IMAX (NYSE:IMAX) Upgraded to Buy at StockNews.com

StockNews.com upgraded shares of IMAX (NYSE:IMAX) from a hold rating to a buy rating in a research report report published on Thursday morning.

Several other equities analysts have also commented on IMAX. Roth Mkm upped their price target on IMAX from $27.00 to $28.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Wedbush upped their target price on shares of IMAX from $24.00 to $26.00 and gave the company an “outperform” rating in a research report on Tuesday, September 3rd. Seaport Res Ptn raised shares of IMAX to a “strong-buy” rating in a research note on Wednesday, July 24th. JPMorgan Chase & Co. boosted their price target on shares of IMAX from $20.00 to $21.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $28.00 price objective on shares of IMAX in a research report on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $24.22.

IMAX Price Performance

Shares of NYSE:IMAX traded down $0.37 during midday trading on Thursday, hitting $24.35. The company had a trading volume of 655,844 shares, compared to its average volume of 761,660. IMAX has a twelve month low of $13.20 and a twelve month high of $25.28. The stock has a market cap of $1.28 billion, a price-to-earnings ratio of 55.34, a price-to-earnings-growth ratio of 1.62 and a beta of 1.22. The business’s 50-day simple moving average is $21.06 and its 200-day simple moving average is $18.96.

IMAX (NYSE:IMAX) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.12. The firm had revenue of $91.50 million during the quarter, compared to analysts’ expectations of $93.71 million. IMAX had a net margin of 6.74% and a return on equity of 7.53%. IMAX’s revenue was down 11.9% compared to the same quarter last year. During the same period last year, the business earned $0.27 earnings per share. As a group, sell-side analysts forecast that IMAX will post 0.76 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Janney Montgomery Scott LLC lifted its stake in IMAX by 28.0% in the first quarter. Janney Montgomery Scott LLC now owns 33,011 shares of the company’s stock worth $534,000 after acquiring an additional 7,226 shares during the last quarter. Mutual of America Capital Management LLC grew its stake in shares of IMAX by 11.5% during the first quarter. Mutual of America Capital Management LLC now owns 176,136 shares of the company’s stock worth $2,848,000 after purchasing an additional 18,114 shares in the last quarter. State Board of Administration of Florida Retirement System increased its holdings in IMAX by 63.2% in the first quarter. State Board of Administration of Florida Retirement System now owns 20,924 shares of the company’s stock valued at $338,000 after buying an additional 8,100 shares during the last quarter. Pembroke Management LTD raised its stake in IMAX by 52.2% in the first quarter. Pembroke Management LTD now owns 351,113 shares of the company’s stock valued at $5,677,000 after buying an additional 120,495 shares in the last quarter. Finally, Mizuho Markets Americas LLC lifted its holdings in IMAX by 5.7% during the 1st quarter. Mizuho Markets Americas LLC now owns 213,525 shares of the company’s stock worth $3,453,000 after buying an additional 11,500 shares during the last quarter. 93.51% of the stock is currently owned by hedge funds and other institutional investors.

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.