Zacks Investment Research Upgrades Imax Corporation (IMAX) to “Strong-Buy”
Zacks Investment Research upgraded shares of Imax Corporation (NYSE:IMAX) from a sell rating to a strong-buy rating in a research report released on Wednesday. The firm currently has $28.00 price objective on the stock.
According to Zacks, “Shares of IMAX have outperformed its industry over the last three months. Ushering in further good news, the company reported better-than-expected revenues and earnings per share in the third quarter of 2017. Revenues also climbed significantly on a year-over-year basis.Strong box-office revenues (global) aided the top line. We are also impressed by the company's efforts to reward shareholders. Efforts aimed at reducing costs to drive the bottom line also raise optimism in the stock. We are also impressed by IMAX's focus to expand in China as the movie market in that country offers significant commercial potential. The year over year decline in earnings in the third quarter of 2017, however, raises concerns. Also, the substantial presence outside the United States exposes IMAX to foreign currency exchange rate risks.”
A number of other research firms have also recently weighed in on IMAX. BidaskClub raised Imax Corporation from a sell rating to a hold rating in a report on Monday, July 24th. Piper Jaffray Companies set a $35.00 price target on Imax Corporation and gave the company a buy rating in a report on Friday, July 21st. Barrington Research cut Imax Corporation from an outperform rating to a market perform rating in a report on Wednesday, July 12th. MKM Partners cut their price target on Imax Corporation from $40.00 to $30.00 and set a buy rating on the stock in a report on Friday, July 7th. Finally, Wedbush reaffirmed an outperform rating and set a $35.00 price target on shares of Imax Corporation in a report on Thursday, July 20th. Two research analysts have rated the stock with a sell rating, two have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average target price of $31.00.
Shares of Imax Corporation (NYSE IMAX) remained flat at $$24.10 during midday trading on Wednesday. 709,735 shares of the company were exchanged, compared to its average volume of 998,748. Imax Corporation has a twelve month low of $17.58 and a twelve month high of $35.30. The firm has a market capitalization of $1,560.60, a price-to-earnings ratio of 100.42, a price-to-earnings-growth ratio of 3.54 and a beta of 1.12.
Imax Corporation (NYSE:IMAX) last issued its earnings results on Thursday, October 26th. The company reported $0.08 EPS for the quarter, beating the Zacks’ consensus estimate of $0.01 by $0.07. Imax Corporation had a return on equity of 2.62% and a net margin of 1.78%. The company had revenue of $98.80 million during the quarter, compared to the consensus estimate of $86.17 million. During the same period in the previous year, the firm posted $0.12 earnings per share. Imax Corporation’s quarterly revenue was up 14.2% compared to the same quarter last year. research analysts anticipate that Imax Corporation will post 0.3 earnings per share for the current fiscal year.
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In other Imax Corporation news, CFO Patrick Mcclymont sold 1,760 shares of the company’s stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $20.50, for a total value of $36,080.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Greg Foster sold 9,417 shares of the company’s stock in a transaction on Tuesday, September 5th. The shares were sold at an average price of $19.55, for a total value of $184,102.35. Following the completion of the transaction, the chief executive officer now directly owns 67,018 shares in the company, valued at approximately $1,310,201.90. The disclosure for this sale can be found here. 18.90% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Dynamic Technology Lab Private Ltd bought a new position in shares of Imax Corporation in the second quarter valued at $539,000. Schwab Charles Investment Management Inc. increased its holdings in shares of Imax Corporation by 5.9% in the second quarter. Schwab Charles Investment Management Inc. now owns 99,100 shares of the company’s stock valued at $2,181,000 after buying an additional 5,500 shares in the last quarter. North Star Investment Management Corp. increased its holdings in shares of Imax Corporation by 1,000.0% in the second quarter. North Star Investment Management Corp. now owns 38,500 shares of the company’s stock valued at $847,000 after buying an additional 35,000 shares in the last quarter. Eagle Asset Management Inc. increased its holdings in shares of Imax Corporation by 26.2% in the second quarter. Eagle Asset Management Inc. now owns 197,641 shares of the company’s stock valued at $4,348,000 after buying an additional 40,991 shares in the last quarter. Finally, Pembroke Management LTD bought a new position in shares of Imax Corporation in the second quarter valued at $19,949,000. 82.88% 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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