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

Wall Street Zen downgraded shares of IMAX (NYSE:IMAX) from a strong-buy rating to a buy rating in a report released on Friday.

Several other equities analysts have also issued reports on IMAX. Barrington Research boosted their target price on shares of IMAX from $37.00 to $42.00 and gave the company an “outperform” rating in a report on Monday, December 8th. B. Riley reissued a “buy” rating on shares of IMAX in a research report on Monday, December 8th. Roth Mkm restated a “buy” rating and set a $42.00 target price on shares of IMAX in a research report on Monday, December 8th. Wells Fargo & Company raised their target price on IMAX from $40.00 to $47.00 and gave the stock an “overweight” rating in a research note on Thursday, December 18th. Finally, The Goldman Sachs Group upgraded IMAX from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $22.00 to $34.00 in a report on Tuesday, November 25th. Ten equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, IMAX presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.70.

IMAX Stock Performance

NYSE:IMAX opened at $34.60 on Friday. IMAX has a fifty-two week low of $20.48 and a fifty-two week high of $39.98. The company has a 50 day simple moving average of $36.49 and a two-hundred day simple moving average of $32.26. The company has a market capitalization of $1.86 billion, a PE ratio of 48.73, a P/E/G ratio of 1.76 and a beta of 0.37.

IMAX (NYSE:IMAX) last issued its quarterly earnings results on Thursday, October 23rd. The company reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.16. IMAX had a net margin of 10.47% and a return on equity of 9.91%. The firm had revenue of $106.65 million for the quarter, compared to the consensus estimate of $102.88 million. During the same quarter in the previous year, the company earned $0.35 EPS. The company’s revenue for the quarter was up 16.6% on a year-over-year basis. Research analysts predict that IMAX will post 0.91 EPS for the current year.

Insider Buying and Selling

In other IMAX news, VP Robert D. Lister sold 50,143 shares of the stock in a transaction that occurred on Friday, November 7th. The stock was sold at an average price of $34.67, for a total value of $1,738,457.81. Following the transaction, the vice president owned 161,421 shares in the company, valued at approximately $5,596,466.07. This represents a 23.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Giovanni M. Dolci sold 6,188 shares of the business’s stock in a transaction that occurred on Monday, November 10th. The shares were sold at an average price of $34.25, for a total value of $211,939.00. Following the sale, the executive vice president owned 33,000 shares of the company’s stock, valued at approximately $1,130,250. This represents a 15.79% decrease in their position. The SEC filing for this sale provides additional information. 23.18% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. CIBC Private Wealth Group LLC acquired a new position in shares of IMAX during the third quarter valued at about $27,000. TD Waterhouse Canada Inc. boosted its stake in IMAX by 125.0% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 900 shares of the company’s stock valued at $25,000 after purchasing an additional 500 shares during the last quarter. Jones Financial Companies Lllp increased its holdings in IMAX by 43.8% during the 3rd quarter. Jones Financial Companies Lllp now owns 1,041 shares of the company’s stock worth $34,000 after purchasing an additional 317 shares in the last quarter. First Horizon Corp purchased a new stake in shares of IMAX in the third quarter worth approximately $34,000. Finally, Clearstead Advisors LLC purchased a new stake in shares of IMAX in the third quarter worth approximately $35,000. Institutional investors and hedge funds own 93.51% of the company’s stock.

About IMAX

IMAX Corporation is a global leader in immersive entertainment technologies, specializing in the design, manufacture and distribution of high-resolution cameras, projectors, and proprietary software solutions that enhance both film production and theatrical exhibition. The company licenses its premium large-format system to theatre owners and filmmakers around the world, enabling audiences to experience movies with greater clarity, scale and sound fidelity. IMAX also offers turnkey theatre development services, assisting cinema operators with auditorium design, installation and custom branding to optimize the customer experience.

Founded in 1967 and headquartered in Mississauga, Ontario, IMAX has built a reputation for pioneering film-format innovations, including its patented dual 15-perforation, 70-millimeter projection system.