IMAX (NYSE:IMAX) Stock Rating Upgraded by StockNews.com

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

Other equities analysts have also issued reports about the company. Roth Mkm raised their target price on IMAX from $27.00 to $28.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Wedbush reissued an “outperform” rating on shares of IMAX in a research note on Wednesday, November 27th. Barrington Research reaffirmed 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 research report on Monday, October 14th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $28.00 price objective on shares of IMAX in a research note on Thursday, October 31st. 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 assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $25.11.

IMAX Price Performance

Shares of IMAX stock opened at $25.26 on Tuesday. The stock has a 50-day simple moving average of $24.25 and a 200-day simple moving average of $20.95. IMAX has a 52-week low of $13.20 and a 52-week high of $26.84. The firm has a market cap of $1.33 billion, a price-to-earnings ratio of 57.41, a P/E/G ratio of 1.69 and a beta of 1.23.

IMAX (NYSE:IMAX) last posted its earnings results on Wednesday, October 30th. The company reported $0.35 EPS 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 company had revenue of $91.50 million during the quarter, compared to the consensus estimate of $93.71 million. During the same period in the previous year, the firm posted $0.27 earnings per share. The company’s revenue for the quarter was down 11.9% compared to the same quarter last year. As a group, equities research analysts predict that IMAX will post 0.77 earnings per share for the current year.

Insiders Place Their Bets

In related news, EVP Robert D. Lister sold 55,910 shares of the firm’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $25.50, for a total value 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 $3,541,669.50. This trade represents a 28.70 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Kenneth Ian Weissman sold 6,309 shares of the business’s stock in a transaction 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 directly owns 25,139 shares in the company, valued at $641,295.89. This trade represents a 20.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 65,176 shares of company stock worth $1,662,110 in the last ninety days. Insiders own 24.08% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. FMR LLC boosted its stake in shares of IMAX by 108.4% in the 3rd quarter. FMR LLC now owns 3,949,643 shares of the company’s stock valued at $81,007,000 after purchasing an additional 2,054,031 shares in the last quarter. Victory Capital Management Inc. boosted its position in IMAX by 33.1% in the second quarter. Victory Capital Management Inc. now owns 1,293,221 shares of the company’s stock valued at $21,687,000 after buying an additional 321,506 shares in the last quarter. Lord Abbett & CO. LLC bought a new stake in IMAX during the third quarter worth about $6,322,000. Bank of New York Mellon Corp increased its holdings in shares of 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. Finally, Castleark Management LLC bought a new position in shares of IMAX in the third quarter valued at approximately $5,199,000. 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.