HBK Investments L P Invests $8.06 Million in IMAX Corporation $IMAX

Key Points

• HBK Investments initiated an $8.06 million stake in IMAX, purchasing 202,160 shares and owning approximately 0.37% of the company at the end of the second quarter. Institutional investors collectively held 93.51% of IMAX shares.
• Analysts remain broadly positive, with 10 Buy ratings and three Holds producing a consensus “Moderate Buy” rating and an average price target of $54.45. Several firms recently raised their targets to between $50 and $65.
• IMAX reported quarterly earnings of $0.43 per share, beating estimates of $0.30, while revenue rose 12.2% year over year to $102.84 million. The stock recently traded at $52.23, although insiders have sold more than $26.6 million of shares over the past 90 days.

HBK Investments L P bought a new stake in IMAX Corporation (NYSE:IMAX - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 202,160 shares of the company's stock, valued at approximately $8,058,000. HBK Investments L P owned 0.37% of IMAX at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in IMAX. BlackRock Inc. purchased a new stake in IMAX during the 2nd quarter worth $115,881,000. Westfield Capital Management Co. LP raised its position in IMAX by 44.6% in the fourth quarter. Westfield Capital Management Co. LP now owns 2,346,486 shares of the company's stock valued at $86,726,000 after purchasing an additional 723,861 shares during the period. Dimensional Fund Advisors LP raised its position in IMAX by 1.9% in the first quarter. Dimensional Fund Advisors LP now owns 1,237,230 shares of the company's stock valued at $47,026,000 after purchasing an additional 23,401 shares during the period. Wellington Management Group LLP lifted its stake in shares of IMAX by 51.8% during the second quarter. Wellington Management Group LLP now owns 800,193 shares of the company's stock worth $31,896,000 after purchasing an additional 273,122 shares in the last quarter. Finally, Nantahala Capital Management LLC acquired a new position in shares of IMAX during the second quarter worth about $26,228,239. Institutional investors and hedge funds own 93.51% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on IMAX. B. Riley Financial increased their target price on IMAX from $52.00 to $61.00 and gave the company a "buy" rating in a research note on Monday, August 24th. Rosenblatt Securities boosted their price target on IMAX from $60.00 to $65.00 and gave the stock a "buy" rating in a research report on Wednesday, September 9th. Barrington Research boosted their price target on IMAX from $46.00 to $50.00 and gave the stock an "outperform" rating in a research report on Friday, July 24th. Roth Capital upped their price target on IMAX from $50.00 to $60.00 and gave the stock a "buy" rating in a report on Thursday, September 3rd. Finally, Wells Fargo & Company increased their price objective on shares of IMAX from $41.00 to $45.00 and gave the company an "equal weight" rating in a research report on Friday, July 24th. Ten analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $54.45.

Insiders Place Their Bets

In other news, insider Kenneth Weissman sold 8,000 shares of the stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $54.54, for a total transaction of $436,320.00. Following the completion of the transaction, the insider directly owned 28,205 shares in the company, valued at approximately $1,538,300.70. This represents a 22.10% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Robert Lister sold 22,500 shares of the stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $51.58, for a total value of $1,160,550.00. Following the transaction, the vice president owned 182,375 shares of the company's stock, valued at approximately $9,406,902.50. This trade represents a 10.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 507,257 shares of company stock valued at $26,673,571 over the last 90 days. 20.55% of the stock is owned by company insiders.

IMAX Stock Down 1.0%

Shares of IMAX stock traded down $0.54 during trading hours on Wednesday, hitting $52.23. 960,047 shares of the company's stock traded hands, compared to its average volume of 1,171,282. IMAX Corporation has a twelve month low of $30.74 and a twelve month high of $55.57. The company has a market cap of $2.86 billion, a PE ratio of 72.54, a PEG ratio of 1.66 and a beta of 0.40. The stock has a 50 day simple moving average of $48.17 and a 200-day simple moving average of $42.05.

IMAX (NYSE:IMAX - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The company reported $0.43 EPS for the quarter, topping the consensus estimate of $0.30 by $0.13. The business had revenue of $102.84 million for the quarter, compared to analysts' expectations of $96.09 million. IMAX had a return on equity of 15.47% and a net margin of 9.84%.The company's revenue was up 12.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.26 earnings per share. As a group, equities research analysts predict that IMAX Corporation will post 1.54 EPS for the current year.

IMAX Company Profile

IMAX Corporation NYSE: IMAX is an entertainment technology company that develops and operates premium large-format cinema experiences. Its systems combine specialized projection, immersive sound, large screens and theater design to present feature films, documentaries and other filmed content.

The company provides cinema operators with IMAX projection and sound systems, including its IMAX with Laser technology, as well as theater design, installation and technical support. IMAX also works with filmmakers and studios on content capture, post-production and remastering to optimize movies for its format, including selected 2D and 3D releases.

Founded in 1967, IMAX has expanded from its origins in documentary and institutional film presentations into a global theatrical network.

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