IMAX (NYSE:IMAX) Downgraded to “Hold” Rating by StockNews.com

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

Other equities research analysts have also issued research reports about the company. Benchmark reissued a “buy” rating and set a $30.00 price target on shares of IMAX in a research note on Friday, January 10th. Rosenblatt Securities reissued a “buy” rating and set a $28.00 price target on shares of IMAX in a research note on Thursday, October 31st. Wedbush reissued an “outperform” rating on shares of IMAX in a research note on Wednesday, November 27th. Barrington Research reissued an “outperform” rating and set a $30.00 price target on shares of IMAX in a research note on Friday, January 10th. Finally, Roth Mkm boosted their price target on IMAX from $27.00 to $28.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Two research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, IMAX presently has an average rating of “Moderate Buy” and a consensus target price of $27.38.

IMAX Trading Up 1.3 %

Shares of IMAX opened at $23.10 on Tuesday. IMAX has a twelve month low of $13.20 and a twelve month high of $26.84. The stock’s 50 day moving average is $25.01 and its two-hundred day moving average is $21.74. The firm has a market capitalization of $1.22 billion, a PE ratio of 52.50, a P/E/G ratio of 1.69 and a beta of 1.24.

IMAX (NYSE:IMAX) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.35 earnings per share for the quarter, beating 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 for the quarter, compared to analyst estimates of $93.71 million. During the same quarter in the previous year, the company earned $0.27 EPS. The firm’s revenue for the quarter was down 11.9% compared to the same quarter last year. On average, sell-side analysts predict that IMAX will post 0.77 EPS for the current year.

Insider Buying and Selling

In related news, CFO Natasha Fernandes sold 2,957 shares of IMAX stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $25.52, for a total transaction of $75,462.64. Following the completion of the transaction, the chief financial officer now directly owns 14,883 shares in the company, valued at $379,814.16. The trade was a 16.58 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Kenneth Ian Weissman sold 6,309 shares of IMAX 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 transaction, the insider now owns 25,139 shares of the company’s stock, valued at $641,295.89. This represents a 20.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 65,176 shares of company stock worth $1,662,110 in the last ninety days. Insiders own 24.08% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of IMAX. Headlands Technologies LLC acquired a new position in IMAX in the 2nd quarter valued at $35,000. American Century Companies Inc. raised its holdings in IMAX by 57.0% in the 2nd quarter. American Century Companies Inc. now owns 120,021 shares of the company’s stock valued at $2,013,000 after acquiring an additional 43,584 shares during the last quarter. XTX Topco Ltd acquired a new position in IMAX in the 2nd quarter valued at $208,000. Thrivent Financial for Lutherans raised its holdings in IMAX by 5.5% in the 2nd quarter. Thrivent Financial for Lutherans now owns 819,325 shares of the company’s stock valued at $13,740,000 after acquiring an additional 42,952 shares during the last quarter. Finally, Lombard Odier Asset Management USA Corp acquired a new position in IMAX in the 2nd quarter valued at $300,000. 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.