StockNews.com Upgrades IMAX (NYSE:IMAX) to “Buy”

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

Several other analysts also recently weighed in on IMAX. Rosenblatt Securities restated a “buy” rating and issued a $28.00 price objective on shares of IMAX in a report on Thursday, January 16th. JPMorgan Chase & Co. lifted their price objective on IMAX from $20.00 to $21.00 and gave the company a “neutral” rating in a report on Monday, October 14th. Benchmark restated a “buy” rating and issued a $30.00 price objective on shares of IMAX in a report on Friday, January 17th. Barrington Research restated an “outperform” rating and issued a $30.00 price objective on shares of IMAX in a report on Friday, January 10th. Finally, Roth Mkm lifted 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. One investment analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $28.13.

IMAX Trading Up 0.3 %

NYSE:IMAX opened at $23.26 on Wednesday. IMAX has a twelve month low of $13.20 and a twelve month high of $26.84. The company has a market cap of $1.23 billion, a price-to-earnings ratio of 52.86, a price-to-earnings-growth ratio of 1.28 and a beta of 1.24. The stock has a fifty day simple moving average of $24.82 and a 200-day simple moving average of $22.00.

IMAX (NYSE:IMAX) last released its earnings results on Wednesday, October 30th. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate 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 the consensus estimate of $93.71 million. During the same period last year, the company earned $0.27 earnings per share. The business’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 0.75 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Natasha Fernandes sold 2,957 shares of the business’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $25.52, for a total transaction 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. The trade was a 16.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Robert D. Lister sold 55,910 shares of the business’s stock in a transaction dated 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 sale, the executive vice president now owns 138,889 shares in the company, valued at $3,541,669.50. The trade was a 28.70 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 65,176 shares of company stock worth $1,662,110. 24.08% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On IMAX

A number of large investors have recently bought and sold shares of IMAX. Huntington National Bank purchased a new stake in IMAX in the third quarter valued at approximately $34,000. Quarry LP lifted its holdings in IMAX by 78,333.3% in the third quarter. Quarry LP now owns 2,353 shares of the company’s stock valued at $48,000 after acquiring an additional 2,350 shares during the period. nVerses Capital LLC acquired a new position in IMAX in the third quarter valued at approximately $70,000. US Bancorp DE lifted its holdings in IMAX by 23.4% in the third quarter. US Bancorp DE now owns 7,656 shares of the company’s stock valued at $157,000 after acquiring an additional 1,452 shares during the period. Finally, Intech Investment Management LLC acquired a new position in IMAX in the third quarter valued at approximately $205,000. Hedge funds and other 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.