IMAX (NYSE:IMAX) Upgraded to Buy at StockNews.com

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

Several other research firms have also weighed in on IMAX. 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 report on Thursday, October 31st. Benchmark upped their price objective on IMAX from $27.00 to $30.00 and gave the company a “buy” rating in a report on Friday, December 13th. JPMorgan Chase & Co. increased their price objective on IMAX from $20.00 to $21.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Wedbush reaffirmed an “outperform” rating on shares of IMAX in a research note on Wednesday, November 27th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $28.00 price objective on shares of IMAX in a research report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $25.11.

IMAX Stock Performance

NYSE:IMAX opened at $25.60 on Thursday. IMAX has a one year low of $13.20 and a one year high of $26.84. The stock has a market cap of $1.35 billion, a PE ratio of 58.18, a P/E/G ratio of 1.69 and a beta of 1.23. The stock has a 50 day moving average price of $24.70 and a 200 day moving average price of $21.30.

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

Insider Transactions at IMAX

In related news, insider Kenneth Ian Weissman sold 6,309 shares of IMAX stock in a transaction on Monday, December 9th. The stock was sold at an average price of $25.51, for a total value of $160,942.59. Following the completion of the transaction, the insider now directly owns 25,139 shares in the company, valued at approximately $641,295.89. This trade represents a 20.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Natasha Fernandes sold 2,957 shares of the company’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $25.52, for a total value of $75,462.64. Following the sale, the chief financial officer now owns 14,883 shares in the company, valued at approximately $379,814.16. This trade represents 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 corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. US Bancorp DE boosted its position in shares of IMAX by 23.4% during the 3rd quarter. US Bancorp DE now owns 7,656 shares of the company’s stock worth $157,000 after acquiring an additional 1,452 shares in the last quarter. Huntington National Bank acquired a new position in IMAX in the third quarter valued at approximately $34,000. Headlands Technologies LLC purchased a new position in IMAX in the second quarter valued at approximately $35,000. Quarry LP raised its holdings in IMAX by 78,333.3% during the third quarter. Quarry LP now owns 2,353 shares of the company’s stock worth $48,000 after purchasing an additional 2,350 shares in the last quarter. Finally, nVerses Capital LLC purchased a new stake in shares of IMAX during the 3rd quarter worth approximately $70,000. Hedge funds and other institutional investors own 93.51% of the company’s stock.

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.