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

StockNews.com downgraded shares of IMAX (NYSE:IMAX) from a buy rating to a hold rating in a research report sent to investors on Friday.

A number of other analysts also recently issued reports on IMAX. JPMorgan Chase & Co. increased their target price 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 reissued a “buy” rating and issued a $28.00 target price on shares of IMAX in a research note on Thursday, October 31st. Wedbush reaffirmed an “outperform” rating on shares of IMAX in a research report on Wednesday. Roth Mkm increased their price target on IMAX from $27.00 to $28.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Finally, Barrington Research restated an “outperform” rating and set a $24.00 price objective on shares of IMAX in a research note on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, IMAX presently has a consensus rating of “Moderate Buy” and an average price target of $24.22.

IMAX Stock Up 1.0 %

Shares of IMAX opened at $26.30 on Friday. IMAX has a fifty-two week low of $13.20 and a fifty-two week high of $26.54. The company’s fifty day moving average is $22.18 and its two-hundred day moving average is $19.74. The firm has a market cap of $1.39 billion, a PE ratio of 59.77, a price-to-earnings-growth ratio of 1.66 and a beta of 1.22.

IMAX (NYSE:IMAX) last issued its earnings results on Wednesday, October 30th. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.12. The firm had revenue of $91.50 million for the quarter, compared to analysts’ expectations 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 quarter last year, the firm earned $0.27 earnings per share. As a group, equities research analysts anticipate that IMAX will post 0.78 earnings per share for the current year.

Hedge Funds Weigh In On IMAX

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in IMAX by 13.2% during the first quarter. Vanguard Group Inc. now owns 584,795 shares of the company’s stock valued at $9,456,000 after purchasing an additional 68,155 shares in the last quarter. Victory Capital Management Inc. increased its position in IMAX by 33.1% during the second quarter. Victory Capital Management Inc. now owns 1,293,221 shares of the company’s stock worth $21,687,000 after buying an additional 321,506 shares during the last quarter. Mizuho Markets Americas LLC increased its holdings in shares of IMAX by 47.5% during the 3rd quarter. Mizuho Markets Americas LLC now owns 387,689 shares of the company’s stock valued at $7,952,000 after acquiring an additional 124,811 shares during the last quarter. American Century Companies Inc. lifted its stake in shares of IMAX by 57.0% in the second quarter. American Century Companies Inc. now owns 120,021 shares of the company’s stock worth $2,013,000 after buying an additional 43,584 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of IMAX by 90.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 587,694 shares of the company’s stock worth $9,856,000 after buying an additional 279,410 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.