Fox Run Management L.L.C. Acquires New Shares in IMAX Corporation $IMAX

Key Points

• Fox Run Management L.L.C. has purchased a new stake in IMAX Corporation, acquiring 10,980 shares valued at around $289,000 during the 1st quarter.
• Analysts remain optimistic about IMAX, with price targets being raised; for instance, Benchmark and Wells Fargo increased their targets to $32.00 and $34.00, respectively.
• IMAX's Board of Directors authorized a share repurchase plan of $100 million, indicating confidence in the company's stock value.

Fox Run Management L.L.C. acquired a new position in shares of IMAX Corporation (NYSE:IMAX - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 10,980 shares of the company's stock, valued at approximately $289,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Creative Financial Designs Inc. ADV bought a new stake in shares of IMAX during the 1st quarter valued at $59,000. Tower Research Capital LLC TRC raised its holdings in shares of IMAX by 415.4% during the fourth 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 position in shares of IMAX during the first quarter worth about $202,000. State of Tennessee Department of Treasury grew its stake in shares of 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 in the last quarter. Finally, North Star Investment Management Corp. bought a new stake in IMAX during the 1st quarter worth about $290,000. 93.51% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently commented on IMAX. The Goldman Sachs Group reissued a "sell" rating on shares of IMAX in a report on Friday, July 25th. Benchmark upped their price objective on IMAX from $30.00 to $32.00 and gave the company a "buy" rating in a report on Friday, July 25th. Barrington Research reiterated an "outperform" rating and issued a $32.00 price target on shares of IMAX in a research note on Thursday, July 24th. Roth Capital reissued a "buy" rating and issued a $36.00 target price on shares of IMAX in a report on Wednesday, July 9th. Finally, Wells Fargo & Company upped their price objective on IMAX from $30.00 to $34.00 and gave the stock an "overweight" rating in a research report on Friday, July 25th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $32.80.

IMAX Price Performance

Shares of IMAX stock traded up $1.0250 on Friday, reaching $26.9950. 1,065,830 shares of the company were exchanged, compared to its average volume of 1,058,995. The company has a market cap of $1.45 billion, a price-to-earnings ratio of 44.99, a PEG ratio of 1.79 and a beta of 0.81. IMAX Corporation has a one year low of $18.76 and a one year high of $29.66. The company has a 50-day moving average of $26.93 and a 200-day moving average of $26.03.

IMAX (NYSE:IMAX - Get Free Report) last issued its quarterly earnings data 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. The firm had revenue of $91.68 million during the quarter, compared to analysts' expectations of $93.04 million. IMAX had a net margin of 9.04% and a return on equity of 8.62%. The business's revenue was up 3.1% on a year-over-year basis. During the same period last year, the company earned $0.18 earnings per share. As a group, sell-side analysts predict that IMAX Corporation will post 0.91 EPS for the current year.

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

Insider Activity

In related news, insider Kenneth Ian Weissman sold 15,072 shares of the firm's 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 transaction, the insider directly owned 26,133 shares of the company's stock, 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 at this link. 23.18% of the stock is currently owned by insiders.

IMAX Profile

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.