Imax Corp. (IMAX) Stock Rating Lowered by Zacks Investment Research
Imax Corp. (NYSE:IMAX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.
According to Zacks, “IMAX has had a disappointing run at the box office over the past few months. The below-par box-office performance of movies like Alice Through the Looking Glass and Teenage Mutant Ninja Turtles: Out of the Shadows have hurt the company. However, the company's focus on the Chinese movie market is highly encouraging. The deal inked with Wanda Cinema Line in Aug 2016 will not only reinforce its Chinese presence but also generate huge revenues for IMAX. Conversely, due to its expanding international presence, the company is considerably exposed to foreign exchange-related risks . Apart from foreign exchange risks, the company's profits may also suffer due to stiff competition.”
Other equities research analysts have also issued reports about the company. B. Riley reiterated a “buy” rating and set a $40.00 price target on shares of Imax Corp. in a report on Sunday, June 12th. MKM Partners restated a “buy” rating and issued a $40.00 target price on shares of Imax Corp. in a report on Tuesday, May 24th. Wedbush restated an “outperform” rating and issued a $40.00 target price on shares of Imax Corp. in a report on Tuesday, July 12th. Benchmark Co. restated a “buy” rating on shares of Imax Corp. in a report on Wednesday, June 22nd. Finally, Credit Suisse Group AG restated a “buy” rating on shares of Imax Corp. in a report on Tuesday, May 24th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $40.56.
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Imax Corp. (NYSE:IMAX) traded down 1.12% during trading on Tuesday, reaching $29.08. 175,983 shares of the company’s stock were exchanged. The stock’s 50-day moving average price is $30.66 and its 200-day moving average price is $31.09. The company has a market capitalization of $1.95 billion, a price-to-earnings ratio of 41.96 and a beta of 1.62. Imax Corp. has a 52-week low of $25.52 and a 52-week high of $40.36.
Imax Corp. (NYSE:IMAX) last announced its quarterly earnings results on Wednesday, July 20th. The company reported $0.18 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.17 by $0.01. The business earned $91.70 million during the quarter, compared to analyst estimates of $91.30 million. Imax Corp. had a return on equity of 7.66% and a net margin of 12.47%. The firm’s revenue was down 14.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.40 EPS. Equities analysts expect that Imax Corp. will post $0.91 earnings per share for the current year.
In other Imax Corp. news, CEO Richard L. Gelfond sold 7,741 shares of the company’s stock in a transaction on Friday, September 2nd. The stock was sold at an average price of $30.83, for a total value of $238,655.03. Following the sale, the chief executive officer now directly owns 102,470 shares in the company, valued at $3,159,150.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 5.80% of the stock is owned by company insiders.
A number of hedge funds have recently made changes to their positions in IMAX. Fiera Capital Corp bought a new stake in shares of Imax Corp. during the second quarter worth $38,064,000. Alliancebernstein L.P. boosted its stake in shares of Imax Corp. by 65.2% in the second quarter. Alliancebernstein L.P. now owns 2,551,591 shares of the company’s stock worth $75,221,000 after buying an additional 1,007,308 shares during the period. TIAA CREF Investment Management LLC boosted its stake in shares of Imax Corp. by 93.9% in the first quarter. TIAA CREF Investment Management LLC now owns 1,206,057 shares of the company’s stock worth $37,496,000 after buying an additional 583,957 shares during the period. Norges Bank bought a new stake in shares of Imax Corp. during the fourth quarter worth $18,763,000. Finally, SG Capital Management LLC boosted its stake in shares of Imax Corp. by 290.9% in the second quarter. SG Capital Management LLC now owns 461,298 shares of the company’s stock worth $13,599,000 after buying an additional 343,283 shares during the period. Hedge funds and other institutional investors own 79.77% of the company’s stock.
About Imax Corp.
IMAX Corporation is an entertainment technology company. The Company operates through seven segments: the IMAX systems, the theater system maintenance, the joint revenue sharing arrangements, film production and IMAX DMR, film distribution, film post-production and other. The IMAX systems segment designs, manufactures, sells or leases IMAX theater projection system equipment.
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