IMAX (NYSE:IMAX) Rating Lowered to “Buy” at Wall Street Zen

IMAX (NYSE:IMAX) was downgraded by analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a report released on Friday.

Several other brokerages have also recently issued reports on IMAX. Rosenblatt Securities upped their target price on shares of IMAX from $42.00 to $47.00 and gave the company a “buy” rating in a research report on Monday, December 8th. Weiss Ratings restated a “buy (b)” rating on shares of IMAX in a research report on Monday, December 29th. Barrington Research lifted their target price on IMAX from $37.00 to $42.00 and gave the stock an “outperform” rating in a report on Monday, December 8th. Benchmark reissued a “buy” rating on shares of IMAX in a research report on Monday, January 5th. Finally, B. Riley restated a “buy” rating on shares of IMAX in a research report on Monday, December 8th. Ten investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $42.70.

IMAX Stock Performance

IMAX stock opened at $34.60 on Friday. The firm has a fifty day moving average price of $36.49 and a 200 day moving average price of $32.30. IMAX has a fifty-two week low of $20.48 and a fifty-two week high of $39.98. The firm has a market cap of $1.86 billion, a PE ratio of 48.73, a price-to-earnings-growth ratio of 1.72 and a beta of 0.37.

IMAX (NYSE:IMAX) last released its quarterly earnings results on Thursday, October 23rd. The company reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.16. IMAX had a net margin of 10.47% and a return on equity of 9.91%. The company had revenue of $106.65 million for the quarter, compared to the consensus estimate of $102.88 million. During the same quarter in the prior year, the firm earned $0.35 earnings per share. IMAX’s revenue was up 16.6% on a year-over-year basis. On average, equities analysts predict that IMAX will post 0.91 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Giovanni M. Dolci sold 6,188 shares of IMAX stock in a transaction on Monday, November 10th. The stock was sold at an average price of $34.25, for a total transaction of $211,939.00. Following the completion of the sale, the executive vice president directly owned 33,000 shares in the company, valued at approximately $1,130,250. This trade represents a 15.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Robert D. Lister sold 50,143 shares of the business’s stock in a transaction on Friday, November 7th. The shares were sold at an average price of $34.67, for a total transaction of $1,738,457.81. Following the sale, the vice president directly owned 161,421 shares of the company’s stock, valued at $5,596,466.07. This represents a 23.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 23.18% of the stock is owned by insiders.

Institutional Investors Weigh In On IMAX

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IMAX. AQR Capital Management LLC boosted its position in IMAX by 47.9% in the 1st quarter. AQR Capital Management LLC now owns 56,348 shares of the company’s stock valued at $1,485,000 after buying an additional 18,238 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of IMAX by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,486 shares of the company’s stock valued at $672,000 after acquiring an additional 1,091 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of IMAX by 7.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 159,714 shares of the company’s stock valued at $4,208,000 after purchasing an additional 11,736 shares during the period. Assenagon Asset Management S.A. bought a new position in IMAX in the second quarter worth approximately $2,091,000. Finally, Aurora Investment Counsel bought a new position in IMAX in the second quarter worth approximately $1,955,000. Institutional investors own 93.51% of the company’s stock.

About IMAX

IMAX Corporation is a global leader in immersive entertainment technologies, specializing in the design, manufacture and distribution of high-resolution cameras, projectors, and proprietary software solutions that enhance both film production and theatrical exhibition. The company licenses its premium large-format system to theatre owners and filmmakers around the world, enabling audiences to experience movies with greater clarity, scale and sound fidelity. IMAX also offers turnkey theatre development services, assisting cinema operators with auditorium design, installation and custom branding to optimize the customer experience.

Founded in 1967 and headquartered in Mississauga, Ontario, IMAX has built a reputation for pioneering film-format innovations, including its patented dual 15-perforation, 70-millimeter projection system.