IMAX (NYSE:IMAX) Upgraded at StockNews.com

IMAX (NYSE:IMAX) was upgraded by equities research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday.

Other equities analysts also recently issued reports about the company. Benchmark upped their price target on IMAX from $27.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. JPMorgan Chase & Co. upped their target price on IMAX from $20.00 to $21.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. Barrington Research reissued an “outperform” rating and issued a $24.00 price target on shares of IMAX in a report on Thursday, October 31st. Rosenblatt Securities restated a “buy” rating and set a $28.00 price objective on shares of IMAX in a report on Thursday, October 31st. Finally, Wedbush reiterated an “outperform” rating on shares of IMAX in a research note on Wednesday, November 27th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $25.11.

IMAX Stock Up 3.4 %

Shares of IMAX stock opened at $25.60 on Thursday. The firm has a market cap of $1.35 billion, a price-to-earnings ratio of 58.18, a PEG ratio of 1.69 and a beta of 1.23. IMAX has a 52-week low of $13.20 and a 52-week high of $26.84. The company’s 50 day moving average is $24.70 and its 200 day moving average is $21.30.

IMAX (NYSE:IMAX) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.12. IMAX had a return on equity of 7.53% and a net margin of 6.74%. The business had revenue of $91.50 million for the quarter, compared to the consensus estimate of $93.71 million. During the same period last year, the business posted $0.27 EPS. The business’s revenue was down 11.9% compared to the same quarter last year. Analysts anticipate that IMAX will post 0.77 EPS for the current fiscal year.

Insider Transactions at IMAX

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

Institutional Trading of IMAX

Institutional investors have recently bought and sold shares of the business. Bank of New York Mellon Corp grew its position in shares of IMAX by 90.6% in the second quarter. Bank of New York Mellon Corp now owns 587,694 shares of the company’s stock valued at $9,856,000 after purchasing an additional 279,410 shares during the period. Principal Financial Group Inc. increased its stake in IMAX by 18.5% during the 2nd quarter. Principal Financial Group Inc. now owns 63,818 shares of the company’s stock worth $1,070,000 after buying an additional 9,974 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of IMAX by 33.1% during the second quarter. Victory Capital Management Inc. now owns 1,293,221 shares of the company’s stock valued at $21,687,000 after acquiring an additional 321,506 shares during the last quarter. Foundry Partners LLC raised its holdings in shares of IMAX by 46.8% during the second quarter. Foundry Partners LLC now owns 182,200 shares of the company’s stock valued at $3,055,000 after acquiring an additional 58,115 shares during the last quarter. Finally, Wedbush Securities Inc. lifted its position in shares of IMAX by 112.7% in the second quarter. Wedbush Securities Inc. now owns 29,651 shares of the company’s stock valued at $497,000 after acquiring an additional 15,712 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.