Imax Corporation (IMAX) Downgraded to “Strong Sell” at BidaskClub
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.
TRADEMARK VIOLATION WARNING: “Imax Corporation (IMAX) Downgraded to “Strong Sell” at BidaskClub” was first published by American Banking News and is the property of of American Banking News. If you are accessing this article on another domain, it was illegally copied and republished in violation of United States & international copyright and trademark legislation. The correct version of this article can be read at https://www.americanbankingnews.com/2017/08/16/imax-corporation-imax-downgraded-to-strong-sell-at-bidaskclub.html.
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.
Receive News & Ratings for Imax Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Imax Corporation and related companies with MarketBeat.com's FREE daily email newsletter.