Graham Capital Management L.P. Makes New Investment in IMAX Corporation $IMAX

Key Points

• Graham Capital Management L.P. purchased 26,381 shares of IMAX Corporation, valued at approximately $695,000, during the first quarter of the year.
• Multiple large investors increased their positions in IMAX, with Deutsche Bank AG significantly boosting its stake by 765.1%, now holding over 241,930 shares.
• IMAX's Board of Directors has initiated a $100 million stock repurchase plan, signaling confidence in the company's stock value.

Graham Capital Management L.P. acquired a new stake in IMAX Corporation (NYSE:IMAX - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 26,381 shares of the company's stock, valued at approximately $695,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Jupiter Asset Management Ltd. lifted its stake 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. North Star Investment Management Corp. bought a new position in IMAX in the 1st quarter valued at approximately $290,000. Polar Asset Management Partners Inc. grew its holdings in IMAX by 191.6% during the 4th quarter. Polar Asset Management Partners Inc. now owns 204,536 shares of the company's stock worth $5,236,000 after acquiring an additional 134,389 shares during the last quarter. Nuveen LLC acquired a new position in IMAX in the 1st quarter valued at approximately $4,438,000. Finally, Mizuho Markets Americas LLC increased its position in IMAX by 19.3% in the 1st quarter. Mizuho Markets Americas LLC now owns 710,489 shares of the company's stock valued at $18,721,000 after acquiring an additional 114,800 shares during the period. Institutional investors own 93.51% of the company's stock.

Insiders Place Their Bets

In other news, 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 value of $386,596.80. Following the completion of the sale, the insider owned 26,133 shares in the company, valued at $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 is available at this hyperlink. Insiders own 24.08% of the company's stock.

IMAX Stock Performance

Shares of NYSE:IMAX traded up $1.23 during trading on Monday, reaching $31.01. The stock had a trading volume of 1,425,303 shares, compared to its average volume of 947,815. The firm's fifty day moving average is $27.03 and its 200 day moving average is $26.20. IMAX Corporation has a 52 week low of $18.76 and a 52 week high of $31.37. The stock has a market cap of $1.67 billion, a price-to-earnings ratio of 51.69, a P/E/G ratio of 2.02 and a beta of 0.68.

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

IMAX announced that its board has initiated a share repurchase program on Thursday, June 12th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to reacquire up to 6.5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board believes its stock is undervalued.

Analysts Set New Price Targets

IMAX has been the subject of several recent research reports. B. Riley restated a "buy" rating and issued a $36.00 price target on shares of IMAX in a research report on Friday, May 16th. Barrington Research restated an "outperform" rating and issued a $32.00 price target on shares of IMAX in a research report on Thursday, July 24th. Wall Street Zen cut shares of IMAX from a "strong-buy" rating to a "buy" rating in a research report on Friday, August 22nd. Roth Capital restated a "buy" rating and issued a $36.00 price target on shares of IMAX in a research report on Wednesday, July 9th. Finally, Benchmark upped their price target 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. One equities research 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 issued a Sell rating to the company. According to data from MarketBeat.com, IMAX currently has an average rating of "Moderate Buy" and an average price target of $32.80.

IMAX Company 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.