IMAX (NYSE:IMAX) Upgraded to Strong-Buy at Seaport Res Ptn

Seaport Res Ptn upgraded shares of IMAX (NYSE:IMAX) to a strong-buy rating in a research report released on Wednesday morning, Zacks.com reports.

A number of other brokerages have also recently weighed in on IMAX. Wedbush restated an outperform rating and set a $22.00 price objective on shares of IMAX in a research note on Thursday, July 18th. Rosenblatt Securities reaffirmed a buy rating and issued a $25.00 price target on shares of IMAX in a research note on Monday, June 17th. Roth Mkm raised their price objective on shares of IMAX from $22.00 to $23.00 and gave the company a buy rating in a research note on Thursday, July 18th. Benchmark reissued a buy rating and set a $22.00 target price on shares of IMAX in a report on Thursday, June 20th. Finally, Barrington Research reaffirmed an outperform rating and set a $24.00 price target on shares of IMAX in a research note on Monday, April 22nd. One research analyst has rated the stock with a sell rating, two have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $23.56.

IMAX Trading Up 3.6 %

NYSE:IMAX opened at $20.09 on Wednesday. The stock has a 50 day moving average of $16.75 and a 200-day moving average of $16.14. The firm has a market capitalization of $1.06 billion, a PE ratio of 41.86, a price-to-earnings-growth ratio of 1.69 and a beta of 1.26. IMAX has a 52 week low of $13.20 and a 52 week high of $20.70.

IMAX (NYSE:IMAX) last announced its quarterly earnings results on Thursday, July 25th. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.11. IMAX had a net margin of 5.97% and a return on equity of 7.77%. The company had revenue of $88.96 million during the quarter, compared to the consensus estimate of $74.52 million. During the same quarter in the previous year, the company posted $0.17 earnings per share. The company’s revenue for the quarter was down 9.2% compared to the same quarter last year. As a group, analysts predict that IMAX will post 0.57 EPS for the current fiscal year.

Institutional Investors Weigh In On IMAX

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. GSA Capital Partners LLP acquired a new stake in shares of IMAX during the 1st quarter valued at about $1,070,000. Acadian Asset Management LLC lifted its stake in IMAX by 178.7% in the first quarter. Acadian Asset Management LLC now owns 490,917 shares of the company’s stock valued at $7,934,000 after acquiring an additional 314,742 shares during the last quarter. Kodai Capital Management LP bought a new stake in IMAX in the fourth quarter worth approximately $5,287,000. Principal Financial Group Inc. acquired a new position in shares of IMAX during the 1st quarter worth $871,000. Finally, Victory Capital Management Inc. raised its holdings in shares of IMAX by 13.0% during the 4th quarter. Victory Capital Management Inc. now owns 825,319 shares of the company’s stock valued at $12,396,000 after purchasing an additional 95,182 shares in the last quarter. Hedge funds and other institutional investors own 93.51% of the company’s stock.

IMAX Company Profile

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.