IMAX's (IMAX) Hold (C+) Rating Reiterated at Weiss Ratings

Key Points

• IMAX's stock received a reiteration of its "hold (C+)" rating from Weiss Ratings, indicating a cautious stance on the company's performance.
• Rosenblatt Securities and Barrington Research both raised their price targets for IMAX shares, with new targets set at $37.00, while one analyst rated the stock as a strong buy.
• IMAX initiated a stock buyback program allowing the repurchase of up to $100 million worth of shares, reflecting management's belief that the stock is undervalued.

IMAX (NYSE:IMAX - Get Free Report)'s stock had its "hold (c+)" rating reiterated by stock analysts at Weiss Ratings in a report issued on Wednesday,Weiss Ratings reports.

IMAX has been the topic of several other reports. Rosenblatt Securities lifted their price objective on shares of IMAX from $35.00 to $37.00 and gave the company a "buy" rating in a report on Friday, July 25th. Roth Capital reissued a "buy" rating and set a $36.00 price objective on shares of IMAX in a report on Wednesday, July 9th. Barrington Research lifted their price objective on shares of IMAX from $32.00 to $37.00 and gave the company an "outperform" rating in a report on Friday, September 19th. The Goldman Sachs Group reissued a "sell" rating on shares of IMAX in a report on Friday, July 25th. Finally, Wall Street Zen lowered shares of IMAX from a "strong-buy" rating to a "buy" rating in a report on Friday, August 22nd. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $33.70.

IMAX Stock Performance

Shares of NYSE:IMAX opened at $32.29 on Wednesday. The firm has a market cap of $1.74 billion, a PE ratio of 53.82, a price-to-earnings-growth ratio of 2.22 and a beta of 0.62. The firm's 50 day simple moving average is $29.32 and its 200-day simple moving average is $27.33. IMAX has a one year low of $19.19 and a one year high of $34.14.

IMAX (NYSE:IMAX - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.07. The company had revenue of $91.68 million for the quarter, compared to analyst estimates of $93.04 million. IMAX had a net margin of 9.04% and a return on equity of 8.62%. IMAX's revenue was up 3.1% compared to the same quarter last year. During the same period last year, the company posted $0.18 earnings per share. Equities research analysts predict that IMAX will post 0.91 EPS for the current fiscal year.

IMAX declared that its board has initiated a stock buyback program on Thursday, June 12th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 6.5% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's management believes its shares are undervalued.

Insider Buying and Selling at IMAX

In other news, VP Robert D. Lister sold 20,000 shares of IMAX stock in a transaction on Monday, September 15th. The shares were sold at an average price of $32.80, for a total transaction of $656,000.00. Following the completion of the sale, the vice president directly owned 161,421 shares in the company, valued at approximately $5,294,608.80. The trade was a 11.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Kenneth Ian Weissman sold 15,072 shares of IMAX stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $25.65, for a total transaction of $386,596.80. Following the sale, the insider owned 26,133 shares of the company's stock, valued at $670,311.45. The trade was a 36.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. 23.18% of the stock is currently owned by insiders.

Institutional Investors Weigh In On IMAX

Institutional investors and hedge funds have recently made changes to their positions in the stock. TD Waterhouse Canada Inc. lifted its stake in shares of IMAX by 125.0% during the second quarter. TD Waterhouse Canada Inc. now owns 900 shares of the company's stock worth $25,000 after buying an additional 500 shares during the period. Creative Financial Designs Inc. ADV acquired a new stake in shares of IMAX during the first quarter worth $59,000. Ridgewood Investments LLC acquired a new stake in shares of IMAX during the second quarter worth $62,000. Tower Research Capital LLC TRC lifted its stake in shares of IMAX by 194.6% during the second quarter. Tower Research Capital LLC TRC now owns 4,148 shares of the company's stock worth $116,000 after buying an additional 2,740 shares during the period. Finally, Y Intercept Hong Kong Ltd acquired a new stake in shares of IMAX during the first quarter worth $202,000. 93.51% of the stock is currently owned by institutional investors and hedge funds.

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.

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