Imax Corp (IMAX) Stock Rating Upgraded by BidaskClub
Imax Corp (NYSE:IMAX) was upgraded by equities researchers at BidaskClub from a “strong sell” rating to a “sell” rating in a report issued on Thursday.
A number of other equities research analysts have also weighed in on the company. Zacks Investment Research raised Imax Corp from a “sell” rating to a “hold” rating in a research report on Tuesday. Canaccord Genuity set a $33.00 target price on Imax Corp and gave the company a “buy” rating in a research report on Friday, August 18th. J P Morgan Chase & Co reaffirmed a “neutral” rating and set a $27.00 target price on shares of Imax Corp in a research report on Thursday, August 3rd. B. Riley reaffirmed a “buy” rating and set a $35.00 target price on shares of Imax Corp in a research report on Tuesday, August 1st. Finally, Wedbush reaffirmed a “buy” rating on shares of Imax Corp in a research report on Thursday, July 27th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the stock. Imax Corp presently has an average rating of “Hold” and a consensus target price of $34.82.
Imax Corp (NYSE:IMAX) traded up 1.20% during midday trading on Thursday, hitting $21.00. The stock had a trading volume of 312,471 shares. The company’s 50 day moving average price is $19.59 and its 200-day moving average price is $26.11. The stock has a market cap of $1.36 billion, a PE ratio of 141.89 and a beta of 0.95. Imax Corp has a 52-week low of $17.58 and a 52-week high of $35.30.
Imax Corp (NYSE:IMAX) last issued its earnings results on Wednesday, July 26th. The company reported $0.15 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.02) by $0.17. The business had revenue of $87.76 million during the quarter, compared to analyst estimates of $89.26 million. Imax Corp had a negative return on equity of 1.28% and a net margin of 2.36%. Imax Corp’s revenue was down 4.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.18 EPS. Analysts forecast that Imax Corp will post $0.62 EPS for the current fiscal year.
Imax Corp declared that its Board of Directors has authorized a stock buyback program on Monday, June 12th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 12.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
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In related news, CEO Greg Foster sold 9,417 shares of the business’s stock in a transaction on Tuesday, September 5th. The stock was sold at an average price of $19.55, for a total transaction of $184,102.35. Following the transaction, the chief executive officer now directly owns 67,018 shares in the company, valued at approximately $1,310,201.90. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Patrick Mcclymont sold 1,760 shares of the business’s stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $20.50, for a total value of $36,080.00. The disclosure for this sale can be found here. 18.90% of the stock is owned by insiders.
A number of hedge funds have recently made changes to their positions in the stock. Dynamic Technology Lab Private Ltd purchased a new position in Imax Corp during the 2nd quarter worth $539,000. Verition Fund Management LLC purchased a new position in Imax Corp during the 2nd quarter worth $427,000. Cubist Systematic Strategies LLC grew its stake in Imax Corp by 692.1% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 28,358 shares of the company’s stock worth $624,000 after buying an additional 24,778 shares during the last quarter. State Street Corp grew its stake in Imax Corp by 6.3% during the 2nd quarter. State Street Corp now owns 1,131,398 shares of the company’s stock worth $24,891,000 after buying an additional 67,191 shares during the last quarter. Finally, Janus Henderson Group PLC purchased a new position in Imax Corp during the 2nd quarter worth $12,359,000. Hedge funds and other institutional investors own 83.73% of the company’s stock.
Imax Corp 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.
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