IMAX (NYSE:IMAX) Rating Lowered to Buy at Wall Street Zen

IMAX (NYSE:IMAX) was downgraded by Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research report issued on Friday.

Several other equities analysts also recently weighed in on IMAX. JPMorgan Chase & Co. raised IMAX from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $32.00 to $47.00 in a research report on Monday, December 15th. Wells Fargo & Company increased their price objective on IMAX from $40.00 to $47.00 and gave the company an “overweight” rating in a research note on Thursday, December 18th. Barrington Research lifted their price objective on IMAX from $37.00 to $42.00 and gave the stock an “outperform” rating in a research report on Monday, December 8th. Weiss Ratings reissued a “buy (b)” rating on shares of IMAX in a research note on Monday, December 29th. Finally, Macquarie raised their price target on shares of IMAX from $39.00 to $44.00 and gave the stock an “outperform” rating in a research note on Thursday, January 15th. Ten equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $42.70.

IMAX Price Performance

Shares of NYSE IMAX traded down $0.79 on Friday, hitting $34.60. The company’s stock had a trading volume of 1,101,344 shares, compared to its average volume of 1,125,176. The stock has a 50 day moving average of $36.49 and a 200-day moving average of $32.26. The company has a market capitalization of $1.86 billion, a price-to-earnings ratio of 48.73, a price-to-earnings-growth ratio of 1.76 and a beta of 0.37. IMAX has a 12-month low of $20.48 and a 12-month high of $39.98.

IMAX (NYSE:IMAX) last issued its quarterly earnings data on Thursday, October 23rd. The company reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.31 by $0.16. IMAX had a net margin of 10.47% and a return on equity of 9.91%. The business had revenue of $106.65 million during the quarter, compared to analysts’ expectations of $102.88 million. During the same period last year, the company posted $0.35 EPS. The company’s revenue was up 16.6% on a year-over-year basis. Sell-side analysts expect that IMAX will post 0.91 EPS for the current fiscal year.

Insider Transactions at IMAX

In other news, VP Robert D. Lister sold 50,143 shares of the stock in a transaction dated Friday, November 7th. The shares were sold at an average price of $34.67, for a total transaction of $1,738,457.81. Following the transaction, the vice president directly owned 161,421 shares in the company, valued at $5,596,466.07. This represents a 23.70% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Giovanni M. Dolci sold 6,188 shares of the business’s stock in a transaction that occurred on Monday, November 10th. The shares were sold at an average price of $34.25, for a total transaction of $211,939.00. Following the completion of the sale, the executive vice president owned 33,000 shares of the company’s stock, valued at approximately $1,130,250. The trade was a 15.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 23.18% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. TD Waterhouse Canada Inc. increased its position in shares of IMAX by 125.0% in the second quarter. TD Waterhouse Canada Inc. now owns 900 shares of the company’s stock worth $25,000 after acquiring an additional 500 shares in the last quarter. CIBC Private Wealth Group LLC purchased a new stake in IMAX during the 3rd quarter worth $27,000. First Horizon Corp purchased a new stake in IMAX during the 3rd quarter worth $34,000. Jones Financial Companies Lllp increased its holdings in IMAX by 43.8% in the 3rd quarter. Jones Financial Companies Lllp now owns 1,041 shares of the company’s stock valued at $34,000 after purchasing an additional 317 shares in the last quarter. Finally, Clearstead Advisors LLC purchased a new position in IMAX in the third quarter valued at about $35,000. 93.51% of the stock is owned by institutional investors and hedge funds.

About IMAX

IMAX Corporation is a global leader in immersive entertainment technologies, specializing in the design, manufacture and distribution of high-resolution cameras, projectors, and proprietary software solutions that enhance both film production and theatrical exhibition. The company licenses its premium large-format system to theatre owners and filmmakers around the world, enabling audiences to experience movies with greater clarity, scale and sound fidelity. IMAX also offers turnkey theatre development services, assisting cinema operators with auditorium design, installation and custom branding to optimize the customer experience.

Founded in 1967 and headquartered in Mississauga, Ontario, IMAX has built a reputation for pioneering film-format innovations, including its patented dual 15-perforation, 70-millimeter projection system.