StockNews.com Upgrades IMAX (NYSE:IMAX) to “Buy”

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

Several other brokerages have also recently weighed in on IMAX. Roth Mkm increased their price objective 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. JPMorgan Chase & Co. raised their target price on shares of IMAX from $20.00 to $21.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. Benchmark restated a “buy” rating and set a $30.00 target price on shares of IMAX in a research note on Friday, January 17th. Wedbush restated an “outperform” rating and set a $32.00 target price on shares of IMAX in a research note on Friday, January 17th. Finally, Barrington Research restated an “outperform” rating and set a $30.00 target price on shares of IMAX in a research note on Friday, January 10th. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $28.13.

IMAX Stock Up 0.3 %

Shares of NYSE:IMAX opened at $23.26 on Wednesday. The firm’s 50 day moving average price is $24.82 and its 200-day moving average price is $22.00. IMAX has a twelve month low of $13.20 and a twelve month high of $26.84. The stock has a market capitalization of $1.23 billion, a PE ratio of 52.86, a price-to-earnings-growth ratio of 1.28 and a beta of 1.24.

IMAX (NYSE:IMAX) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.12. IMAX had a net margin of 6.74% and a return on equity of 7.53%. The firm had revenue of $91.50 million for the quarter, compared to analysts’ expectations of $93.71 million. During the same quarter in the prior year, the business earned $0.27 EPS. The business’s quarterly revenue was down 11.9% on a year-over-year basis. Analysts expect that IMAX will post 0.75 earnings per share for the current fiscal year.

Insider Buying and Selling at IMAX

In related news, CFO Natasha Fernandes sold 2,957 shares of the firm’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $25.52, for a total value of $75,462.64. Following the completion of the transaction, the chief financial officer now directly owns 14,883 shares of the company’s stock, valued at approximately $379,814.16. This trade represents a 16.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Robert D. Lister sold 55,910 shares of the firm’s stock in a transaction on Monday, December 9th. The shares were 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 of the company’s stock, valued at approximately $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 sold a total of 65,176 shares of company stock valued at $1,662,110 in the last three months. 24.08% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Hedges Asset Management LLC grew its holdings in shares of IMAX by 3.1% in the fourth quarter. Hedges Asset Management LLC now owns 83,600 shares of the company’s stock valued at $2,140,000 after purchasing an additional 2,500 shares in the last quarter. Janney Montgomery Scott LLC grew its holdings in shares of IMAX by 1.9% in the fourth quarter. Janney Montgomery Scott LLC now owns 29,176 shares of the company’s stock valued at $747,000 after purchasing an additional 533 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of IMAX in the fourth quarter valued at $333,000. Lord Abbett & CO. LLC purchased a new position in IMAX during the third quarter worth $6,322,000. Finally, Public Employees Retirement System of Ohio purchased a new position in IMAX during the third quarter worth $1,555,000. 93.51% of the stock is owned by hedge funds and other institutional investors.

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.