JPMorgan Chase & Co. Issues Pessimistic Forecast for IMAX (NYSE:IMAX) Stock Price

IMAX (NYSE:IMAX) had its price objective trimmed by JPMorgan Chase & Co. from $27.00 to $26.00 in a research report report published on Friday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

Several other brokerages have also issued reports on IMAX. Wedbush reaffirmed an “outperform” rating and set a $32.00 price target on shares of IMAX in a research note on Thursday, February 20th. Wells Fargo & Company upped their target price on IMAX from $26.00 to $32.00 and gave the stock an “overweight” rating in a research note on Thursday, February 20th. StockNews.com downgraded shares of IMAX from a “buy” rating to a “hold” rating in a research note on Thursday, March 27th. Macquarie upped their price objective on shares of IMAX from $28.00 to $30.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $35.00 target price on shares of IMAX in a research report on Thursday. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, IMAX presently has an average rating of “Moderate Buy” and a consensus price target of $30.56.

IMAX Trading Down 2.5 %

Shares of NYSE IMAX opened at $21.48 on Friday. The business has a 50-day moving average of $25.36 and a 200-day moving average of $24.17. The firm has a market capitalization of $1.14 billion, a price-to-earnings ratio of 43.85, a PEG ratio of 1.49 and a beta of 0.91. IMAX has a 12 month low of $14.94 and a 12 month high of $27.77.

IMAX (NYSE:IMAX) last posted its quarterly earnings data on Wednesday, February 19th. The company reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.31 by ($0.14). IMAX had a net margin of 7.40% and a return on equity of 8.60%. The company had revenue of $92.67 million for the quarter, compared to analysts’ expectations of $104.08 million. On average, analysts predict that IMAX will post 0.91 earnings per share for the current year.

Hedge Funds Weigh In On IMAX

A number of hedge funds have recently modified their holdings of the company. FMR LLC boosted its holdings in shares of IMAX by 14.2% during the fourth quarter. FMR LLC now owns 4,508,583 shares of the company’s stock worth $115,420,000 after purchasing an additional 558,940 shares during the period. Ameriprise Financial Inc. lifted its holdings in IMAX by 36.9% in the 4th quarter. Ameriprise Financial Inc. now owns 1,823,516 shares of the company’s stock worth $46,671,000 after buying an additional 491,172 shares during the period. Raymond James Financial Inc. bought a new stake in shares of IMAX in the 4th quarter worth approximately $9,143,000. Lord Abbett & CO. LLC purchased a new position in shares of IMAX during the third quarter valued at approximately $6,322,000. Finally, Pier Capital LLC increased its stake in shares of IMAX by 132.6% during the fourth quarter. Pier Capital LLC now owns 478,760 shares of the company’s stock valued at $12,256,000 after buying an additional 272,949 shares during the period. 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.