IMAX (NYSE:IMAX) Upgraded to Buy at Wall Street Zen

Key Points

• Wall Street Zen upgraded IMAX to “Buy” from “Hold.” The company has a consensus “Moderate Buy” rating, with 11 analysts recommending Buy and three recommending Hold; the average price target is $56.15.
• IMAX reported quarterly EPS of $0.43, beating the $0.30 analyst consensus, while revenue of $102.84 million exceeded expectations and rose 12.2% year over year.
• IMAX shares opened at $50.77, down 1.1%, and remain near their 52-week high of $57.73. Insiders sold more than $26.7 million in stock over the past three months, while institutional investors own 93.51% of the company.

IMAX (NYSE:IMAX - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued on Saturday, Wall Street Zen reports.

Several other equities research analysts also recently issued reports on the company. Rosenblatt Securities upped their price target on IMAX from $60.00 to $65.00 and gave the stock a "buy" rating in a report on Wednesday, September 9th. Wells Fargo & Company raised their price objective on IMAX from $41.00 to $45.00 and gave the company an "equal weight" rating in a research note on Friday, July 24th. B. Riley Financial upped their target price on shares of IMAX from $61.00 to $64.00 and gave the stock a "buy" rating in a research note on Thursday. Benchmark reiterated a "buy" rating on shares of IMAX in a report on Monday, June 22nd. Finally, The Goldman Sachs Group boosted their price target on shares of IMAX from $42.00 to $50.00 and gave the stock a "neutral" rating in a report on Friday, September 4th. Eleven research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, IMAX presently has a consensus rating of "Moderate Buy" and a consensus price target of $56.15.

IMAX Stock Down 1.1%

NYSE IMAX opened at $50.77 on Friday. IMAX has a 52 week low of $30.74 and a 52 week high of $57.73. The business has a 50 day moving average price of $52.37 and a 200-day moving average price of $43.73. The company has a market cap of $2.78 billion, a price-to-earnings ratio of 70.51, a P/E/G ratio of 1.57 and a beta of 0.49.

IMAX (NYSE:IMAX - Get Free Report) last issued its earnings results on Thursday, July 23rd. The company reported $0.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.30 by $0.13. The company had revenue of $102.84 million for the quarter, compared to analysts' expectations of $96.09 million. IMAX had a return on equity of 15.47% and a net margin of 9.84%. IMAX's quarterly revenue was up 12.2% compared to the same quarter last year. During the same period last year, the business earned $0.26 EPS. On average, equities research analysts anticipate that IMAX will post 1.56 earnings per share for the current year.

Insider Activity at IMAX

In related news, VP Robert Lister sold 22,500 shares of the company's stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $51.58, for a total value of $1,160,550.00. Following the transaction, the vice president owned 182,375 shares in the company, valued at approximately $9,406,902.50. This represents a 10.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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 shares were sold at an average price of $54.54, for a total value of $436,320.00. Following the transaction, the insider directly owned 28,205 shares of the company's stock, valued at approximately $1,538,300.70. This trade represents a 22.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 507,257 shares of company stock valued at $26,673,571 in the last three months. Insiders own 20.55% of the company's stock.

Hedge Funds Weigh In On IMAX

Large investors have recently modified their holdings of the business. Global Retirement Partners LLC purchased a new position in IMAX in the 2nd quarter valued at approximately $85,000. Nykredit A S purchased a new position in shares of IMAX in the second quarter valued at $105,000. Caitong International Asset Management Co. Ltd grew its position in shares of IMAX by 159.8% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,006 shares of the company's stock valued at $111,000 after purchasing an additional 1,849 shares in the last quarter. Kemnay Advisory Services Inc. bought a new stake in shares of IMAX during the 4th quarter valued at $135,000. Finally, State of Wyoming bought a new stake in shares of IMAX during the 2nd quarter valued at $192,000. Hedge funds and other institutional investors own 93.51% of the company's stock.

About IMAX

IMAX Corporation NYSE: IMAX is an entertainment technology company that develops and licenses premium-format motion picture systems for cinemas and other venues. Its offerings combine specialized projection and display technology, immersive sound systems, theater design, and large-format screens to provide audiences with an enhanced presentation experience.

The company supports the theatrical release of films through its IMAX DMR (Digital Media Remastering) process, which adapts and optimizes content for IMAX presentations.

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