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

StockNews.com upgraded shares of IMAX (NYSE:IMAX) from a hold rating to a buy rating in a research note published on Monday morning.

IMAX has been the subject of several other reports. Wedbush reiterated an “outperform” rating and issued a $32.00 price target on shares of IMAX in a research note on Thursday, February 20th. Wells Fargo & Company increased their price objective on shares of IMAX from $26.00 to $32.00 and gave the company an “overweight” rating in a research report on Thursday, February 20th. Macquarie increased their price objective on shares of IMAX from $28.00 to $30.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. JPMorgan Chase & Co. increased their price objective on shares of IMAX from $25.00 to $27.00 and gave the company a “neutral” rating in a research report on Friday, February 21st. Finally, Barrington Research increased their price objective on shares of IMAX from $30.00 to $32.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. One investment analyst has rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $30.67.

IMAX Price Performance

Shares of IMAX stock opened at $24.83 on Monday. The company has a 50-day moving average of $24.75 and a 200 day moving average of $23.31. The firm has a market cap of $1.32 billion, a price-to-earnings ratio of 50.66, a PEG ratio of 1.49 and a beta of 1.22. IMAX has a 1 year low of $14.94 and a 1 year high of $27.77.

IMAX (NYSE:IMAX) last issued its quarterly earnings results on Wednesday, February 19th. The company reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by ($0.14). The business had revenue of $92.67 million during the quarter, compared to the consensus estimate of $104.08 million. IMAX had a return on equity of 8.60% and a net margin of 7.40%. On average, equities analysts anticipate that IMAX will post 0.91 EPS for the current year.

Insider Activity

In other news, insider Kenneth Ian Weissman sold 6,309 shares of the firm’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $25.51, for a total transaction of $160,942.59. Following the sale, the insider now owns 25,139 shares of the company’s stock, valued at $641,295.89. This trade represents a 20.06 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Robert D. Lister sold 55,910 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $25.50, for a total transaction of $1,425,705.00. Following the completion of the transaction, the executive vice president now directly owns 138,889 shares in the company, valued at approximately $3,541,669.50. The trade was a 28.70 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 65,176 shares of company stock valued at $1,662,110 in the last 90 days. 24.08% of the stock is currently owned by insiders.

Hedge Funds Weigh In On IMAX

A number of institutional investors and hedge funds have recently made changes to their positions in IMAX. US Bancorp DE boosted its holdings in shares of IMAX by 23.4% in the third quarter. US Bancorp DE now owns 7,656 shares of the company’s stock worth $157,000 after buying an additional 1,452 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of IMAX by 9.8% in 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 during the last quarter. Huntington National Bank purchased a new position in shares of IMAX in the third quarter worth approximately $34,000. Royce & Associates LP boosted its holdings in shares of IMAX by 3.1% in 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 last quarter. Finally, Mizuho Markets Americas LLC boosted its holdings in shares of IMAX by 47.5% in the third quarter. Mizuho Markets Americas LLC now owns 387,689 shares of the company’s stock worth $7,952,000 after buying an additional 124,811 shares during the last quarter. Hedge funds and other institutional investors own 93.51% of the company’s stock.

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.