Imax Corporation (IMAX) Raised to “Hold” at Zacks Investment Research
Imax Corporation (NYSE:IMAX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Monday.
According to Zacks, “Shares of IMAX have underperformed the Zacks categorized Movie/TV Production/Distribution industry on a year-to-date basis. Furthermore, the disappointing Memorial Day weekend turnout has hurt the stock. In fact, IMAX has had a disappointing run at the box office over the past few months. With the top line struggling, IMAX announced that it intends to trim its workforce by approximately 14%, in a bid to drive its bottom line and increase efficiencies. With the IMAX stock struggling, the company’s board of directors cleared a shareholder friendly measure aimed at boosting investor confidence. The company's substantial presence outside the U.S. exposes it to foreign currency exchange rate risks. Despite the headwinds, we are impressed by the company's focus on China as the market offers significant commercial potential.”
Other research analysts have also recently issued research reports about the company. B. Riley reiterated a “buy” rating and issued a $46.00 target price on shares of Imax Corporation in a research report on Saturday, April 22nd. Roth Capital set a $33.00 target price on Imax Corporation and gave the company a “buy” rating in a research report on Tuesday, June 13th. Finally, Canaccord Genuity reiterated a “buy” rating and issued a $39.00 target price on shares of Imax Corporation in a research report on Monday, April 10th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and nine have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $38.85.
Shares of Imax Corporation (NYSE IMAX) traded down 0.694% during midday trading on Monday, hitting $25.025. 115,178 shares of the stock traded hands. The company has a market capitalization of $1.67 billion, a P/E ratio of 96.250 and a beta of 0.95. The stock has a 50 day moving average of $27.26 and a 200 day moving average of $30.99. Imax Corporation has a 1-year low of $23.60 and a 1-year high of $35.30.
Imax Corporation (NYSE:IMAX) last released its earnings results on Thursday, April 20th. The company reported $0.06 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.05 by $0.01. Imax Corporation had a return on equity of 2.49% and a net margin of 5.46%. The firm had revenue of $68.70 million for the quarter, compared to analysts’ expectations of $71.53 million. During the same quarter in the previous year, the business posted $0.22 earnings per share. The business’s revenue for the quarter was down 25.4% on a year-over-year basis. Equities research analysts predict that Imax Corporation will post $0.86 earnings per share for the current fiscal year.
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In other news, Director Eric A. Demirian sold 2,670 shares of Imax Corporation stock in a transaction dated Thursday, June 15th. The stock was sold at an average price of $25.10, for a total transaction of $67,017.00. Following the sale, the director now directly owns 17,945 shares of the company’s stock, valued at $450,419.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 18.90% of the company’s stock.
Several hedge funds have recently made changes to their positions in IMAX. Sei Investments Co. raised its position in Imax Corporation by 25.0% in the first quarter. Sei Investments Co. now owns 206,850 shares of the company’s stock worth $7,033,000 after buying an additional 41,414 shares in the last quarter. Franklin Resources Inc. raised its position in Imax Corporation by 8.1% in the fourth quarter. Franklin Resources Inc. now owns 3,740,680 shares of the company’s stock worth $117,459,000 after buying an additional 281,797 shares in the last quarter. Peregrine Capital Management LLC raised its position in Imax Corporation by 7.4% in the first quarter. Peregrine Capital Management LLC now owns 1,109,121 shares of the company’s stock worth $37,488,000 after buying an additional 76,309 shares in the last quarter. State Street Corp raised its position in Imax Corporation by 4.4% in the fourth quarter. State Street Corp now owns 1,021,237 shares of the company’s stock worth $32,068,000 after buying an additional 42,913 shares in the last quarter. Finally, Norges Bank bought a new position in Imax Corporation during the fourth quarter worth approximately $36,139,000. 88.55% of the stock is currently owned by hedge funds and other institutional investors.
About Imax Corporation
IMAX Corporation is an entertainment technology company. The Company operates through seven segments: IMAX systems; theater system maintenance; 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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