IMAX (NYSE:IMAX) Upgraded at StockNews.com

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

A number of other brokerages have also issued reports on IMAX. JPMorgan Chase & Co. upped their price target on shares of IMAX from $20.00 to $21.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Wedbush reaffirmed an “outperform” rating and set a $32.00 price target on shares of IMAX in a research report on Friday, January 17th. Barrington Research reissued an “outperform” rating and issued a $30.00 price objective on shares of IMAX in a report on Friday, January 10th. Rosenblatt Securities reaffirmed a “buy” rating and set a $28.00 target price on shares of IMAX in a report on Thursday, January 16th. Finally, Benchmark reiterated a “buy” rating and issued a $30.00 price target on shares of IMAX in a report on Friday, January 17th. One equities research analyst has rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $28.13.

IMAX Price Performance

IMAX stock opened at $23.53 on Wednesday. IMAX has a 1-year low of $13.20 and a 1-year high of $26.84. The business has a fifty day moving average price of $24.77 and a 200-day moving average price of $22.07. The stock has a market capitalization of $1.24 billion, a price-to-earnings ratio of 53.48, a PEG ratio of 1.29 and a beta of 1.24.

IMAX (NYSE:IMAX) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.12. IMAX had a return on equity of 7.53% and a net margin of 6.74%. The business had revenue of $91.50 million during the quarter, compared to the consensus estimate of $93.71 million. During the same quarter last year, the company earned $0.27 earnings per share. The company’s quarterly revenue was down 11.9% on a year-over-year basis. On average, equities research analysts anticipate that IMAX will post 0.75 earnings per share for the current fiscal year.

Insider Activity at IMAX

In other news, insider Kenneth Ian Weissman sold 6,309 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $25.51, for a total value of $160,942.59. Following the completion of the sale, the insider now directly owns 25,139 shares in the company, valued at $641,295.89. The trade was a 20.06 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Natasha Fernandes sold 2,957 shares of the stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $25.52, for a total value of $75,462.64. Following the transaction, the chief financial officer now owns 14,883 shares in the company, valued at $379,814.16. This trade represents a 16.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 65,176 shares of company stock worth $1,662,110 in the last three months. Company insiders own 24.08% of the company’s stock.

Hedge Funds Weigh In On IMAX

A number of large investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. increased its stake in shares of IMAX by 138.5% during the fourth quarter. Blue Trust Inc. now owns 966 shares of the company’s stock worth $25,000 after purchasing an additional 561 shares in the last quarter. Huntington National Bank purchased a new stake in IMAX during the 3rd quarter worth approximately $34,000. Quarry LP raised its holdings in shares of IMAX by 78,333.3% during the third quarter. Quarry LP now owns 2,353 shares of the company’s stock valued at $48,000 after acquiring an additional 2,350 shares during the last quarter. nVerses Capital LLC acquired a new stake in shares of IMAX in the third quarter worth approximately $70,000. Finally, US Bancorp DE increased its position in shares of IMAX by 23.4% during the third quarter. US Bancorp DE now owns 7,656 shares of the company’s stock worth $157,000 after purchasing an additional 1,452 shares in the last quarter. 93.51% of the stock is currently owned by institutional investors and hedge funds.

About IMAX

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.