IMAX (NYSE:IMAX) Downgraded by Wells Fargo & Company to “Hold”

Wells Fargo & Company lowered shares of IMAX (NYSE:IMAX) from a strong-buy rating to a hold rating in a research report report published on Thursday morning,Zacks.com reports.

A number of other brokerages have also weighed in on IMAX. Barrington Research raised their target price on shares of IMAX from $42.00 to $46.00 and gave the company an “outperform” rating in a research report on Friday, May 1st. JPMorgan Chase & Co. lowered their price target on shares of IMAX from $48.00 to $47.00 and set an “overweight” rating for the company in a report on Friday, May 1st. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $60.00 price target on shares of IMAX in a research note on Friday, May 22nd. Seaport Research Partners reissued a “buy” rating and set a $50.00 price objective on shares of IMAX in a report on Wednesday, June 24th. Finally, Weiss Ratings downgraded IMAX from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, June 23rd. Eight analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $47.30.

IMAX Trading Down 0.7%

IMAX stock opened at $38.96 on Thursday. The stock has a market capitalization of $2.14 billion, a P/E ratio of 59.94, a price-to-earnings-growth ratio of 1.44 and a beta of 0.37. IMAX has a 12 month low of $24.20 and a 12 month high of $45.52. The firm has a 50-day moving average price of $39.24 and a 200-day moving average price of $37.90.

IMAX (NYSE:IMAX) last announced its quarterly earnings results on Thursday, April 30th. The company reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.02. The company had revenue of $81.38 million for the quarter, compared to analyst estimates of $79.82 million. IMAX had a net margin of 9.08% and a return on equity of 13.61%. The firm’s revenue was down 6.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.13 EPS. As a group, equities analysts predict that IMAX will post 1.3 EPS for the current fiscal year.

Insiders Place Their Bets

In other IMAX news, CEO Richard L. Gelfond sold 8,943 shares of the company’s stock in a transaction that occurred on Monday, April 27th. The shares were sold at an average price of $37.33, for a total value of $333,842.19. Following the completion of the transaction, the chief executive officer directly owned 765,002 shares in the company, valued at approximately $28,557,524.66. This represents a 1.16% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 20.55% of the stock is owned by insiders.

Hedge Funds Weigh In On IMAX

Large investors have recently modified their holdings of the business. AQR Capital Management LLC grew its stake in shares of IMAX by 47.9% in the first quarter. AQR Capital Management LLC now owns 56,348 shares of the company’s stock worth $1,485,000 after purchasing an additional 18,238 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in IMAX by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,486 shares of the company’s stock worth $672,000 after purchasing an additional 1,091 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in IMAX by 7.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 159,714 shares of the company’s stock worth $4,208,000 after purchasing an additional 11,736 shares during the last quarter. Creative Planning lifted its holdings in IMAX by 84.1% during the 2nd quarter. Creative Planning now owns 16,081 shares of the company’s stock worth $450,000 after buying an additional 7,344 shares during the period. Finally, Norges Bank acquired a new position in IMAX during the 2nd quarter worth about $709,000. Institutional investors own 93.51% of the company’s stock.

More IMAX News

Here are the key news stories impacting IMAX this week:

• Positive Sentiment: Multiple articles highlight intense demand for The Odyssey in IMAX 70mm, with fans traveling long distances, paying premiums, and seeking out scarce showtimes. That kind of buzz supports IMAX’s premium positioning and could translate into stronger box office-related revenue and exhibitor interest. Article Title
• Positive Sentiment: Coverage also notes that IMAX’s limited number of 70mm-capable screens makes the format feel exclusive, which can help sustain premium ticket pricing and strengthen the company’s brand with major filmmakers like Christopher Nolan. Article Title
• Positive Sentiment: IMAX and Goer Dynamics announced a partnership to develop the world’s first IMAX-branded in-vehicle entertainment system, expanding IMAX’s brand into a new premium entertainment category outside traditional theaters. Article Title
• Neutral Sentiment: Several previews say IMAX is expected to report earnings next week, and analysts are watching for growth, but there is no new financial update yet to move the stock on its own. Article Title
• Negative Sentiment: IMAX has said it is not practical to build many more 70mm systems quickly, underscoring supply constraints that may limit how much near-term demand from The Odyssey can be captured. Article Title

IMAX Company Profile

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.