IMAX (NYSE:IMAX) Cut to Buy at Wall Street Zen

Wall Street Zen cut shares of IMAX (NYSE:IMAX) from a strong-buy rating to a buy rating in a research report sent to investors on Saturday.

A number of other equities analysts also recently issued reports on IMAX. Barrington Research increased their price target on shares of IMAX from $37.00 to $42.00 and gave the company an “outperform” rating in a report on Monday, December 8th. Roth Capital restated a “buy” rating and set a $42.00 target price on shares of IMAX in a research report on Monday, December 8th. Weiss Ratings reiterated a “buy (b)” rating on shares of IMAX in a research report on Monday, December 8th. The Goldman Sachs Group raised IMAX from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $22.00 to $34.00 in a research note on Tuesday, November 25th. Finally, Rosenblatt Securities raised their price objective on IMAX from $42.00 to $47.00 and gave the company a “buy” rating in a research note on Monday, December 8th. Ten research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, IMAX currently has a consensus rating of “Moderate Buy” and an average price target of $40.80.

IMAX Price Performance

IMAX opened at $39.10 on Friday. IMAX has a 12 month low of $20.48 and a 12 month high of $39.98. The stock has a market capitalization of $2.10 billion, a P/E ratio of 55.07, a P/E/G ratio of 2.33 and a beta of 0.41. The business has a 50 day simple moving average of $34.45 and a 200-day simple moving average of $30.58.

IMAX (NYSE:IMAX) last announced its quarterly earnings data on Thursday, October 23rd. The company reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $102.88 million. During the same quarter in the prior year, the company posted $0.35 earnings per share. IMAX’s quarterly revenue was up 16.6% on a year-over-year basis. Research analysts anticipate that IMAX will post 0.91 EPS for the current year.

Insider Transactions at IMAX

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

Hedge Funds Weigh In On IMAX

Hedge funds have recently made changes to their positions in the stock. TD Waterhouse Canada Inc. raised its position in shares of IMAX by 125.0% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 900 shares of the company’s stock worth $25,000 after buying an additional 500 shares during the period. CIBC Private Wealth Group LLC acquired a new stake in IMAX during the third quarter worth about $27,000. First Horizon Corp purchased a new position in shares of IMAX in the 3rd quarter worth about $34,000. Jones Financial Companies Lllp raised 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 worth $34,000 after purchasing an additional 317 shares during the period. Finally, Clearstead Advisors LLC acquired a new position in shares of IMAX in the 3rd quarter valued at about $35,000. Institutional investors and hedge funds own 93.51% of the company’s stock.

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.