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 report released on Tuesday.

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

IMAX Trading Up 3.5 %

Shares of NYSE:IMAX opened at $25.26 on Tuesday. The firm has a 50 day moving average of $24.16 and a 200-day moving average of $20.92. IMAX has a 12 month low of $13.20 and a 12 month high of $26.84. The stock has a market capitalization of $1.33 billion, a PE ratio of 57.41, a PEG ratio of 1.69 and a beta of 1.23.

IMAX (NYSE:IMAX) last released its 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 firm had revenue of $91.50 million for the quarter, compared to analysts’ expectations of $93.71 million. During the same quarter in the previous year, the business posted $0.27 earnings per share. The business’s revenue for the quarter was down 11.9% on a year-over-year basis. On average, research analysts predict that IMAX will post 0.77 EPS for the current fiscal year.

Insider Buying and Selling at IMAX

In other news, insider Kenneth Ian Weissman sold 6,309 shares of the firm’s 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 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 filing with the SEC, which is available through this link. Also, CFO Natasha Fernandes sold 2,957 shares of the business’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $25.52, for a total transaction of $75,462.64. Following the transaction, the chief financial officer now owns 14,883 shares in the company, valued at $379,814.16. The trade was a 16.58 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 65,176 shares of company stock valued at $1,662,110. 24.08% of the stock is currently owned by insiders.

Institutional Investors Weigh In On IMAX

Several hedge funds and other institutional investors have recently modified their holdings of IMAX. Lord Abbett & CO. LLC bought a new position in shares of IMAX in the third quarter valued at $6,322,000. Public Employees Retirement System of Ohio acquired a new stake in shares of IMAX in the 3rd quarter worth about $1,555,000. Pier Capital LLC bought a new position in IMAX in the 3rd quarter valued at about $4,221,000. Castleark Management LLC acquired a new position in IMAX during the 3rd quarter valued at about $5,199,000. Finally, Systematic Financial Management LP bought a new stake in IMAX during the 3rd quarter worth approximately $838,000. 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.