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

StockNews.com upgraded shares of IMAX (NYSE:IMAX) from a hold rating to a buy rating in a report issued on Wednesday.

Several other research firms have also issued reports on IMAX. Barrington Research reissued an “outperform” rating and issued a $30.00 price objective on shares of IMAX in a research report on Friday, January 10th. Rosenblatt Securities reissued a “buy” rating and issued a $28.00 price objective on shares of IMAX in a research report on Thursday, January 16th. Wedbush reissued an “outperform” rating and issued a $32.00 price objective on shares of IMAX in a research report on Friday, January 17th. 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 report on Thursday, October 31st. Finally, JPMorgan Chase & Co. raised 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. One analyst has rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $28.13.

IMAX Stock Performance

Shares of IMAX stock opened at $23.48 on Wednesday. IMAX has a one year low of $13.20 and a one year high of $26.84. The company has a 50 day moving average price of $24.80 and a 200 day moving average price of $22.01. The firm has a market capitalization of $1.24 billion, a price-to-earnings ratio of 53.36, a price-to-earnings-growth ratio of 1.28 and a beta of 1.24.

IMAX (NYSE:IMAX) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.35 earnings per share (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 analyst estimates of $93.71 million. During the same quarter in the prior year, the business earned $0.27 earnings per share. The business’s quarterly revenue was down 11.9% compared to the same quarter last year. As a group, equities analysts forecast that IMAX will post 0.75 EPS for the current fiscal year.

Insider Buying and Selling at IMAX

In other IMAX news, insider Kenneth Ian Weissman sold 6,309 shares of the 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 transaction, the insider now directly owns 25,139 shares in the company, valued at $641,295.89. This represents a 20.06 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Natasha Fernandes sold 2,957 shares of the 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. This trade represents a 16.58 % decrease in their ownership of the stock. 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. 24.08% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Janney Montgomery Scott LLC lifted its position in shares of IMAX by 1.9% in the 4th quarter. Janney Montgomery Scott LLC now owns 29,176 shares of the company’s stock worth $747,000 after buying an additional 533 shares during the last quarter. Blue Trust Inc. lifted its position in shares of IMAX by 138.5% in the 4th quarter. Blue Trust Inc. now owns 966 shares of the company’s stock worth $25,000 after buying an additional 561 shares during the last quarter. US Bancorp DE lifted its position in shares of IMAX by 23.4% in the 3rd quarter. US Bancorp DE now owns 7,656 shares of the company’s stock worth $157,000 after buying an additional 1,452 shares during the last quarter. Huntington National Bank bought a new position in shares of IMAX in the 3rd quarter worth about $34,000. Finally, Quarry LP lifted its position in shares of IMAX by 78,333.3% in the 3rd quarter. Quarry LP now owns 2,353 shares of the company’s stock worth $48,000 after buying an additional 2,350 shares during the last quarter. 93.51% of the stock is currently 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.