Barrington Research downgraded shares of Imax Corporation (NYSE:IMAX) from an outperform rating to a market perform rating in a report released on Wednesday, July 12th, Marketbeat reports.
Other equities research analysts also recently issued reports about the stock. Zacks Investment Research downgraded shares of Imax Corporation from a hold rating to a sell rating in a research report on Tuesday, July 11th. ValuEngine downgraded shares of Imax Corporation from a hold rating to a sell rating in a research report on Friday, June 2nd. Roth Capital set a $37.00 price objective on shares of Imax Corporation and gave the stock a buy rating in a research report on Thursday, April 20th. TheStreet downgraded shares of Imax Corporation from a b- rating to a c rating in a research report on Wednesday, May 17th. Finally, Wedbush restated an outperform rating and set a $39.00 price objective on shares of Imax Corporation in a research report on Friday, May 12th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company’s stock. Imax Corporation presently has an average rating of Hold and an average target price of $34.82.
Imax Corporation (NYSE:IMAX) opened at 19.00 on Wednesday. The firm has a market cap of $1.23 billion, a PE ratio of 128.38 and a beta of 0.90. Imax Corporation has a 52-week low of $18.90 and a 52-week high of $35.30. The company’s 50 day moving average price is $21.42 and its 200 day moving average price is $28.21.
Imax Corporation (NYSE:IMAX) last issued its earnings results on Wednesday, July 26th. The company reported $0.15 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.02) by $0.17. Imax Corporation had a net margin of 2.81% and a return on equity of 2.39%. The business had revenue of $87.76 million during the quarter, compared to the consensus estimate of $89.26 million. During the same period last year, the business posted $0.18 EPS. Imax Corporation’s revenue was down 4.3% on a year-over-year basis. Analysts predict that Imax Corporation will post $0.62 earnings per share for the current fiscal year.
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Imax Corporation announced that its board has authorized a share repurchase plan 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 plans are usually an indication that the company’s management believes its shares are undervalued.
In related news, Director Eric A. Demirian sold 2,670 shares of Imax Corporation stock in a transaction that occurred on Thursday, June 15th. The shares were sold at an average price of $25.10, for a total value of $67,017.00. Following the transaction, the director now directly owns 17,945 shares of the company’s stock, valued at $450,419.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Patrick Mcclymont sold 1,760 shares of Imax Corporation stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $20.50, for a total transaction of $36,080.00. The disclosure for this sale can be found here. 18.90% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. B. Riley Financial Inc. boosted its position in shares of Imax Corporation by 54.9% in the second quarter. B. Riley Financial Inc. now owns 23,004 shares of the company’s stock worth $506,000 after buying an additional 8,154 shares during the period. OxFORD Asset Management LLP purchased a new position in shares of Imax Corporation during the second quarter worth about $1,246,000. Dimensional Fund Advisors LP boosted its stake in Imax Corporation by 189.8% in the second quarter. Dimensional Fund Advisors LP now owns 682,021 shares of the company’s stock worth $15,007,000 after buying an additional 446,672 shares during the last quarter. Virtu KCG Holdings LLC boosted its stake in Imax Corporation by 14.1% in the second quarter. Virtu KCG Holdings LLC now owns 20,666 shares of the company’s stock worth $455,000 after buying an additional 2,556 shares during the last quarter. Finally, Connors Investor Services Inc. boosted its stake in Imax Corporation by 2.9% in the second quarter. Connors Investor Services Inc. now owns 98,852 shares of the company’s stock worth $2,175,000 after buying an additional 2,750 shares during the last quarter. 89.54% of the stock is currently owned by institutional investors and hedge funds.
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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