data on Thursday, July 24th. The company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.07. The firm had revenue of $91.68 million during the quarter, compared to analysts’ expectations of $93.04 million. IMAX had a return on equity of 8.62% and a net margin of 9.04%.The firm’s quarterly revenue was up 3.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.18 EPS. On average, equities analysts predict that IMAX will post 0.91 EPS for the current year.

IMAX announced that its Board of Directors has initiated a stock repurchase program on Thursday, June 12th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to purchase up to 6.5% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In related news, insider Kenneth Ian Weissman sold 15,072 shares of the stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $25.65, for a total transaction of $386,596.80. Following the completion of the transaction, the insider directly owned 26,133 shares in the company, valued at approximately $670,311.45. This trade represents a 36.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 23.18% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Caxton Associates LLP acquired a new position in IMAX during the second quarter valued at approximately $228,000. Tower Research Capital LLC TRC lifted its holdings in IMAX by 194.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,148 shares of the company’s stock valued at $116,000 after purchasing an additional 2,740 shares during the last quarter. Orbis Allan Gray Ltd lifted its holdings in IMAX by 31.7% during the 2nd quarter. Orbis Allan Gray Ltd now owns 5,113,033 shares of the company’s stock valued at $142,960,000 after purchasing an additional 1,230,267 shares during the last quarter. HRT Financial LP lifted its holdings in IMAX by 145.5% during the 2nd quarter. HRT Financial LP now owns 103,271 shares of the company’s stock valued at $2,887,000 after purchasing an additional 61,200 shares during the last quarter. Finally, Engineers Gate Manager LP lifted its holdings in IMAX by 152.3% during the 2nd quarter. Engineers Gate Manager LP now owns 20,491 shares of the company’s stock valued at $573,000 after purchasing an additional 12,369 shares during the last quarter. 93.51% of the stock is owned by institutional investors and hedge funds.

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.