Assenagon Asset Management S.A. Makes New $2.09 Million Investment in IMAX Corporation $IMAX

Key Points

• Assenagon Asset Management S.A. has made a new investment of approximately $2.09 million in IMAX Corporation, acquiring 74,789 shares during the second quarter.
• A significant number of institutional investors have recently increased their stakes in IMAX, with insiders owning 23.18% of the company's stock.
• Analysts have a generally positive outlook on IMAX, with a consensus target price of $33.70 and several firms issuing "buy" ratings on the stock.

Assenagon Asset Management S.A. purchased a new position in shares of IMAX Corporation (NYSE:IMAX - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 74,789 shares of the company's stock, valued at approximately $2,091,000. Assenagon Asset Management S.A. owned 0.14% of IMAX at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Wesbanco Bank Inc. raised its holdings in IMAX by 146.4% during the 2nd quarter. Wesbanco Bank Inc. now owns 44,600 shares of the company's stock worth $1,247,000 after buying an additional 26,500 shares during the period. Rhumbline Advisers lifted its position in IMAX by 7.7% in the 1st quarter. Rhumbline Advisers now owns 60,447 shares of the company's stock valued at $1,593,000 after acquiring an additional 4,325 shares in the last quarter. Strs Ohio acquired a new position in IMAX in the 1st quarter worth $9,278,000. Jane Street Group LLC increased its holdings in IMAX by 2,496.9% during the 1st quarter. Jane Street Group LLC now owns 573,919 shares of the company's stock worth $15,123,000 after purchasing an additional 551,819 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of IMAX by 7.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 159,714 shares of the company's stock valued at $4,208,000 after purchasing an additional 11,736 shares during the period. 93.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on IMAX shares. Wedbush upped their price objective on IMAX from $35.00 to $39.00 and gave the stock an "outperform" rating in a research report on Monday. Barrington Research raised their price target on shares of IMAX from $32.00 to $37.00 and gave the stock an "outperform" rating in a research note on Friday, September 19th. The Goldman Sachs Group reissued a "sell" rating on shares of IMAX in a research report on Friday, July 25th. Benchmark raised their target price on shares of IMAX from $30.00 to $32.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Finally, Roth Capital reissued a "buy" rating and set a $36.00 price target on shares of IMAX in a research report on Wednesday, July 9th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $33.70.

IMAX Price Performance

IMAX stock opened at $32.41 on Friday. The company's 50-day moving average is $28.36 and its 200-day moving average is $26.84. The firm has a market capitalization of $1.74 billion, a PE ratio of 54.02, a P/E/G ratio of 2.19 and a beta of 0.68. IMAX Corporation has a fifty-two week low of $19.19 and a fifty-two week high of $33.06.

IMAX (NYSE:IMAX - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The company reported $0.26 EPS for the quarter, topping analysts' consensus estimates of $0.19 by $0.07. The business had revenue of $91.68 million during 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 last year, the company posted $0.18 earnings per share. As a group, analysts expect that IMAX Corporation will post 0.91 EPS for the current year.

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

Insider Buying and Selling at IMAX

In other IMAX news, VP Robert D. Lister sold 20,000 shares of IMAX stock in a transaction on Monday, September 15th. The shares were sold at an average price of $32.80, for a total transaction of $656,000.00. Following the completion of the transaction, the vice president directly owned 161,421 shares of the company's stock, valued at $5,294,608.80. The trade was a 11.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Kenneth Ian Weissman sold 15,072 shares of the stock in a transaction dated 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 directly owned 26,133 shares in the company, valued at $670,311.45. The trade was a 36.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 23.18% of the company's stock.

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.

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