Zacks Investment Research lowered shares of Imax (NYSE:IMAX) from a hold rating to a sell rating in a research report released on Tuesday morning.

According to Zacks, “Shares of IMAX have underperformed its industry in 2017. The stock has shed 26.3% of its value compared with the industry's gain of 25.1%. Declining box-office revenues from the Greater China region rasies concerns. Also, IMAX's substantial presence outside the United States exposes the company to foreign currency exchange related risks. The negativity surrounding the stock is evident from the Zacks Consensus Estimate for fourth-quarter earnings being revised downward 2.4% in the last 90 days. However, IMAX has inked multiple deals of late to expand its global presence. The company's recent decision to expand its partnership with 21st Century Fox is a prudent one. “

IMAX has been the subject of a number of other reports. Credit Suisse Group cut their target price on shares of Imax from $26.00 to $25.00 and set a neutral rating for the company in a report on Thursday, September 28th. B. Riley reissued a buy rating and issued a $35.00 target price on shares of Imax in a report on Monday, November 20th. Wedbush set a $30.00 target price on shares of Imax and gave the company a buy rating in a report on Monday, January 8th. Canaccord Genuity set a $32.00 target price on shares of Imax and gave the company a buy rating in a report on Monday, October 23rd. Finally, BidaskClub raised shares of Imax from a sell rating to a hold rating in a report on Friday, September 22nd. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the stock. The stock has an average rating of Hold and a consensus target price of $29.30.

Imax (NYSE:IMAX) traded up $0.50 during trading on Tuesday, hitting $20.70. 493,030 shares of the stock traded hands, compared to its average volume of 834,426. The company has a market capitalization of $1,308.05, a PE ratio of 230.03, a P/E/G ratio of 1.16 and a beta of 1.13. Imax has a 52-week low of $17.58 and a 52-week high of $34.60.

Imax (NYSE:IMAX) last released its quarterly earnings data on Thursday, October 26th. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.07. Imax had a net margin of 1.78% and a return on equity of 2.62%. The firm had revenue of $98.80 million for the quarter, compared to analysts’ expectations of $86.17 million. During the same quarter last year, the business posted $0.12 earnings per share. The company’s revenue for the quarter was up 14.2% compared to the same quarter last year. sell-side analysts expect that Imax will post 0.24 earnings per share for the current year.

In other news, insider Mark Welton sold 8,985 shares of the business’s stock in a transaction on Wednesday, November 29th. The shares were sold at an average price of $25.81, for a total transaction of $231,902.85. Following the completion of the sale, the insider now directly owns 16,331 shares of the company’s stock, valued at $421,503.11. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Robert D. Lister sold 3,528 shares of the business’s stock in a transaction on Monday, December 11th. The shares were sold at an average price of $23.97, for a total transaction of $84,566.16. Following the sale, the insider now directly owns 35,594 shares of the company’s stock, valued at $853,188.18. The disclosure for this sale can be found here. Insiders have sold 17,050 shares of company stock valued at $425,276 over the last ninety days. 18.90% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently modified their holdings of IMAX. Schwab Charles Investment Management Inc. boosted its stake in shares of Imax by 5.9% during the second quarter. Schwab Charles Investment Management Inc. now owns 99,100 shares of the company’s stock valued at $2,181,000 after purchasing an additional 5,500 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Imax by 20.3% during the second quarter. Bank of New York Mellon Corp now owns 1,134,761 shares of the company’s stock valued at $24,965,000 after purchasing an additional 191,140 shares during the period. Legal & General Group Plc boosted its stake in shares of Imax by 0.6% during the second quarter. Legal & General Group Plc now owns 21,109 shares of the company’s stock valued at $468,000 after purchasing an additional 129 shares during the period. BNP Paribas Arbitrage SA boosted its stake in shares of Imax by 1,151.0% during the second quarter. BNP Paribas Arbitrage SA now owns 6,818 shares of the company’s stock valued at $150,000 after purchasing an additional 6,273 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Imax by 13.0% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,522 shares of the company’s stock valued at $181,000 after purchasing an additional 748 shares during the period. 83.91% of the stock is owned by hedge funds and other institutional investors.

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About Imax

IMAX Corporation is an entertainment technology company. The Company operates through seven segments: IMAX systems; theater system maintenance; joint revenue sharing arrangements; film production and IMAX DMR; film distribution; film post-production, and other. The IMAX systems segment designs, manufactures, sells or leases IMAX theater projection system equipment.

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