IMAX (NYSE:IMAX) Rating Lowered to Hold at 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 Friday.

A number of other research firms also recently weighed in on IMAX. Rosenblatt Securities reaffirmed a “buy” rating and set a $28.00 price target on shares of IMAX in a research note on Thursday, October 31st. Barrington Research reaffirmed an “outperform” rating and set a $24.00 price objective on shares of IMAX in a research report on Thursday, October 31st. JPMorgan Chase & Co. boosted 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. Roth Mkm increased their price target on shares of IMAX from $27.00 to $28.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Finally, Wedbush reaffirmed an “outperform” rating on shares of IMAX in a research note on Wednesday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $24.22.

IMAX Stock Performance

Shares of IMAX opened at $26.32 on Friday. The company has a market capitalization of $1.39 billion, a PE ratio of 59.77, a PEG ratio of 1.66 and a beta of 1.22. The company’s 50 day moving average price is $22.31 and its 200 day moving average price is $19.80. IMAX has a 52 week low of $13.20 and a 52 week high of $26.54.

IMAX (NYSE:IMAX) last posted its quarterly 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 business had revenue of $91.50 million for the quarter, compared to analysts’ expectations of $93.71 million. IMAX had a net margin of 6.74% and a return on equity of 7.53%. IMAX’s revenue was down 11.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.27 EPS. On average, equities analysts forecast that IMAX will post 0.78 earnings per share for the current fiscal year.

Institutional Investors Weigh In On IMAX

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in IMAX by 13.2% during the first quarter. Vanguard Group Inc. now owns 584,795 shares of the company’s stock worth $9,456,000 after acquiring an additional 68,155 shares during the period. Victory Capital Management Inc. increased its holdings in shares of IMAX by 33.1% during the 2nd quarter. Victory Capital Management Inc. now owns 1,293,221 shares of the company’s stock worth $21,687,000 after purchasing an additional 321,506 shares during the period. Mizuho Markets Americas LLC raised its position in shares of IMAX by 47.5% during the third quarter. Mizuho Markets Americas LLC now owns 387,689 shares of the company’s stock valued at $7,952,000 after buying 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 valued at $2,013,000 after buying an additional 43,584 shares during the period. Finally, Bank of New York Mellon Corp grew its position in IMAX by 90.6% during the second 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 in 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.