IMAX (NYSE:IMAX) Cut to Hold at StockNews.com

StockNews.com cut shares of IMAX (NYSE:IMAX) from a buy rating to a hold rating in a report issued on Thursday.

IMAX has been the subject of a number of other reports. Rosenblatt Securities reiterated a “buy” rating and set a $28.00 price objective on shares of IMAX in a research report on Thursday, October 31st. Barrington Research reiterated an “outperform” rating and set a $24.00 price target on shares of IMAX in a report on Thursday, October 31st. JPMorgan Chase & Co. raised their price objective on IMAX from $20.00 to $21.00 and gave the company a “neutral” rating in a report on Monday, October 14th. Seaport Res Ptn upgraded IMAX to a “strong-buy” rating in a research report on Wednesday, July 24th. Finally, Wedbush increased their target price on IMAX from $24.00 to $26.00 and gave the company an “outperform” rating in a research report on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, two have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, IMAX has a consensus rating of “Moderate Buy” and a consensus target price of $24.22.

IMAX Price Performance

Shares of IMAX opened at $25.19 on Thursday. The firm has a 50 day simple moving average of $21.77 and a two-hundred day simple moving average of $19.50. IMAX has a one year low of $13.20 and a one year high of $25.51. The company has a market cap of $1.33 billion, a P/E ratio of 57.25, a P/E/G ratio of 1.62 and a beta of 1.22.

IMAX (NYSE:IMAX) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.12. IMAX had a return on equity of 7.53% and a net margin of 6.74%. The company had revenue of $91.50 million during the quarter, compared to analysts’ expectations of $93.71 million. During the same quarter in the previous year, the firm earned $0.27 EPS. IMAX’s revenue was down 11.9% on a year-over-year basis. On average, analysts expect that IMAX will post 0.76 earnings per share for the current fiscal year.

Institutional Investors Weigh In On IMAX

Several large investors have recently modified their holdings of the company. Huntington National Bank bought a new stake in IMAX during the third quarter valued at $34,000. Headlands Technologies LLC bought a new stake in shares of IMAX during the 2nd quarter valued at about $35,000. Quarry LP grew its stake in IMAX by 78,333.3% during the third quarter. Quarry LP now owns 2,353 shares of the company’s stock worth $48,000 after purchasing an additional 2,350 shares during the period. nVerses Capital LLC bought a new stake in IMAX in the third quarter worth approximately $70,000. Finally, Summit Securities Group LLC acquired a new position in IMAX in the second quarter valued at approximately $80,000. 93.51% of the stock is currently owned by institutional investors and hedge funds.

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.