IMAX (NYSE:IMAX) Stock Price Down 5.9% – Should You Sell?
by Renee Jackson · The Cerbat GemIMAX Corporation (NYSE:IMAX – Get Free Report)’s stock price traded down 5.9% on Wednesday . The company traded as low as $33.82 and last traded at $33.92. 366,664 shares changed hands during mid-day trading, a decline of 57% from the average session volume of 852,182 shares. The stock had previously closed at $36.06.
Wall Street Analyst Weigh In
Several research analysts have weighed in on the company. Wells Fargo & Company boosted their price target on IMAX from $40.00 to $47.00 and gave the company an “overweight” rating in a report on Thursday, December 18th. JPMorgan Chase & Co. upgraded IMAX from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $32.00 to $47.00 in a research report on Monday, December 15th. Wall Street Zen raised IMAX from a “buy” rating to a “strong-buy” rating in a research note on Sunday, December 21st. Rosenblatt Securities upped their price objective on shares of IMAX from $42.00 to $47.00 and gave the company a “buy” rating in a research note on Monday, December 8th. Finally, Benchmark reissued a “buy” rating on shares of IMAX in a research report on Monday. Ten analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $41.50.
Check Out Our Latest Report on IMAX
IMAX Stock Performance
The company has a market capitalization of $1.82 billion, a PE ratio of 47.62, a PEG ratio of 1.69 and a beta of 0.37. The company has a 50 day moving average price of $36.16 and a 200 day moving average price of $31.62.
IMAX (NYSE:IMAX – Get Free Report) last issued its earnings results on Thursday, October 23rd. The company reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.16. The business had revenue of $106.65 million for the quarter, compared to analyst estimates of $102.88 million. IMAX had a net margin of 10.47% and a return on equity of 9.91%. The company’s revenue for the quarter was up 16.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.35 EPS. On average, equities analysts forecast that IMAX Corporation will post 0.91 earnings per share for the current fiscal year.
Insider Buying and Selling
In related news, EVP Giovanni M. Dolci sold 6,188 shares of the company’s stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $34.25, for a total transaction of $211,939.00. Following the sale, the executive vice president directly owned 33,000 shares of the company’s stock, valued at approximately $1,130,250. This represents a 15.79% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Robert D. Lister sold 50,143 shares of the firm’s stock in a transaction on Friday, November 7th. The stock was sold at an average price of $34.67, for a total value of $1,738,457.81. Following the transaction, the vice president owned 161,421 shares in the company, valued at $5,596,466.07. This trade represents a 23.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 23.18% of the stock is currently owned by insiders.
Institutional Trading of IMAX
Several hedge funds have recently made changes to their positions in the stock. Westfield Capital Management Co. LP bought a new position in IMAX during the 3rd quarter worth $53,141,000. Orbis Allan Gray Ltd grew its position in shares of IMAX by 31.7% during the second quarter. Orbis Allan Gray Ltd now owns 5,113,033 shares of the company’s stock worth $142,960,000 after acquiring an additional 1,230,267 shares during the last quarter. Divisadero Street Capital Management LP acquired a new stake in shares of IMAX in the 3rd quarter worth about $20,975,000. Jane Street Group LLC lifted its position in IMAX by 2,496.9% in the 1st quarter. Jane Street Group LLC now owns 573,919 shares of the company’s stock valued at $15,123,000 after purchasing an additional 551,819 shares during the last quarter. Finally, Balyasny Asset Management L.P. bought a new stake in IMAX in the 2nd quarter valued at about $12,568,000. Institutional investors own 93.51% of the company’s stock.
About IMAX
IMAX Corporation is a global leader in immersive entertainment technologies, specializing in the design, manufacture and distribution of high-resolution cameras, projectors, and proprietary software solutions that enhance both film production and theatrical exhibition. The company licenses its premium large-format system to theatre owners and filmmakers around the world, enabling audiences to experience movies with greater clarity, scale and sound fidelity. IMAX also offers turnkey theatre development services, assisting cinema operators with auditorium design, installation and custom branding to optimize the customer experience.
Founded in 1967 and headquartered in Mississauga, Ontario, IMAX has built a reputation for pioneering film-format innovations, including its patented dual 15-perforation, 70-millimeter projection system.