Bank of New York Mellon Corp Has $6.98 Million Stock Holdings in IMAX Corporation (NYSE:IMAX)

Bank of New York Mellon Corp reduced its position in IMAX Corporation (NYSE:IMAX - Free Report) by 55.5% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 264,988 shares of the company's stock after selling 330,923 shares during the period. Bank of New York Mellon Corp owned about 0.49% of IMAX worth $6,982,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Sei Investments Co. grew its holdings in IMAX by 10.2% in the 4th quarter. Sei Investments Co. now owns 146,577 shares of the company's stock valued at $3,752,000 after buying an additional 13,549 shares during the period. KLP Kapitalforvaltning AS purchased a new stake in IMAX during the fourth quarter worth approximately $448,000. Vanguard Group Inc. grew its stake in IMAX by 11.0% during the fourth quarter. Vanguard Group Inc. now owns 612,115 shares of the company's stock worth $15,670,000 after buying an additional 60,762 shares during the period. Norges Bank purchased a new stake in IMAX during the fourth quarter worth approximately $3,711,000. Finally, Alliancebernstein L.P. grew its stake in IMAX by 60.7% during the fourth quarter. Alliancebernstein L.P. now owns 78,988 shares of the company's stock worth $2,022,000 after buying an additional 29,848 shares during the period. 93.51% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

IMAX has been the subject of a number of research reports. Benchmark upped their price target on shares of IMAX from $30.00 to $32.00 and gave the stock a "buy" rating in a research report on Friday. Rosenblatt Securities upped their price target on IMAX from $35.00 to $37.00 and gave the stock a "buy" rating in a report on Friday. Wedbush upped their price target on IMAX from $34.00 to $35.00 and gave the stock an "outperform" rating in a report on Friday. Wells Fargo & Company increased their target price on IMAX from $30.00 to $34.00 and gave the stock an "overweight" rating in a report on Friday. Finally, Roth Capital reiterated a "buy" rating and issued a $36.00 price objective on shares of IMAX in a research report on Wednesday, July 9th. One research analyst has rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, IMAX has a consensus rating of "Buy" and an average target price of $32.80.

IMAX Stock Performance

Shares of NYSE IMAX traded down $1.38 during trading on Friday, hitting $26.91. The company had a trading volume of 3,423,552 shares, compared to its average volume of 1,021,881. The business's 50-day moving average is $27.72 and its 200 day moving average is $25.74. The company has a market cap of $1.45 billion, a P/E ratio of 44.85, a PEG ratio of 2.11 and a beta of 0.80. IMAX Corporation has a 52 week low of $18.76 and a 52 week high of $29.66.

IMAX (NYSE:IMAX - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The company reported $0.26 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.19 by $0.07. IMAX had a net margin of 9.04% and a return on equity of 8.79%. The business had revenue of $91.68 million for the quarter, compared to analyst estimates of $93.04 million. During the same quarter in the previous year, the business earned $0.18 earnings per share. The firm's revenue was up 3.1% compared to the same quarter last year. On average, research analysts expect that IMAX Corporation will post 0.91 EPS for the current year.

IMAX declared that its board has authorized a stock repurchase plan on Thursday, June 12th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 6.5% of its shares through open market purchases. Shares buyback 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.