IMAX (NYSE:IMAX) Lowered to “Hold” Rating by StockNews.com

IMAX (NYSE:IMAX) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Friday.

IMAX has been the topic of several other research reports. Wedbush reaffirmed an “outperform” rating on shares of IMAX in a research note on Wednesday. Roth Mkm boosted their target price on shares of IMAX from $27.00 to $28.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Barrington Research reiterated an “outperform” rating and set a $24.00 target price on shares of IMAX in a research report on Thursday, October 31st. JPMorgan Chase & Co. lifted their price target on shares of IMAX from $20.00 to $21.00 and gave the company a “neutral” rating in a report on Monday, October 14th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $28.00 price objective on shares of IMAX in a research note on Thursday, October 31st. One analyst has rated the stock with a sell rating, two have issued a hold rating, seven have assigned 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 a consensus target price of $24.22.

IMAX Stock Performance

NYSE:IMAX opened at $26.32 on Friday. The company has a market capitalization of $1.39 billion, a price-to-earnings ratio of 59.77, a PEG ratio of 1.66 and a beta of 1.22. The company has a 50-day moving average of $22.31 and a 200-day moving average of $19.80. IMAX has a 52 week low of $13.20 and a 52 week high of $26.54.

IMAX (NYSE:IMAX) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $93.71 million. During the same quarter last year, the company earned $0.27 earnings per share. The company’s revenue for the quarter was down 11.9% compared to the same quarter last year. Sell-side analysts forecast that IMAX will post 0.78 EPS for the current year.

Institutional Trading of IMAX

Several hedge funds have recently modified their holdings of the stock. FMR LLC increased its position in IMAX by 108.4% in the third quarter. FMR LLC now owns 3,949,643 shares of the company’s stock worth $81,007,000 after purchasing an additional 2,054,031 shares during the period. Victory Capital Management Inc. lifted its stake in shares of IMAX by 33.1% in the 2nd quarter. Victory Capital Management Inc. now owns 1,293,221 shares of the company’s stock valued at $21,687,000 after purchasing an additional 321,506 shares during the period. Bank of New York Mellon Corp boosted its position in shares of IMAX by 90.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 587,694 shares of the company’s stock worth $9,856,000 after purchasing an additional 279,410 shares during the last quarter. Castleark Management LLC acquired a new stake in shares of IMAX during the third quarter worth $5,199,000. Finally, Pier Capital LLC bought a new stake in IMAX in the third quarter valued at about $4,221,000. 93.51% of the stock is owned by 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.