IMAX (NYSE:IMAX) Rating Lowered to “Hold” at StockNews.com

StockNews.com downgraded shares of IMAX (NYSE:IMAX) from a buy rating to a hold rating in a research note published on Thursday morning.

IMAX has been the subject of a number of other reports. JPMorgan Chase & Co. upped their price objective on shares of IMAX from $21.00 to $25.00 and gave the stock a “neutral” rating in a research report on Thursday, January 30th. Wedbush reaffirmed an “outperform” rating and issued a $32.00 target price on shares of IMAX in a report on Wednesday. Benchmark reiterated a “buy” rating and set a $30.00 price target on shares of IMAX in a report on Friday, January 17th. Roth Mkm upped their price objective on IMAX from $27.00 to $28.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Finally, Barrington Research reiterated an “outperform” rating and set a $30.00 target price on shares of IMAX in a research note on Friday, January 10th. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, IMAX has an average rating of “Moderate Buy” and an average target price of $28.63.

IMAX Price Performance

NYSE IMAX opened at $26.82 on Thursday. The company has a fifty day moving average price of $24.53 and a 200-day moving average price of $22.75. The firm has a market cap of $1.41 billion, a price-to-earnings ratio of 60.96, a PEG ratio of 1.40 and a beta of 1.22. IMAX has a 1 year low of $14.06 and a 1 year high of $26.85.

Insider Activity at IMAX

In other IMAX news, CFO Natasha Fernandes sold 2,957 shares of the firm’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $25.52, for a total value of $75,462.64. Following the completion of the transaction, the chief financial officer now directly owns 14,883 shares of the company’s stock, valued at $379,814.16. This trade represents a 16.58 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Robert D. Lister sold 55,910 shares of the company’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $25.50, for a total transaction of $1,425,705.00. Following the completion of the transaction, the executive vice president now directly owns 138,889 shares in the company, valued at approximately $3,541,669.50. The trade was a 28.70 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 65,176 shares of company stock worth $1,662,110. 24.08% of the stock is owned by company insiders.

Institutional Investors Weigh In On IMAX

Several large investors have recently added to or reduced their stakes in the business. FMR LLC raised its holdings in shares of IMAX by 14.2% in the 4th quarter. FMR LLC now owns 4,508,583 shares of the company’s stock valued at $115,420,000 after acquiring an additional 558,940 shares in the last quarter. Royce & Associates LP increased its position in shares of IMAX by 3.1% in the third quarter. Royce & Associates LP now owns 1,822,616 shares of the company’s stock worth $37,382,000 after purchasing an additional 54,850 shares during the last quarter. Victory Capital Management Inc. increased its position in shares of IMAX by 9.8% in the third quarter. Victory Capital Management Inc. now owns 1,420,592 shares of the company’s stock worth $29,136,000 after purchasing an additional 127,371 shares during the last quarter. Wells Fargo & Company MN raised its stake in IMAX by 45.4% in the fourth quarter. Wells Fargo & Company MN now owns 624,510 shares of the company’s stock valued at $15,987,000 after purchasing an additional 194,917 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in IMAX by 11.0% during the fourth quarter. Vanguard Group Inc. now owns 612,115 shares of the company’s stock valued at $15,670,000 after purchasing an additional 60,762 shares during the last quarter. 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.