BidaskClub upgraded shares of Imax Corporation (NYSE:IMAX) from a strong sell rating to a sell rating in a research report sent to investors on Wednesday morning.
Several other equities analysts also recently weighed in on IMAX. Zacks Investment Research upgraded Imax Corporation from a sell rating to a hold rating in a report on Tuesday, March 28th. Canaccord Genuity restated a buy rating and set a $39.00 price target on shares of Imax Corporation in a report on Monday, April 10th. B. Riley restated a buy rating and set a $46.00 price target on shares of Imax Corporation in a report on Monday, April 17th. Wedbush reduced their price target on Imax Corporation from $41.50 to $39.00 and set an outperform rating for the company in a report on Friday, April 21st. Finally, Roth Capital set a $37.00 price target on Imax Corporation and gave the company a buy rating in a report on Thursday, April 20th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the stock. Imax Corporation has an average rating of Hold and a consensus price target of $37.85.
Shares of Imax Corporation (NYSE:IMAX) opened at 20.30 on Wednesday. The company has a market cap of $1.35 billion, a price-to-earnings ratio of 78.08 and a beta of 0.91. Imax Corporation has a 1-year low of $20.25 and a 1-year high of $35.30. The stock has a 50 day moving average of $25.48 and a 200 day moving average of $30.47.
Imax Corporation (NYSE:IMAX) last issued its quarterly earnings results on Thursday, April 20th. The company reported $0.06 earnings per share for the quarter, beating the consensus estimate of $0.05 by $0.01. Imax Corporation had a return on equity of 2.49% and a net margin of 5.46%. The firm had revenue of $68.70 million during the quarter, compared to the consensus estimate of $71.53 million. During the same period last year, the company earned $0.22 earnings per share. The company’s revenue was down 25.4% on a year-over-year basis. On average, equities analysts forecast that Imax Corporation will post $0.71 EPS for the current year.
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Imax Corporation announced that its board has approved a stock repurchase program on Monday, June 12th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the company to purchase up to 12.5% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.
In related news, Director Eric A. Demirian sold 2,670 shares of Imax Corporation stock in a transaction dated Thursday, June 15th. The stock was 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 directly owns 17,945 shares in the company, valued at approximately $450,419.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 18.90% of the stock is currently owned by company insiders.
A number of large investors have recently added to or reduced their stakes in IMAX. Monarch Partners Asset Management LLC acquired a new stake in Imax Corporation during the first quarter valued at approximately $17,347,000. Russell Investments Group Ltd. increased its stake in Imax Corporation by 1,652.7% in the first quarter. Russell Investments Group Ltd. now owns 755,254 shares of the company’s stock valued at $25,678,000 after buying an additional 712,163 shares during the last quarter. Fox Run Management L.L.C. acquired a new stake in Imax Corporation during the first quarter valued at approximately $836,000. Bank of Montreal Can increased its stake in Imax Corporation by 629.2% in the first quarter. Bank of Montreal Can now owns 63,069 shares of the company’s stock valued at $2,144,000 after buying an additional 54,420 shares during the last quarter. Finally, Peregrine Capital Management LLC increased its stake in Imax Corporation by 7.4% in the first quarter. Peregrine Capital Management LLC now owns 1,109,121 shares of the company’s stock valued at $37,488,000 after buying an additional 76,309 shares during the last quarter. Institutional investors own 88.77% of the company’s stock.
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.
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