IMAX (NYSE:IMAX) Rating Lowered to Hold at StockNews.com

StockNews.com cut shares of IMAX (NYSE:IMAX - Free Report) from a buy rating to a hold rating in a research note issued to investors on Tuesday.

IMAX has been the subject of a number of other research reports. Barrington Research restated an "outperform" rating and set a $24.00 target price on shares of IMAX in a research note on Thursday, October 31st. Rosenblatt Securities restated a "buy" rating and set a $28.00 price objective on shares of IMAX in a research report on Thursday, October 31st. Wedbush restated an "outperform" rating on shares of IMAX in a report on Wednesday, November 27th. Roth Mkm increased their target price on IMAX from $27.00 to $28.00 and gave the stock a "buy" rating in a research note on Thursday, October 31st. Finally, JPMorgan Chase & Co. boosted their price target on IMAX from $20.00 to $21.00 and gave the company a "neutral" rating in a research note on Monday, October 14th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, IMAX has an average rating of "Moderate Buy" and an average price target of $24.22.

IMAX Price Performance

NYSE IMAX traded up $0.29 during trading on Tuesday, reaching $25.84. 303,575 shares of the company's stock were exchanged, compared to its average volume of 752,731. The business has a 50 day moving average price of $23.04 and a 200-day moving average price of $20.22. The stock has a market capitalization of $1.36 billion, a P/E ratio of 58.07, a PEG ratio of 1.68 and a beta of 1.23. IMAX has a fifty-two week low of $13.20 and a fifty-two week high of $26.84.

IMAX (NYSE:IMAX - Get Free Report) last posted its earnings results on Wednesday, October 30th. The company reported $0.35 earnings per share for the quarter, topping analysts' consensus estimates of $0.23 by $0.12. IMAX had a return on equity of 7.53% and a net margin of 6.74%. The business had revenue of $91.50 million for the quarter, compared to analyst estimates of $93.71 million. During the same period in the previous year, the firm earned $0.27 EPS. The firm's revenue was down 11.9% compared to the same quarter last year. On average, analysts forecast that IMAX will post 0.77 earnings per share for the current year.

Insider Activity

In related news, insider Kenneth Ian Weissman sold 6,309 shares of IMAX stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $25.51, for a total value of $160,942.59. Following the transaction, the insider now directly owns 25,139 shares of the company's stock, valued at $641,295.89. This trade represents a 20.06 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Robert D. Lister sold 55,910 shares of the company's stock in a transaction on Monday, December 9th. The stock was sold at an average price of $25.50, for a total value of $1,425,705.00. Following the sale, the executive vice president now owns 138,889 shares of the company's stock, valued at $3,541,669.50. The trade was a 28.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 65,176 shares of company stock worth $1,662,110. 24.08% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On IMAX

Hedge funds and other institutional investors have recently modified their holdings of the business. FMR LLC boosted its stake in IMAX by 108.4% in the third quarter. FMR LLC now owns 3,949,643 shares of the company's stock valued at $81,007,000 after buying an additional 2,054,031 shares in the last quarter. Royce & Associates LP boosted its stake in shares of IMAX by 3.1% in the 3rd quarter. Royce & Associates LP now owns 1,822,616 shares of the company's stock valued at $37,382,000 after purchasing an additional 54,850 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of IMAX by 9.8% during the 3rd quarter. Victory Capital Management Inc. now owns 1,420,592 shares of the company's stock valued at $29,136,000 after purchasing an additional 127,371 shares during the last quarter. Private Capital Management LLC increased its position in IMAX by 10.0% during the 1st quarter. Private Capital Management LLC now owns 1,304,364 shares of the company's stock worth $21,092,000 after purchasing an additional 118,649 shares in the last quarter. Finally, Thrivent Financial for Lutherans lifted its stake in IMAX by 5.5% in the 2nd quarter. Thrivent Financial for Lutherans now owns 819,325 shares of the company's stock valued at $13,740,000 after purchasing an additional 42,952 shares during the last quarter. Institutional investors 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.