Wall Street Zen Upgrades IMAX (NYSE:IMAX) to Strong-Buy

IMAX (NYSE:IMAX) was upgraded by research analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a note issued to investors on Saturday.

Several other brokerages also recently issued reports on IMAX. B. Riley Financial reaffirmed a “buy” rating on shares of IMAX in a report on Monday, December 8th. JPMorgan Chase & Co. upgraded shares of IMAX from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $32.00 to $47.00 in a research note on Monday, December 15th. Macquarie Infrastructure lifted their target price on shares of IMAX from $39.00 to $44.00 and gave the stock an “outperform” rating in a report on Thursday, January 15th. The Goldman Sachs Group raised shares of IMAX from a “sell” rating to a “neutral” rating and increased their price target for the company from $22.00 to $34.00 in a report on Tuesday, November 25th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of IMAX in a research report on Monday, December 29th. Ten investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $42.70.

IMAX Stock Up 2.3%

NYSE:IMAX opened at $37.23 on Friday. IMAX has a 12-month low of $20.48 and a 12-month high of $39.98. The firm has a market capitalization of $2.00 billion, a price-to-earnings ratio of 52.44, a P/E/G ratio of 1.84 and a beta of 0.38. The stock’s 50 day moving average price is $36.33 and its two-hundred day moving average price is $32.86.

Hedge Funds Weigh In On IMAX

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IMAX. JPMorgan Chase & Co. grew its stake in IMAX by 10.9% during the second quarter. JPMorgan Chase & Co. now owns 1,029,602 shares of the company’s stock worth $28,788,000 after buying an additional 101,048 shares in the last quarter. Emerald Mutual Fund Advisers Trust bought a new stake in shares of IMAX during the 3rd quarter worth approximately $4,893,000. Aurora Investment Counsel acquired a new stake in shares of IMAX during the 2nd quarter worth approximately $1,955,000. Pembroke Management LTD increased its stake in IMAX by 18.4% in the third quarter. Pembroke Management LTD now owns 516,622 shares of the company’s stock valued at $16,919,000 after acquiring an additional 80,229 shares during the last quarter. Finally, Harbor Capital Advisors Inc. acquired a new position in IMAX during the third quarter valued at approximately $897,000. 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.