IMAX (NYSE:IMAX) Cut to Hold at StockNews.com

StockNews.com cut shares of IMAX (NYSE:IMAX) from a buy rating to a hold rating in a research report sent to investors on Tuesday morning.

A number of other brokerages have also commented on IMAX. Rosenblatt Securities reaffirmed a “buy” rating and set a $28.00 target price on shares of IMAX in a research report on Thursday, January 16th. Benchmark reissued a “buy” rating and set a $30.00 price objective on shares of IMAX in a report on Friday, January 17th. Barrington Research reissued an “outperform” rating and set a $30.00 price objective on shares of IMAX in a report on Friday, January 10th. Wedbush reissued an “outperform” rating and set a $32.00 price objective on shares of IMAX in a report on Friday, January 17th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of IMAX from $21.00 to $25.00 and gave the company a “neutral” rating in a report on Thursday, January 30th. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $28.63.

IMAX Stock Performance

Shares of NYSE:IMAX opened at $24.39 on Tuesday. The firm has a market cap of $1.28 billion, a PE ratio of 55.42, a price-to-earnings-growth ratio of 1.30 and a beta of 1.22. The firm’s 50 day simple moving average is $24.61 and its 200-day simple moving average is $22.46. IMAX has a one year low of $13.20 and a one year high of $26.84.

Insider Buying and Selling at IMAX

In other news, EVP Robert D. Lister sold 55,910 shares of IMAX stock in a transaction on Monday, December 9th. The shares were sold at an average price of $25.50, for a total transaction of $1,425,705.00. Following the completion of the sale, the executive vice president now directly owns 138,889 shares in the company, valued at approximately $3,541,669.50. The trade was a 28.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Natasha Fernandes sold 2,957 shares of IMAX stock in a transaction on Monday, December 9th. The stock was sold at an average price of $25.52, for a total transaction of $75,462.64. Following the sale, the chief financial officer now owns 14,883 shares of the company’s stock, valued at $379,814.16. The trade was a 16.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 65,176 shares of company stock worth $1,662,110 over the last three months. Corporate insiders own 24.08% of the company’s stock.

Institutional Investors Weigh In On IMAX

Several institutional investors and hedge funds have recently made changes to their positions in IMAX. nVerses Capital LLC acquired a new stake in shares of IMAX during the third quarter worth $70,000. US Bancorp DE raised its holdings in shares of IMAX by 23.4% during the third quarter. US Bancorp DE now owns 7,656 shares of the company’s stock worth $157,000 after purchasing an additional 1,452 shares during the last quarter. Victory Capital Management Inc. raised its holdings in shares of IMAX by 9.8% during the third quarter. Victory Capital Management Inc. now owns 1,420,592 shares of the company’s stock worth $29,136,000 after purchasing an additional 127,371 shares during the last quarter. Huntington National Bank purchased a new position in shares of IMAX during the third quarter worth $34,000. Finally, Royce & Associates LP raised its holdings in shares of IMAX by 3.1% during the third quarter. Royce & Associates LP now owns 1,822,616 shares of the company’s stock worth $37,382,000 after purchasing an additional 54,850 shares during the last quarter. 93.51% of the stock is currently owned by institutional investors and hedge funds.

About IMAX

IMAX Corporation, together with its subsidiaries, operates as a technology platform for entertainment and events worldwide. The company operates in two segments, Content Solutions and Technology Products and Services. The company offers IMAX DMR, a proprietary technology that digitally remasters films and other content into IMAX formats for distribution to the IMAX network; IMAX Enhanced that provides end-to-end technology across streaming content and entertainment devices at home; and SSIMWAVE, an AI-driven video quality solutions for media and entertainment companies.