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 note published on Saturday morning.

IMAX has been the topic of a number of other reports. Benchmark raised their price target on shares of IMAX from $30.00 to $32.00 and gave the company a “buy” rating in a research report on Friday, July 25th. B. Riley reissued a “buy” rating on shares of IMAX in a research report on Friday, October 10th. Roth Capital upped their target price on IMAX from $36.00 to $40.00 and gave the company a “buy” rating in a report on Tuesday, October 14th. Wedbush increased their price target on IMAX from $35.00 to $39.00 and gave the company an “outperform” rating in a research report on Monday, September 22nd. Finally, Barrington Research reissued an “outperform” rating and issued a $37.00 price objective on shares of IMAX in a research report on Thursday, October 23rd. Nine equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $36.67.

IMAX Stock Down 0.2%

Shares of NYSE:IMAX opened at $35.96 on Friday. The business’s 50 day moving average is $33.17 and its 200 day moving average is $29.52. IMAX has a 12-month low of $20.48 and a 12-month high of $37.21. The stock has a market cap of $1.93 billion, a price-to-earnings ratio of 50.64, a PEG ratio of 2.05 and a beta of 0.60.

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

Insiders Place Their Bets

In other 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 completion of the transaction, the vice president owned 161,421 shares in the company, valued at approximately $5,596,466.07. This represents a 23.70% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Giovanni M. Dolci sold 6,188 shares of IMAX 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 completion of the sale, the executive vice president directly owned 33,000 shares of the company’s stock, valued at approximately $1,130,250. This trade represents a 15.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 76,331 shares of company stock worth $2,606,397 in the last ninety days. Insiders own 23.18% of the company’s stock.

Institutional Trading of IMAX

Hedge funds and other institutional investors have recently modified their holdings of the business. Westfield Capital Management Co. LP bought a new position in IMAX in the 3rd quarter worth approximately $53,141,000. Orbis Allan Gray Ltd lifted its position in shares of IMAX by 31.7% during the second quarter. Orbis Allan Gray Ltd now owns 5,113,033 shares of the company’s stock worth $142,960,000 after acquiring an additional 1,230,267 shares in the last quarter. Divisadero Street Capital Management LP purchased a new stake in shares of IMAX during the third quarter worth $20,975,000. Jane Street Group LLC boosted its holdings in shares of IMAX by 2,496.9% in the first quarter. Jane Street Group LLC now owns 573,919 shares of the company’s stock worth $15,123,000 after acquiring an additional 551,819 shares during the period. Finally, Balyasny Asset Management L.P. purchased a new position in shares of IMAX in the second quarter valued at $12,568,000. 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.