Imax Corporation (IMAX) Receives Consensus Rating of “Hold” from Brokerages
Shares of Imax Corporation (NYSE:IMAX) have earned an average rating of “Hold” from the fifteen ratings firms that are currently covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company. The average 1 year target price among analysts that have covered the stock in the last year is $33.38.
Several equities analysts recently issued reports on the company. BidaskClub upgraded Imax Corporation from a “strong sell” rating to a “sell” rating in a research note on Thursday. Zacks Investment Research upgraded Imax Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday. Canaccord Genuity set a $33.00 price objective on Imax Corporation and gave the stock a “buy” rating in a research note on Friday, August 18th. J P Morgan Chase & Co restated a “neutral” rating and set a $27.00 price objective on shares of Imax Corporation in a research note on Thursday, August 3rd. Finally, B. Riley reiterated a “buy” rating and issued a $35.00 target price on shares of Imax Corporation in a research note on Tuesday, August 1st.
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Imax Corporation (NYSE IMAX) traded up 5.00% during mid-day trading on Friday, reaching $22.05. 2,104,994 shares of the company traded hands. The firm’s 50-day moving average is $19.56 and its 200 day moving average is $25.96. The stock has a market capitalization of $1.43 billion, a PE ratio of 148.99 and a beta of 0.95. Imax Corporation has a 52-week low of $17.58 and a 52-week high of $35.30.
Imax Corporation (NYSE:IMAX) last announced its quarterly earnings data on Wednesday, July 26th. The company reported $0.15 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.02) by $0.17. Imax Corporation had a return on equity of 2.39% and a net margin of 2.81%. The firm had revenue of $87.76 million for the quarter, compared to analysts’ expectations of $89.26 million. During the same period last year, the business posted $0.18 earnings per share. The firm’s revenue for the quarter was down 4.3% on a year-over-year basis. On average, equities research analysts expect that Imax Corporation will post $0.62 earnings per share for the current year.
Imax Corporation announced that its Board of Directors has authorized a share repurchase plan on Monday, June 12th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 12.5% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
In related news, CFO Patrick Mcclymont sold 1,760 shares of Imax Corporation stock in a transaction dated Wednesday, August 9th. The shares were sold at an average price of $20.50, for a total transaction of $36,080.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Greg Foster sold 9,417 shares of Imax Corporation stock in a transaction dated Tuesday, September 5th. The shares were sold at an average price of $19.55, for a total transaction of $184,102.35. Following the sale, the chief executive officer now owns 67,018 shares in the company, valued at $1,310,201.90. The disclosure for this sale can be found here. 18.90% of the stock is owned by insiders.
A number of large investors have recently added to or reduced their stakes in the stock. Legal & General Group Plc grew its holdings in Imax Corporation by 0.6% during the second quarter. Legal & General Group Plc now owns 21,109 shares of the company’s stock worth $468,000 after acquiring an additional 129 shares during the period. MML Investors Services LLC grew its holdings in Imax Corporation by 0.5% during the second quarter. MML Investors Services LLC now owns 31,735 shares of the company’s stock worth $698,000 after acquiring an additional 166 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Imax Corporation by 13.0% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,522 shares of the company’s stock worth $181,000 after acquiring an additional 748 shares during the period. Blair William & Co. IL grew its holdings in Imax Corporation by 1.5% during the first quarter. Blair William & Co. IL now owns 94,231 shares of the company’s stock worth $3,203,000 after acquiring an additional 1,408 shares during the period. Finally, American International Group Inc. grew its holdings in Imax Corporation by 5.0% during the first quarter. American International Group Inc. now owns 35,583 shares of the company’s stock worth $1,210,000 after acquiring an additional 1,701 shares during the period. 83.73% of the stock is currently owned by hedge funds and other institutional investors.
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.
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