BidaskClub upgraded shares of Imax Corporation (NYSE:IMAX) from a strong sell rating to a sell rating in a report released on Wednesday, July 12th.
Several other equities research analysts have also commented on the stock. MKM Partners reissued a buy rating and issued a $40.00 price target on shares of Imax Corporation in a report on Tuesday, April 25th. TheStreet cut shares of Imax Corporation from a b- rating to a c rating in a research note on Wednesday, May 17th. Zacks Investment Research raised shares of Imax Corporation from a sell rating to a hold rating in a research note on Monday, June 19th. Roth Capital set a $37.00 target price on shares of Imax Corporation and gave the stock a buy rating in a research note on Thursday, April 20th. Finally, Wedbush lowered their target price on shares of Imax Corporation from $41.50 to $39.00 and set an outperform rating on the stock in a research note on Friday, April 21st. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the company. Imax Corporation has an average rating of Hold and an average price target of $34.82.
Imax Corporation (NYSE IMAX) traded up 0.98% during trading on Wednesday, hitting $20.65. 1,666,861 shares of the stock were exchanged. The stock has a market cap of $1.34 billion, a P/E ratio of 139.53 and a beta of 0.90. The stock has a 50 day moving average of $22.06 and a 200-day moving average of $28.64. Imax Corporation has a 52 week low of $19.33 and a 52 week high of $35.30.
Imax Corporation (NYSE:IMAX) last issued its quarterly earnings results on Wednesday, July 26th. The company reported $0.15 EPS for the quarter, topping the consensus estimate of ($0.02) by $0.17. The company had revenue of $87.76 million during 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%. The firm’s revenue was down 4.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.18 EPS. Equities analysts expect that Imax Corporation will post $0.62 EPS for the current fiscal year.
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Imax Corporation announced that its board has authorized a share buyback program on Monday, June 12th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 12.5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.
In related news, Director Eric A. Demirian sold 2,670 shares of the company’s stock in a transaction that occurred on Thursday, June 15th. The shares were sold at an average price of $25.10, for a total transaction of $67,017.00. Following the sale, the director now directly owns 17,945 shares in the company, valued at $450,419.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 18.90% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BNP Paribas Arbitrage SA boosted its position in Imax Corporation by 1,151.0% in the second quarter. BNP Paribas Arbitrage SA now owns 6,818 shares of the company’s stock valued at $150,000 after buying an additional 6,273 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Imax Corporation by 78.9% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,774 shares of the company’s stock worth $156,000 after buying an additional 2,546 shares in the last quarter. Ameritas Investment Partners Inc. purchased a new position in shares of Imax Corporation during the first quarter worth $173,000. Comerica Bank purchased a new position in shares of Imax Corporation during the fourth quarter worth $205,000. Finally, Aperio Group LLC bought a new stake in Imax Corporation during the second quarter worth approximately $205,000. Hedge funds and other institutional investors own 89.54% 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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