Imax Corp. (IMAX) Lowered to “Sell” at Zacks Investment Research
Imax Corp. (NYSE:IMAX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Tuesday.
According to Zacks, “IMAX has had a disappointing run at the box office over the past few months. The below-par box-office performance of movies like Alice Through the Looking Glass and Teenage Mutant Ninja Turtles: Out of the Shadows have hurt the company. However, the company's focus on the Chinese movie market is highly encouraging. The deal inked with Wanda Cinema Line in Aug 2016 will not only reinforce its Chinese presence but also generate huge revenues for IMAX. Conversely, due to its expanding international presence, the company is considerably exposed to foreign exchange-related risks . Apart from foreign exchange risks, the company's profits may also suffer due to stiff competition.”
A number of other brokerages also recently commented on IMAX. B. Riley reissued a “buy” rating and set a $42.50 price objective on shares of Imax Corp. in a research report on Tuesday. Stifel Nicolaus restated a “buy” rating and set a $45.00 target price on shares of Imax Corp. in a research note on Monday, June 13th. Macquarie restated an “outperform” rating and set a $43.00 target price on shares of Imax Corp. in a research note on Wednesday, May 25th. Credit Suisse Group AG restated a “buy” rating on shares of Imax Corp. in a research note on Tuesday, May 24th. Finally, Benchmark Co. restated a “buy” rating on shares of Imax Corp. in a research note on Wednesday, June 22nd. One analyst has rated the stock with a sell rating, two have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. Imax Corp. has an average rating of “Buy” and an average price target of $40.56.
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Shares of Imax Corp. (NYSE:IMAX) traded down 0.75% during trading on Tuesday, reaching $29.19. 467,229 shares of the company traded hands. The company has a market capitalization of $1.96 billion, a price-to-earnings ratio of 42.12 and a beta of 1.62. The stock’s 50 day moving average is $30.66 and its 200 day moving average is $31.09. Imax Corp. has a 1-year low of $25.52 and a 1-year high of $40.36.
Imax Corp. (NYSE:IMAX) last released its earnings results on Wednesday, July 20th. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.01. The company earned $91.70 million during the quarter, compared to the consensus estimate of $91.30 million. Imax Corp. had a return on equity of 7.66% and a net margin of 12.47%. Imax Corp.’s revenue was down 14.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.40 EPS. On average, analysts forecast that Imax Corp. will post $0.91 EPS for the current year.
In other Imax Corp. news, CEO Richard L. Gelfond sold 7,741 shares of the company’s stock in a transaction on Friday, September 2nd. The stock was sold at an average price of $30.83, for a total value of $238,655.03. Following the sale, the chief executive officer now owns 102,470 shares of the company’s stock, valued at $3,159,150.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 5.80% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the stock. BlackRock Inc. increased its stake in shares of Imax Corp. by 130.7% in the first quarter. BlackRock Inc. now owns 3,977 shares of the company’s stock valued at $123,000 after buying an additional 2,253 shares in the last quarter. Advisor Group Inc. bought a new stake in shares of Imax Corp. during the second quarter valued at about $121,000. Ladenburg Thalmann Financial Services Inc. increased its stake in shares of Imax Corp. by 273.6% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 6,621 shares of the company’s stock valued at $206,000 after buying an additional 4,849 shares in the last quarter. Mackenzie Financial Corp bought a new stake in shares of Imax Corp. during the second quarter valued at about $218,000. Finally, Seven Eight Capital LLC increased its stake in shares of Imax Corp. by 8.3% in the first quarter. Seven Eight Capital LLC now owns 7,800 shares of the company’s stock valued at $243,000 after buying an additional 600 shares in the last quarter. 79.77% of the stock is currently owned by institutional investors.
Imax Corp. Company Profile
IMAX Corporation is an entertainment technology company. The Company operates through seven segments: the IMAX systems, the theater system maintenance, the 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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