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

by · The Markets Daily

Wall Street Zen lowered shares of IMAX (NYSE:IMAX – Free Report) from a buy rating to a hold rating in a report issued on Saturday morning,Wall Street Zen reports.

Several other equities analysts have also recently weighed in on the stock. Barrington Research increased their price objective on shares of IMAX from $46.00 to $50.00 and gave the stock an “outperform” rating in a research note on Friday, July 24th. HC Wainwright reaffirmed a “buy” rating on shares of IMAX in a report on Friday, July 24th. Roth Capital increased their price target on shares of IMAX from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Thursday, September 3rd. Rosenblatt Securities lifted their price target on shares of IMAX from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, September 9th. Finally, B. Riley Financial upped their price objective on IMAX from $52.00 to $61.00 and gave the stock a “buy” rating in a research note on Monday, August 24th. Eleven analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $55.17.

Read Our Latest Report on IMAX

IMAX Stock Performance

IMAX stock opened at $56.13 on Friday. The stock has a market cap of $3.08 billion, a PE ratio of 77.96, a price-to-earnings-growth ratio of 1.76 and a beta of 0.40. IMAX has a one year low of $30.74 and a one year high of $57.73. The stock has a fifty day moving average of $50.92 and a 200 day moving average of $42.86.

IMAX (NYSE:IMAX – Get Free Report) last posted its earnings results on Thursday, July 23rd. The company reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $0.13. The company had revenue of $102.84 million for the quarter, compared to the consensus estimate of $96.09 million. IMAX had a return on equity of 15.47% and a net margin of 9.84%.IMAX’s revenue was up 12.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.26 earnings per share. As a group, sell-side analysts predict that IMAX will post 1.52 EPS for the current fiscal year.

Insider Activity

In related news, VP Robert Lister sold 22,500 shares of the company’s stock in a transaction on Thursday, September 10th. The shares were sold at an average price of $51.58, for a total value of $1,160,550.00. Following the completion of the transaction, the vice president owned 182,375 shares of the company’s stock, valued at approximately $9,406,902.50. This represents a 10.98% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Kenneth Weissman sold 8,000 shares of the stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $54.54, for a total value of $436,320.00. Following the completion of the sale, the insider owned 28,205 shares of the company’s stock, valued at $1,538,300.70. The trade was a 22.10% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 507,257 shares of company stock worth $26,673,571 in the last quarter. Corporate insiders own 20.55% of the company’s stock.

Institutional Trading of IMAX

Several institutional investors have recently made changes to their positions in IMAX. BlackRock Inc. purchased a new position in IMAX in the 2nd quarter worth approximately $115,881,000. Westfield Capital Management Co. LP grew its holdings in IMAX by 44.6% during the 4th quarter. Westfield Capital Management Co. LP now owns 2,346,486 shares of the company’s stock valued at $86,726,000 after buying an additional 723,861 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in IMAX by 1.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,237,230 shares of the company’s stock valued at $47,026,000 after buying an additional 23,401 shares in the last quarter. Wellington Management Group LLP raised its position in shares of IMAX by 51.8% during the second quarter. Wellington Management Group LLP now owns 800,193 shares of the company’s stock valued at $31,896,000 after buying an additional 273,122 shares during the last quarter. Finally, Nantahala Capital Management LLC bought a new stake in shares of IMAX during the second quarter valued at approximately $26,228,239. Hedge funds and other institutional investors own 93.51% of the company’s stock.

IMAX Company Profile

(Get Free Report)

IMAX Corporation (NYSE: IMAX) is an entertainment technology company that develops and operates premium large-format cinema experiences. Its systems combine specialized projection, immersive sound, large screens and theater design to present feature films, documentaries and other filmed content.

The company provides cinema operators with IMAX projection and sound systems, including its IMAX with Laser technology, as well as theater design, installation and technical support. IMAX also works with filmmakers and studios on content capture, post-production and remastering to optimize movies for its format, including selected 2D and 3D releases.

Founded in 1967, IMAX has expanded from its origins in documentary and institutional film presentations into a global theatrical network.

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