BidaskClub upgraded shares of Imax Corporation (NYSE:IMAX) from a strong sell rating to a sell rating in a research report sent to investors on Thursday.
A number of other research analysts have also weighed in on IMAX. TheStreet lowered shares of Imax Corporation from a b- rating to a c rating in a research note on Wednesday, May 17th. B. Riley reaffirmed a buy rating and issued a $46.00 price target on shares of Imax Corporation in a research note on Saturday, May 20th. ValuEngine lowered shares of Imax Corporation from a hold rating to a sell rating in a research note on Friday, June 2nd. Benchmark Co. lowered shares of Imax Corporation from a buy rating to a hold rating in a research note on Wednesday, June 7th. Finally, Canaccord Genuity set a $33.00 price target on shares of Imax Corporation and gave the company a buy rating in a research note on Thursday, June 8th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company’s stock. Imax Corporation currently has a consensus rating of Hold and a consensus target price of $33.50.
Shares of Imax Corporation (IMAX) opened at 22.05 on Thursday. Imax Corporation has a 52-week low of $17.58 and a 52-week high of $35.30. The stock has a market capitalization of $1.43 billion, a P/E ratio of 148.99 and a beta of 0.95. The company has a 50 day moving average price of $19.56 and a 200-day moving average price of $25.96.
Imax Corporation (NYSE:IMAX) last issued its quarterly earnings results on Wednesday, July 26th. The company reported $0.15 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.02) by $0.17. The firm had revenue of $87.76 million for the quarter, compared to analyst estimates of $89.26 million. Imax Corporation had a net margin of 2.81% and a return on equity of 2.39%. Imax Corporation’s quarterly revenue was down 4.3% compared to the same quarter last year. During the same period last year, the company posted $0.18 EPS. On average, analysts predict that Imax Corporation will post $0.62 earnings per share for the current fiscal year.
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Imax Corporation declared that its board has authorized a share buyback program on Monday, June 12th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 12.5% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
In other Imax Corporation news, CEO Greg Foster sold 9,417 shares of the firm’s stock in a transaction that occurred on Tuesday, September 5th. The shares were sold at an average price of $19.55, for a total value of $184,102.35. Following the transaction, the chief executive officer now directly owns 67,018 shares of the company’s stock, valued at approximately $1,310,201.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Patrick Mcclymont sold 1,760 shares of the firm’s stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $20.50, for a total transaction of $36,080.00. The disclosure for this sale can be found here. Company insiders own 18.90% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Legal & General Group Plc increased its holdings in shares of Imax Corporation by 0.6% during the 2nd quarter. Legal & General Group Plc now owns 21,109 shares of the company’s stock worth $468,000 after buying an additional 129 shares during the last quarter. MML Investors Services LLC increased its holdings in shares of Imax Corporation by 0.5% during the 2nd quarter. MML Investors Services LLC now owns 31,735 shares of the company’s stock worth $698,000 after buying an additional 166 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Imax Corporation by 13.0% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,522 shares of the company’s stock worth $181,000 after buying an additional 748 shares during the last quarter. Blair William & Co. IL increased its holdings in shares of Imax Corporation by 1.5% during the 1st quarter. Blair William & Co. IL now owns 94,231 shares of the company’s stock worth $3,203,000 after buying an additional 1,408 shares during the last quarter. Finally, American International Group Inc. increased its holdings in shares of Imax Corporation by 5.0% during the 1st quarter. American International Group Inc. now owns 35,583 shares of the company’s stock worth $1,210,000 after buying an additional 1,701 shares during the last quarter. Institutional investors and hedge funds own 83.73% of the company’s stock.
About Imax Corporation
IMAX Corporation is an entertainment technology company. The Company operates through seven segments: IMAX systems; theater system maintenance; joint revenue sharing arrangements; film production and IMAX DMR; film distribution; film post-production, and other. The IMAX systems segment designs, manufactures, sells or leases IMAX theater projection system equipment.
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