Driehaus Capital Management LLC Buys New Holdings in IMAX Corporation $IMAX

Key Points

• Driehaus Capital Management LLC has acquired a new position in IMAX Corporation, purchasing 424,338 shares valued at approximately $11.18 million.
• The company recently announced a $100 million share buyback plan, indicating that its leadership believes shares are undervalued.
• As of now, IMAX has a market cap of $1.53 billion and an average price target of $32.80 from analysts, signaling a generally positive outlook for the stock.

Driehaus Capital Management LLC acquired a new position in shares of IMAX Corporation (NYSE:IMAX - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm acquired 424,338 shares of the company's stock, valued at approximately $11,181,000. Driehaus Capital Management LLC owned 0.79% of IMAX at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Creative Financial Designs Inc. ADV acquired a new stake in IMAX during the 1st quarter worth approximately $59,000. Tower Research Capital LLC TRC lifted its position in IMAX by 415.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 7,236 shares of the company's stock worth $185,000 after acquiring an additional 5,832 shares during the period. Y Intercept Hong Kong Ltd acquired a new stake in IMAX during the 1st quarter worth approximately $202,000. State of Tennessee Department of Treasury lifted its position in IMAX by 19.8% during the 4th quarter. State of Tennessee Department of Treasury now owns 9,827 shares of the company's stock worth $252,000 after acquiring an additional 1,627 shares during the period. Finally, Fox Run Management L.L.C. acquired a new stake in IMAX during the 1st quarter worth approximately $289,000. 93.51% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Kenneth Ian Weissman sold 15,072 shares of the firm's stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $25.65, for a total transaction of $386,596.80. Following the sale, the insider owned 26,133 shares in the company, valued at $670,311.45. This trade represents a 36.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 24.08% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on IMAX shares. Rosenblatt Securities increased their target price on IMAX from $35.00 to $37.00 and gave the stock a "buy" rating in a research note on Friday, July 25th. Wedbush increased their target price on IMAX from $34.00 to $35.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. Roth Capital reissued a "buy" rating and set a $36.00 target price on shares of IMAX in a research note on Wednesday, July 9th. Wall Street Zen downgraded IMAX from a "strong-buy" rating to a "buy" rating in a research note on Friday, August 22nd. Finally, Barrington Research reissued an "outperform" rating and set a $32.00 target price on shares of IMAX in a research note on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $32.80.

IMAX Price Performance

NYSE:IMAX traded down $0.02 during trading hours on Wednesday, reaching $29.29. 926,093 shares of the company traded hands, compared to its average volume of 942,554. The firm's 50-day moving average is $26.91 and its 200-day moving average is $26.16. The stock has a market cap of $1.57 billion, a P/E ratio of 48.81, a P/E/G ratio of 1.97 and a beta of 0.68. IMAX Corporation has a 1-year low of $18.76 and a 1-year high of $29.66.

IMAX (NYSE:IMAX - Get Free Report) last announced its earnings results on Thursday, July 24th. The company reported $0.26 EPS for the quarter, beating analysts' consensus estimates of $0.19 by $0.07. The firm had revenue of $91.68 million for the quarter, compared to analysts' expectations of $93.04 million. IMAX had a return on equity of 8.62% and a net margin of 9.04%.IMAX's quarterly revenue was up 3.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.18 EPS. As a group, research analysts predict that IMAX Corporation will post 0.91 earnings per share for the current year.

IMAX declared that its Board of Directors has authorized a share buyback plan on Thursday, June 12th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 6.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its shares are undervalued.

About IMAX

IMAX Corporation, together with its subsidiaries, operates as a technology platform for entertainment and events worldwide. The company operates in two segments, Content Solutions and Technology Products and Services. The company offers IMAX DMR, a proprietary technology that digitally remasters films and other content into IMAX formats for distribution to the IMAX network; IMAX Enhanced that provides end-to-end technology across streaming content and entertainment devices at home; and SSIMWAVE, an AI-driven video quality solutions for media and entertainment companies.