Imax Corporation (NYSE:IMAX) Stock Rating Upgraded by BidaskClub

Imax Corporation (NYSE:IMAX) was upgraded by equities researchers at BidaskClub from a “sell” rating to a “hold” rating in a report issued on Monday, July 24th.

A number of other brokerages have also issued reports on IMAX. Zacks Investment Research upgraded Imax Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, March 28th. Canaccord Genuity set a $33.00 price objective on Imax Corporation and gave the company a “buy” rating in a research report on Thursday, June 8th. B. Riley restated a “buy” rating and set a $43.50 price objective on shares of Imax Corporation in a research report on Monday, June 12th. Roth Capital set a $37.00 price objective on Imax Corporation and gave the company a “buy” rating in a research report on Thursday, April 20th. Finally, MKM Partners restated a “buy” rating and set a $40.00 price objective on shares of Imax Corporation in a research report on Tuesday, April 25th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $34.82.

Shares of Imax Corporation (NYSE IMAX) opened at 18.85 on Monday. The company has a market cap of $1.22 billion, a price-to-earnings ratio of 127.36 and a beta of 0.90. Imax Corporation has a 52 week low of $18.75 and a 52 week high of $35.30. The firm’s 50-day moving average price is $21.29 and its 200 day moving average price is $28.04.

Imax Corporation (NYSE:IMAX) last issued its quarterly earnings results on Wednesday, July 26th. The company reported $0.15 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.02) by $0.17. Imax Corporation had a return on equity of 2.39% and a net margin of 2.81%. The business had revenue of $87.76 million during the quarter, compared to analyst estimates of $89.26 million. During the same quarter in the prior year, the business posted $0.18 EPS. Imax Corporation’s revenue for the quarter was down 4.3% compared to the same quarter last year. On average, equities research analysts forecast that Imax Corporation will post $0.62 EPS for the current year.

Imax Corporation declared that its board has approved a stock buyback program on Monday, June 12th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the company to buy up to 12.5% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

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In other Imax Corporation news, Director Eric A. Demirian sold 2,670 shares of the firm’s stock in a transaction dated Thursday, June 15th. The shares were sold at an average price of $25.10, for a total value of $67,017.00. Following the completion of the sale, the director now owns 17,945 shares of the company’s stock, valued at $450,419.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Patrick Mcclymont sold 1,760 shares of the firm’s stock in a transaction dated 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.

Hedge funds have recently made changes to their positions in the company. Legal & General Group Plc increased its stake in shares of Imax Corporation by 0.6% in the second quarter. Legal & General Group Plc now owns 21,109 shares of the company’s stock valued at $468,000 after buying an additional 129 shares during the last quarter. MML Investors Services LLC increased its stake in shares of Imax Corporation by 0.5% in the second quarter. MML Investors Services LLC now owns 31,735 shares of the company’s stock valued at $698,000 after buying an additional 166 shares during the last quarter. State Board of Administration of Florida Retirement System increased its stake in shares of Imax Corporation by 0.9% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 22,008 shares of the company’s stock valued at $691,000 after buying an additional 190 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Imax Corporation by 13.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,522 shares of the company’s stock valued at $181,000 after buying an additional 748 shares during the last quarter. Finally, Blair William & Co. IL increased its stake in shares of Imax Corporation by 1.5% in the first quarter. Blair William & Co. IL now owns 94,231 shares of the company’s stock valued at $3,203,000 after buying an additional 1,408 shares during the last quarter. 80.56% of the stock is owned by institutional investors and hedge funds.

Imax Corporation Company Profile

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.