BidaskClub cut shares of Imax Corporation (NYSE:IMAX) from a sell rating to a strong sell rating in a research note released on Wednesday morning.
IMAX has been the subject of several other reports. Zacks Investment Research lowered shares of Imax Corporation from a hold rating to a sell rating in a report on Tuesday, July 11th. ValuEngine lowered shares of Imax Corporation from a hold rating to a sell rating in a research note on Friday, June 2nd. Roth Capital set a $37.00 price target on shares of Imax Corporation and gave the stock a buy rating in a research note on Thursday, April 20th. Piper Jaffray Companies set a $35.00 price target on shares of Imax Corporation and gave the stock a buy rating in a research note on Friday, July 21st. Finally, TheStreet lowered shares of Imax Corporation from a b- rating to a c rating in a research note on Wednesday, May 17th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the stock. Imax Corporation presently has a consensus rating of Hold and an average price target of $34.82.
Imax Corporation (NYSE IMAX) traded up 1.90% during midday trading on Wednesday, reaching $18.75. 341,879 shares of the company’s stock were exchanged. The firm has a 50-day moving average price of $21.02 and a 200 day moving average price of $27.87. Imax Corporation has a 12-month low of $18.30 and a 12-month high of $35.30. The company has a market cap of $1.21 billion, a price-to-earnings ratio of 126.69 and a beta of 0.90.
Imax Corporation (NYSE:IMAX) last issued its quarterly earnings data on Wednesday, July 26th. The company reported $0.15 EPS for the quarter, topping 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 analyst estimates of $89.26 million. During the same period in the prior year, the business earned $0.18 EPS. The company’s revenue for the quarter was down 4.3% on a year-over-year basis. On average, analysts expect that Imax Corporation will post $0.62 EPS for the current fiscal year.
Imax Corporation announced that its Board of Directors has approved a stock buyback plan 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 shares through open market purchases. Shares buyback plans are generally a sign that the company’s board believes its stock is undervalued.
In related news, CFO Patrick Mcclymont sold 1,760 shares of the stock in a transaction dated Wednesday, August 9th. The shares were sold at an average price of $20.50, for a total transaction of $36,080.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Eric A. Demirian sold 2,670 shares of the stock in a transaction dated 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 disclosure for this sale can be found here. Corporate insiders own 18.90% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. Guggenheim Capital LLC increased its stake in shares of Imax Corporation by 102.7% in the fourth quarter. Guggenheim Capital LLC now owns 14,866 shares of the company’s stock valued at $467,000 after buying an additional 7,533 shares during the period. Macquarie Group Ltd. increased its stake in shares of Imax Corporation by 34.7% in the fourth quarter. Macquarie Group Ltd. now owns 170,045 shares of the company’s stock valued at $5,339,000 after buying an additional 43,800 shares during the period. Bank of Montreal Can increased its stake in shares of 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 period. Russell Investments Group Ltd. increased its stake in shares of 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 period. Finally, Monarch Partners Asset Management LLC purchased a new stake in shares of Imax Corporation during the first quarter valued at approximately $17,347,000. 80.56% of the stock is currently owned by institutional investors.
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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