Wall Street Zen Upgrades IMAX (NYSE:IMAX) to “Strong-Buy”

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

Other analysts have also issued research reports about the company. Rosenblatt Securities reiterated a “buy” rating and issued a $42.00 target price on shares of IMAX in a research note on Friday, October 24th. B. Riley reaffirmed a “buy” rating on shares of IMAX in a research note on Friday, October 10th. JPMorgan Chase & Co. lifted their price objective on shares of IMAX from $31.00 to $32.00 and gave the company a “neutral” rating in a report on Friday, October 24th. Wells Fargo & Company upped their target price on shares of IMAX from $34.00 to $40.00 and gave the stock an “overweight” rating in a research note on Friday, October 24th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of IMAX in a research report on Tuesday. Nine analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $36.40.

IMAX Price Performance

Shares of NYSE IMAX opened at $35.85 on Friday. IMAX has a 1 year low of $20.48 and a 1 year high of $37.57. The firm has a 50-day simple moving average of $33.51 and a two-hundred day simple moving average of $29.79. The company has a market cap of $1.93 billion, a P/E ratio of 50.49, a PEG ratio of 2.05 and a beta of 0.60.

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

Insider Activity

In related news, VP Robert D. Lister sold 50,143 shares of the business’s stock in a transaction that occurred on Friday, November 7th. The shares were sold at an average price of $34.67, for a total value of $1,738,457.81. Following the completion of the transaction, the vice president owned 161,421 shares of the company’s stock, valued at $5,596,466.07. The trade was a 23.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Giovanni M. Dolci sold 6,188 shares of the company’s stock in a transaction on Monday, November 10th. The stock was sold at an average price of $34.25, for a total value of $211,939.00. Following the sale, the executive vice president owned 33,000 shares of the company’s stock, valued at approximately $1,130,250. This represents a 15.79% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 76,331 shares of company stock valued at $2,606,397. Company insiders own 23.18% of the company’s stock.

Institutional Investors Weigh In On IMAX

A number of hedge funds have recently made changes to their positions in IMAX. CIBC Private Wealth Group LLC bought a new stake in IMAX during the third quarter valued at about $27,000. TD Waterhouse Canada Inc. lifted its position in shares of IMAX by 125.0% during the second quarter. TD Waterhouse Canada Inc. now owns 900 shares of the company’s stock valued at $25,000 after buying an additional 500 shares during the last quarter. Jones Financial Companies Lllp boosted its holdings in shares of IMAX by 43.8% in the 3rd quarter. Jones Financial Companies Lllp now owns 1,041 shares of the company’s stock valued at $34,000 after buying an additional 317 shares in the last quarter. First Horizon Corp purchased a new position in shares of IMAX in the 3rd quarter worth approximately $34,000. Finally, Clearstead Advisors LLC bought a new position in shares of IMAX during the 3rd quarter worth approximately $35,000. 93.51% of the stock is currently owned by hedge funds and other institutional investors.

About IMAX

IMAX Corporation, together with its subsidiaries, operates as a technology platform for entertainment and events worldwide. The company operates in two segments, Content Solutions and Technology Products and Services. The company offers IMAX DMR, a proprietary technology that digitally remasters films and other content into IMAX formats for distribution to the IMAX network; IMAX Enhanced that provides end-to-end technology across streaming content and entertainment devices at home; and SSIMWAVE, an AI-driven video quality solutions for media and entertainment companies.