Imax (NYSE:IMAX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Tuesday, March 6th.
According to Zacks, “Shares of IMAX have underperformed its industry in the last three months. The stock has shed 13.5% of its value compared with the industry's gain of 5.4%. Despite the disappointing price performance, the company reported better-than-expected revenues in the fourth quarter of 2017. Moreover, the bottom line expanded on a year-over-year basis. Robust box-office revenues aided results. Moreover, IMAX has inked multiple deals of late to expand its global presence. We are positive on the company's recent decision to ink a sales agreement with Supercines, the largest movie chain in Ecuador. “
A number of other analysts have also recently weighed in on the company. Wedbush set a $30.00 price target on Imax and gave the company a “buy” rating in a research report on Monday, January 8th. JPMorgan Chase & Co. began coverage on Imax in a research note on Tuesday, February 20th. They issued an “overweight” rating and a $28.00 target price on the stock. B. Riley reaffirmed a “buy” rating and set a $35.00 price target on shares of Imax in a research report on Monday, December 11th. ValuEngine lowered Imax from a “hold” rating to a “sell” rating in a research report on Friday, February 2nd. Finally, Piper Jaffray Companies downgraded Imax from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $28.00 to $21.00 in a report on Wednesday, January 10th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $28.63.
In other news, CFO Patrick Mcclymont sold 2,811 shares of the business’s stock in a transaction dated Thursday, March 8th. The stock was sold at an average price of $20.40, for a total value of $57,344.40. Following the transaction, the chief financial officer now directly owns 2,145 shares of the company’s stock, valued at approximately $43,758. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Robert D. Lister sold 3,518 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $22.95, for a total value of $80,738.10. Following the transaction, the insider now directly owns 38,540 shares in the company, valued at $884,493. The disclosure for this sale can be found here. Insiders have sold a total of 24,131 shares of company stock worth $501,243 in the last 90 days. 18.90% of the stock is currently owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the company. Crow Point Partners LLC bought a new position in shares of Imax in the fourth quarter valued at approximately $103,000. Invictus RG bought a new position in Imax during the fourth quarter valued at $213,000. Formula Growth Ltd. bought a new position in Imax during the third quarter valued at $222,000. First Mercantile Trust Co. bought a new position in Imax during the fourth quarter valued at $231,000. Finally, Foundry Partners LLC bought a new position in Imax during the fourth quarter valued at $244,000. 86.01% of the stock is owned by institutional investors.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Imax Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Imax and related companies with MarketBeat.com's FREE daily email newsletter.