Imax Corporation (NYSE:IMAX) Downgraded by Zacks Investment Research to “Sell”
Imax Corporation (NYSE:IMAX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Tuesday.
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.”
Several other research firms also recently issued reports on IMAX. Canaccord Genuity set a $33.00 price objective on Imax Corporation and gave the stock a “buy” rating in a report on Thursday, June 8th. B. Riley reaffirmed a “buy” rating and set a $43.50 price objective on shares of Imax Corporation in a report on Monday, June 12th. Roth Capital set a $37.00 price objective on Imax Corporation and gave the stock a “buy” rating in a report on Thursday, April 20th. MKM Partners reaffirmed a “buy” rating and set a $40.00 price objective on shares of Imax Corporation in a report on Tuesday, April 25th. Finally, Wedbush reduced their price objective on Imax Corporation from $41.50 to $39.00 and set an “outperform” rating on the stock in a report on Friday, April 21st. Two research analysts have rated the stock with a sell rating, two have given a hold rating and nine have assigned a buy rating to the stock. Imax Corporation currently has a consensus rating of “Buy” and an average target price of $37.85.
Shares of Imax Corporation (IMAX) traded up 1.59% during mid-day trading on Tuesday, reaching $22.35. The company’s stock had a trading volume of 1,334,720 shares. The company has a 50 day moving average of $25.48 and a 200-day moving average of $30.47. Imax Corporation has a 12 month low of $21.02 and a 12 month high of $35.30. The firm has a market capitalization of $1.49 billion, a P/E ratio of 85.96 and a beta of 0.91.
Imax Corporation (NYSE:IMAX) last announced its earnings results on Thursday, April 20th. The company reported $0.06 EPS for the quarter, topping the consensus estimate of $0.05 by $0.01. The business had revenue of $68.70 million for the quarter, compared to the consensus estimate of $71.53 million. Imax Corporation had a return on equity of 2.49% and a net margin of 5.46%. Imax Corporation’s revenue was down 25.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.22 EPS. Equities research analysts forecast that Imax Corporation will post $0.82 EPS for the current year.
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In other news, Director Eric A. Demirian sold 2,670 shares of the stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $25.10, for a total value of $67,017.00. Following the transaction, the director now owns 17,945 shares of the company’s stock, valued at approximately $450,419.50. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 18.90% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of IMAX. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Imax Corporation by 78.9% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,774 shares of the company’s stock worth $156,000 after buying an additional 2,546 shares during the period. Ameritas Investment Partners Inc. bought a new position in Imax Corporation during the first quarter worth $173,000. Comerica Bank bought a new position in Imax Corporation during the fourth quarter worth $205,000. Ladenburg Thalmann Financial Services Inc. increased its position in Imax Corporation by 31.6% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 10,054 shares of the company’s stock worth $316,000 after buying an additional 2,414 shares during the period. Finally, Laurion Capital Management LP bought a new position in Imax Corporation during the first quarter worth $326,000. 88.55% of the stock is currently owned by 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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