Piper Jaffray Companies Downgrades Imax (IMAX) to Neutral

Imax (NYSE:IMAX) was downgraded by research analysts at Piper Jaffray Companies from an “overweight” rating to a “neutral” rating in a note issued to investors on Wednesday.

Other equities research analysts have also recently issued reports about the stock. Zacks Investment Research cut shares of Imax from a “hold” rating to a “sell” rating in a research report on Tuesday. BidaskClub cut shares of Imax from a “hold” rating to a “sell” rating in a research report on Thursday, October 12th. Credit Suisse Group dropped their price target on shares of Imax from $26.00 to $25.00 and set a “neutral” rating for the company in a research report on Thursday, September 28th. B. Riley reiterated a “buy” rating and set a $35.00 price target on shares of Imax in a research report on Friday, October 27th. Finally, Barrington Research upgraded shares of Imax from a “market perform” rating to an “outperform” rating and set a $32.00 price target for the company in a research report on Monday, October 30th. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $30.00.

Shares of Imax (NYSE IMAX) opened at $20.45 on Wednesday. Imax has a 12-month low of $17.58 and a 12-month high of $34.60. The stock has a market cap of $1,320.00, a PE ratio of 204.50, a P/E/G ratio of 1.10 and a beta of 1.13.

Imax (NYSE:IMAX) last released its quarterly earnings data on Thursday, October 26th. The company reported $0.08 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.01 by $0.07. Imax had a net margin of 1.78% and a return on equity of 2.62%. The firm had revenue of $98.80 million during the quarter, compared to analysts’ expectations of $86.17 million. During the same period last year, the business earned $0.12 earnings per share. Imax’s revenue was up 14.2% compared to the same quarter last year. research analysts forecast that Imax will post 0.3 EPS for the current fiscal year.

In other news, CEO Greg Foster sold 3,566 shares of the firm’s stock in a transaction that occurred on Monday, December 11th. The shares were sold at an average price of $23.97, for a total value of $85,477.02. Following the completion of the transaction, the chief executive officer now owns 74,696 shares of the company’s stock, valued at $1,790,463.12. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Mark Welton sold 8,985 shares of the firm’s stock in a transaction that occurred on Wednesday, November 29th. The shares were sold at an average price of $25.81, for a total transaction of $231,902.85. Following the completion of the transaction, the insider now directly owns 16,331 shares of the company’s stock, valued at approximately $421,503.11. The disclosure for this sale can be found here. In the last three months, insiders sold 17,050 shares of company stock valued at $425,276. Insiders own 18.90% of the company’s stock.

A number of institutional investors have recently modified their holdings of the stock. Alliancebernstein L.P. lifted its stake in Imax by 2.3% in the second quarter. Alliancebernstein L.P. now owns 3,255,313 shares of the company’s stock worth $71,617,000 after acquiring an additional 73,675 shares during the last quarter. Voya Investment Management LLC lifted its stake in Imax by 4.5% in the second quarter. Voya Investment Management LLC now owns 1,424,813 shares of the company’s stock worth $31,346,000 after acquiring an additional 61,085 shares during the last quarter. Light Street Capital Management LLC lifted its stake in Imax by 69.7% in the second quarter. Light Street Capital Management LLC now owns 1,400,000 shares of the company’s stock worth $30,800,000 after acquiring an additional 575,000 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Imax by 20.3% in the second quarter. Bank of New York Mellon Corp now owns 1,134,761 shares of the company’s stock worth $24,965,000 after acquiring an additional 191,140 shares during the last quarter. Finally, State Street Corp lifted its stake in Imax by 6.3% in the second quarter. State Street Corp now owns 1,131,398 shares of the company’s stock worth $24,891,000 after acquiring an additional 67,191 shares during the last quarter. Institutional investors own 83.91% of the company’s stock.

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About Imax

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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