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

Wall Street Zen downgraded shares of IMAX (NYSE:IMAX) from a strong-buy rating to a buy rating in a research note issued to investors on Friday morning.

IMAX has been the topic of a number of other research reports. The Goldman Sachs Group upgraded IMAX from a “sell” rating to a “neutral” rating and upped their price target for the stock from $22.00 to $34.00 in a report on Tuesday, November 25th. Wells Fargo & Company boosted their target price on IMAX from $40.00 to $47.00 and gave the stock an “overweight” rating in a research report on Thursday, December 18th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of IMAX in a research note on Monday, December 29th. Wedbush boosted their price objective on shares of IMAX from $39.00 to $46.00 and gave the stock an “outperform” rating in a research report on Monday, December 8th. Finally, Macquarie raised their target price on shares of IMAX from $39.00 to $44.00 and gave the company an “outperform” rating in a report on Thursday, January 15th. Ten investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, IMAX presently has an average rating of “Moderate Buy” and an average target price of $42.70.

IMAX Stock Down 2.2%

Shares of NYSE IMAX opened at $34.60 on Friday. The stock has a market capitalization of $1.86 billion, a price-to-earnings ratio of 48.73, a price-to-earnings-growth ratio of 1.71 and a beta of 0.37. IMAX has a 52 week low of $20.48 and a 52 week high of $39.98. The firm has a 50-day moving average price of $36.49 and a 200 day moving average price of $32.34.

IMAX (NYSE:IMAX) last issued its 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 net margin of 10.47% and a return on equity of 9.91%. The company had revenue of $106.65 million for the quarter, compared to analyst estimates of $102.88 million. During the same period in the prior year, the business posted $0.35 earnings per share. The firm’s revenue for the quarter was up 16.6% compared to the same quarter last year. Equities research analysts expect that IMAX will post 0.91 EPS for the current fiscal year.

Insider Activity

In other IMAX news, VP Robert D. Lister sold 50,143 shares of the company’s stock in a transaction dated 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 transaction, the vice president directly 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 document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Giovanni M. Dolci sold 6,188 shares of the firm’s stock in a transaction dated Monday, November 10th. The stock was sold at an average price of $34.25, for a total transaction of $211,939.00. Following the sale, the executive vice president directly owned 33,000 shares in the company, valued at $1,130,250. This represents a 15.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 24.08% of the company’s stock.

Institutional Trading of IMAX

Several hedge funds and other institutional investors have recently bought and sold shares of IMAX. TD Waterhouse Canada Inc. raised its holdings in IMAX by 125.0% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 900 shares of the company’s stock valued at $25,000 after acquiring an additional 500 shares during the last quarter. CIBC Private Wealth Group LLC acquired a new stake in shares of IMAX during the third quarter worth $27,000. First Horizon Corp purchased a new stake in shares of IMAX in the third quarter valued at $34,000. Jones Financial Companies Lllp increased its stake in IMAX by 43.8% in the third quarter. Jones Financial Companies Lllp now owns 1,041 shares of the company’s stock valued at $34,000 after purchasing an additional 317 shares during the last quarter. Finally, Clearstead Advisors LLC acquired a new position in IMAX in the third quarter valued at $35,000. 93.51% of the stock is owned by hedge funds and other institutional investors.

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.