Imax Corporation (NYSE:IMAX) was downgraded by stock analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research note issued on Wednesday.

Several other equities research analysts have also recently commented on IMAX. B. Riley reiterated a “buy” rating and issued a $46.00 price target on shares of Imax Corporation in a research report on Monday, May 15th. J P Morgan Chase & Co reiterated a “neutral” rating and issued a $27.00 price target on shares of Imax Corporation in a research report on Thursday, August 3rd. Finally, Canaccord Genuity set a $33.00 price target on Imax Corporation and gave the stock a “buy” rating in a research note on Thursday, June 8th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $34.82.

Shares of Imax Corporation (IMAX) traded down 0.81% during midday trading on Wednesday, reaching $18.40. 620,886 shares of the company were exchanged. The firm’s 50 day moving average is $21.02 and its 200-day moving average is $27.87. The company has a market capitalization of $1.19 billion, a PE ratio of 124.32 and a beta of 0.90. Imax Corporation has a 52-week low of $18.30 and a 52-week high of $35.30.

Imax Corporation (NYSE:IMAX) last issued its quarterly earnings results on Wednesday, July 26th. The company reported $0.15 EPS for the quarter, topping the consensus estimate of ($0.02) by $0.17. Imax Corporation had a net margin of 2.81% and a return on equity of 2.39%. The firm had revenue of $87.76 million for the quarter, compared to analysts’ expectations of $89.26 million. During the same period in the previous year, the business earned $0.18 earnings per share. Imax Corporation’s revenue for the quarter was down 4.3% compared to the same quarter last year. On average, equities analysts forecast that Imax Corporation will post $0.62 earnings per share for the current fiscal year.

Imax Corporation announced that its Board of Directors has initiated a stock buyback plan on Monday, June 12th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the company to repurchase up to 12.5% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

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In related news, CFO Patrick Mcclymont sold 1,760 shares of the business’s stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $20.50, for a total value of $36,080.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Eric A. Demirian sold 2,670 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the director now owns 17,945 shares of the company’s stock, valued at $450,419.50. The disclosure for this sale can be found here. 18.90% of the stock is owned by insiders.

Large investors have recently bought and sold shares of the company. BNP Paribas Arbitrage SA raised its stake in Imax Corporation by 1,151.0% in the second quarter. BNP Paribas Arbitrage SA now owns 6,818 shares of the company’s stock valued at $150,000 after buying an additional 6,273 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Imax Corporation by 78.9% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,774 shares of the company’s stock valued at $156,000 after buying an additional 2,546 shares during the period. Seven Eight Capital LP raised its stake in Imax Corporation by 1,115.7% in the second quarter. Seven Eight Capital LP now owns 7,294 shares of the company’s stock valued at $160,000 after buying an additional 6,694 shares during the period. Ameritas Investment Partners Inc. bought a new stake in Imax Corporation during the first quarter valued at $173,000. Finally, Aperio Group LLC bought a new stake in Imax Corporation during the second quarter valued at $205,000. Hedge funds and other institutional investors own 80.56% of the company’s stock.

Imax Corporation Company Profile

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.

Analyst Recommendations for Imax Corporation (NYSE:IMAX)

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