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

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

Several other equities research analysts also recently commented on the stock. 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. Rosenblatt Securities reiterated a “buy” rating and set a $28.00 price target on shares of IMAX in a report on Thursday, October 31st. Roth Mkm increased their price objective on IMAX from $27.00 to $28.00 and gave the company a “buy” rating in a report on Thursday, October 31st. JPMorgan Chase & Co. lifted their target price on IMAX from $20.00 to $21.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. Finally, Wedbush reissued an “outperform” rating on shares of IMAX in a research note on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $25.11.

IMAX Stock Up 3.5 %

Shares of NYSE:IMAX traded up $0.86 during trading on Tuesday, hitting $25.26. 445,943 shares of the company were exchanged, compared to its average volume of 743,881. IMAX has a 1-year low of $13.20 and a 1-year high of $26.84. The company has a market capitalization of $1.33 billion, a P/E ratio of 57.41, a price-to-earnings-growth ratio of 1.69 and a beta of 1.23. The business’s 50 day moving average is $24.16 and its 200-day moving average is $20.92.

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. IMAX had a return on equity of 7.53% and a net margin of 6.74%. The business had revenue of $91.50 million during the quarter, compared to analysts’ expectations of $93.71 million. During the same quarter in the prior year, the firm earned $0.27 EPS. The business’s revenue for the quarter was down 11.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that IMAX will post 0.77 earnings per share for the current year.

Insider Buying and Selling

In other IMAX news, EVP Robert D. Lister sold 55,910 shares of IMAX stock in a transaction on Monday, December 9th. The shares were sold at an average price of $25.50, for a total value of $1,425,705.00. Following the completion of the sale, the executive vice president now directly owns 138,889 shares of the company’s stock, valued at approximately $3,541,669.50. The trade was a 28.70 % 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, insider Kenneth Ian Weissman sold 6,309 shares of the stock in a transaction dated Monday, December 9th. The stock was 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 trade represents a 20.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 65,176 shares of company stock valued at $1,662,110 over the last 90 days. Company insiders own 24.08% of the company’s stock.

Institutional Investors Weigh In On IMAX

Hedge funds have recently added to or reduced their stakes in the company. Victory Capital Management Inc. raised its holdings 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 worth $21,687,000 after acquiring an additional 321,506 shares during the last quarter. Mizuho Markets Americas LLC raised its stake in shares of IMAX by 47.5% in the third quarter. Mizuho Markets Americas LLC now owns 387,689 shares of the company’s stock worth $7,952,000 after purchasing an additional 124,811 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of IMAX by 57.0% in the second quarter. American Century Companies Inc. now owns 120,021 shares of the company’s stock valued at $2,013,000 after purchasing an additional 43,584 shares in the last quarter. Bank of New York Mellon Corp boosted its position 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 valued at $9,856,000 after buying an additional 279,410 shares during the last quarter. Finally, Foundry Partners LLC boosted its position in shares of IMAX by 46.8% during the second quarter. Foundry Partners LLC now owns 182,200 shares of the company’s stock valued at $3,055,000 after buying an additional 58,115 shares during the last quarter. Institutional investors and hedge funds 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.