IMAX (NYSE:IMAX) Upgraded at StockNews.com

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

Several other equities research analysts have also recently weighed in on IMAX. Wedbush restated an “outperform” rating on shares of IMAX in a research report on Wednesday, November 27th. Roth Mkm increased their price objective on IMAX from $27.00 to $28.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. JPMorgan Chase & Co. upped their price target on IMAX from $20.00 to $21.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Rosenblatt Securities reiterated a “buy” rating and issued a $28.00 price objective on shares of IMAX in a research report on Thursday, October 31st. Finally, Barrington Research reissued an “outperform” rating and set a $24.00 price objective on shares of IMAX in a report on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $25.11.

IMAX Stock Up 3.5 %

IMAX traded up $0.86 during trading on Tuesday, reaching $25.26. 445,943 shares of the company’s stock were exchanged, compared to its average volume of 743,881. The company has a market capitalization of $1.33 billion, a P/E ratio of 57.41, a PEG ratio of 1.69 and a beta of 1.23. The business has a 50 day moving average price of $24.16 and a 200 day moving average price of $20.92. IMAX has a fifty-two week low of $13.20 and a fifty-two week high of $26.84.

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 return on equity of 7.53% and a net margin of 6.74%. The firm had revenue of $91.50 million during the quarter, compared to analyst estimates of $93.71 million. During the same period in the prior year, the company posted $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, research analysts forecast that IMAX will post 0.77 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Robert D. Lister sold 55,910 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $25.50, for a total transaction of $1,425,705.00. Following the transaction, the executive vice president now directly owns 138,889 shares of the company’s stock, valued at approximately $3,541,669.50. This trade represents a 28.70 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Natasha Fernandes sold 2,957 shares of IMAX stock in a transaction that occurred 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 completion of the sale, the chief financial officer now owns 14,883 shares of the company’s stock, valued at approximately $379,814.16. The trade was a 16.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 65,176 shares of company stock worth $1,662,110 over the last three months. Insiders own 24.08% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. FMR LLC lifted its stake in IMAX by 108.4% during the third quarter. FMR LLC now owns 3,949,643 shares of the company’s stock worth $81,007,000 after purchasing an additional 2,054,031 shares during the last quarter. Royce & Associates LP raised its holdings in shares of IMAX by 3.1% during the 3rd quarter. Royce & Associates LP now owns 1,822,616 shares of the company’s stock worth $37,382,000 after buying an additional 54,850 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of IMAX by 9.8% during the 3rd quarter. Victory Capital Management Inc. now owns 1,420,592 shares of the company’s stock worth $29,136,000 after buying an additional 127,371 shares during the last quarter. Thrivent Financial for Lutherans boosted its stake in IMAX by 5.5% in the second quarter. Thrivent Financial for Lutherans now owns 819,325 shares of the company’s stock valued at $13,740,000 after buying an additional 42,952 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in IMAX by 90.6% in 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 acquiring an additional 279,410 shares during the last quarter. Institutional investors and hedge funds 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.