Imax Corporation (IMAX) Downgraded by BidaskClub to Strong Sell

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.

COPYRIGHT VIOLATION WARNING: “Imax Corporation (IMAX) Downgraded by BidaskClub to Strong Sell” was first posted by Community Financial News and is the sole property of of Community Financial News. If you are viewing this report on another publication, it was illegally stolen and reposted in violation of international copyright legislation. The correct version of this report can be viewed at https://www.com-unik.info/2017/08/17/imax-corporation-imax-downgraded-by-bidaskclub-to-strong-sell.html.

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.

Analyst Recommendations for Imax Corporation (NYSE:IMAX)

What are top analysts saying about Imax Corporation? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Imax Corporation and related companies.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit