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

StockNews.com upgraded shares of IMAX (NYSE:IMAX) from a hold rating to a buy rating in a research report report published on Monday.

A number of other brokerages also recently commented on IMAX. Macquarie boosted their price objective on IMAX from $28.00 to $30.00 and gave the stock an “outperform” rating in a research report on Thursday, February 20th. Wells Fargo & Company lifted their price objective on shares of IMAX from $26.00 to $32.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. Rosenblatt Securities boosted their target price on shares of IMAX from $28.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, February 20th. Benchmark restated a “buy” rating and issued a $30.00 price target on shares of IMAX in a research note on Thursday, February 20th. Finally, JPMorgan Chase & Co. boosted their target price on IMAX from $25.00 to $27.00 and gave the stock a “neutral” rating in a research note on Friday, February 21st. One analyst has rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, IMAX has an average rating of “Buy” and a consensus target price of $30.67.

IMAX Stock Down 2.3 %

IMAX opened at $25.00 on Monday. The firm has a market cap of $1.33 billion, a P/E ratio of 51.02, a P/E/G ratio of 1.49 and a beta of 1.22. IMAX has a 52 week low of $14.94 and a 52 week high of $27.77. The business has a fifty day simple moving average of $24.76 and a 200-day simple moving average of $23.28.

IMAX (NYSE:IMAX) last released its earnings results on Wednesday, February 19th. The company reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.14). The business had revenue of $92.67 million for the quarter, compared to analyst estimates of $104.08 million. IMAX had a return on equity of 8.60% and a net margin of 7.40%. Sell-side analysts expect that IMAX will post 0.91 earnings per share for the current year.

Insiders Place Their Bets

In related news, EVP Robert D. Lister sold 55,910 shares of IMAX stock in a transaction on 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 transaction, the executive vice president now owns 138,889 shares in the company, 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 value of $75,462.64. Following the sale, the chief financial officer now owns 14,883 shares of the company’s stock, valued at $379,814.16. The trade was a 16.58 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 65,176 shares of company stock worth $1,662,110. Company insiders own 24.08% of the company’s stock.

Institutional Investors Weigh In On IMAX

Several large investors have recently made changes to their positions in the business. FMR LLC lifted its holdings in shares of IMAX by 14.2% during 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. Ameriprise Financial Inc. lifted its stake in shares of IMAX by 36.9% during the fourth quarter. Ameriprise Financial Inc. now owns 1,823,516 shares of the company’s stock worth $46,671,000 after purchasing an additional 491,172 shares in the last quarter. Royce & Associates LP lifted its stake in shares of IMAX by 3.1% during 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 in the last quarter. Victory Capital Management Inc. boosted 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 buying an additional 127,371 shares during the period. Finally, Wells Fargo & Company MN grew its stake in shares of 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 buying an additional 194,917 shares in 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.