American Century Companies Inc. Buys 14,886 Shares of IMAX Corporation $IMAX

Key Points

• American Century Companies Inc. increased its stake in IMAX Corporation by 14.6%, owning 117,030 shares valued at approximately $3.08 million following additional purchases in the first quarter.
• Other institutional investors, including Ameriprise Financial Inc. and Deutsche Bank AG, also significantly raised their stakes in IMAX, reflecting strong institutional interest with overall hedge fund ownership at 93.51% of the stock.
• IMAX approved a stock repurchase program allowing it to buy back $100 million in shares, indicating management's belief that the stock is currently undervalued.

American Century Companies Inc. grew its position in IMAX Corporation (NYSE:IMAX - Free Report) by 14.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 117,030 shares of the company's stock after acquiring an additional 14,886 shares during the quarter. American Century Companies Inc. owned 0.22% of IMAX worth $3,084,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Ameriprise Financial Inc. lifted its holdings in shares of IMAX by 36.9% during the 4th quarter. Ameriprise Financial Inc. now owns 1,823,516 shares of the company's stock worth $46,671,000 after acquiring an additional 491,172 shares during the period. Jupiter Asset Management Ltd. raised its position in IMAX by 805.9% in the 1st quarter. Jupiter Asset Management Ltd. now owns 469,504 shares of the company's stock valued at $12,371,000 after purchasing an additional 417,677 shares during the last quarter. Deutsche Bank AG lifted its position in IMAX by 765.1% during the 4th quarter. Deutsche Bank AG now owns 241,930 shares of the company's stock worth $6,193,000 after buying an additional 213,965 shares in the last quarter. Nuveen LLC bought a new stake in shares of IMAX during the first quarter valued at approximately $4,438,000. Finally, Polar Asset Management Partners Inc. increased its stake in shares of IMAX by 191.6% in the 4th quarter. Polar Asset Management Partners Inc. now owns 204,536 shares of the company's stock valued at $5,236,000 after buying an additional 134,389 shares during the period. 93.51% of the stock is currently owned by institutional investors.

Insider Activity at IMAX

In related news, insider Kenneth Ian Weissman sold 15,072 shares of the stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $25.65, for a total transaction of $386,596.80. Following the completion of the transaction, the insider owned 26,133 shares in the company, valued at approximately $670,311.45. This represents a 36.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 24.08% of the stock is currently owned by corporate insiders.

IMAX Stock Down 0.1%

IMAX traded down $0.02 during trading on Wednesday, hitting $29.29. The company had a trading volume of 926,093 shares, compared to its average volume of 942,554. The company has a market capitalization of $1.57 billion, a PE ratio of 48.81, a PEG ratio of 1.97 and a beta of 0.68. The firm's 50-day moving average price is $26.91 and its 200 day moving average price is $26.16. IMAX Corporation has a one year low of $18.76 and a one year high of $29.66.

IMAX (NYSE:IMAX - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The company reported $0.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.19 by $0.07. IMAX had a return on equity of 8.62% and a net margin of 9.04%.The business had revenue of $91.68 million during the quarter, compared to the consensus estimate of $93.04 million. During the same period last year, the company earned $0.18 earnings per share. IMAX's quarterly revenue was up 3.1% on a year-over-year basis. Sell-side analysts forecast that IMAX Corporation will post 0.91 earnings per share for the current year.

IMAX announced that its Board of Directors has approved a stock repurchase program on Thursday, June 12th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 6.5% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Benchmark increased their price objective on shares of IMAX from $30.00 to $32.00 and gave the company a "buy" rating in a report on Friday, July 25th. Roth Capital reissued a "buy" rating and issued a $36.00 price target on shares of IMAX in a research note on Wednesday, July 9th. Rosenblatt Securities lifted their price objective on IMAX from $35.00 to $37.00 and gave the stock a "buy" rating in a research note on Friday, July 25th. Wells Fargo & Company upped their price objective on IMAX from $30.00 to $34.00 and gave the company an "overweight" rating in a report on Friday, July 25th. Finally, Barrington Research restated an "outperform" rating and set a $32.00 target price on shares of IMAX in a report on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $32.80.

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.