Hedges Asset Management LLC Lowers Stock Holdings in IMAX Corporation $IMAX

Key Points

• Hedges Asset Management LLC has reduced its stake in IMAX Corporation by 28.6%, holding 57,900 shares after selling 23,200 shares, making IMAX only 1.3% of its portfolio.
• Several institutional investors, including BNP Paribas and Deutsche Bank AG, have significantly increased their stakes in IMAX, with increases of up to 765.1%.
• Research analysts have mixed ratings on IMAX, with one analyst giving a Strong Buy rating, while the consensus price target is set at $32.80.

Hedges Asset Management LLC reduced its position in shares of IMAX Corporation (NYSE:IMAX - Free Report) by 28.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 57,900 shares of the company's stock after selling 23,200 shares during the period. IMAX accounts for approximately 1.3% of Hedges Asset Management LLC's portfolio, making the stock its 23rd largest position. Hedges Asset Management LLC owned 0.11% of IMAX worth $1,619,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of IMAX. Jane Street Group LLC boosted its holdings in shares of IMAX by 2,496.9% during the first 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 during the period. Orbis Allan Gray Ltd boosted its holdings in shares of IMAX by 12.3% during the first quarter. Orbis Allan Gray Ltd now owns 3,882,766 shares of the company's stock worth $102,311,000 after purchasing an additional 425,081 shares during the period. Driehaus Capital Management LLC purchased a new stake in shares of IMAX during the first quarter worth about $11,181,000. Jupiter Asset Management Ltd. boosted its holdings in shares of IMAX by 805.9% during the first quarter. Jupiter Asset Management Ltd. now owns 469,504 shares of the company's stock worth $12,371,000 after purchasing an additional 417,677 shares during the period. Finally, Strs Ohio purchased a new stake in shares of IMAX during the first quarter worth about $9,278,000. 93.51% of the stock is currently owned by hedge funds and other institutional investors.

IMAX Trading Down 0.5%

NYSE:IMAX traded down $0.17 during trading hours on Friday, reaching $32.14. The company had a trading volume of 479,212 shares, compared to its average volume of 947,218. IMAX Corporation has a 52 week low of $18.76 and a 52 week high of $32.96. The firm has a market cap of $1.73 billion, a price-to-earnings ratio of 53.45, a PEG ratio of 2.20 and a beta of 0.68. The firm's 50 day moving average price is $27.91 and its 200-day moving average price is $26.58.

IMAX (NYSE:IMAX - Get Free Report) last posted its 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 the consensus estimate of $93.04 million. IMAX had a net margin of 9.04% and a return on equity of 8.62%. The firm's revenue was up 3.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.18 EPS. On average, analysts forecast that IMAX Corporation will post 0.91 earnings per share for the current fiscal year.

IMAX declared that its board has authorized a share repurchase plan 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 plans are often an indication that the company's board believes its shares are undervalued.

Insider Buying and Selling at IMAX

In other 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 transaction, the vice president owned 161,421 shares in the company, valued at $5,294,608.80. This trade represents a 11.02% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Kenneth Ian Weissman sold 15,072 shares of IMAX stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $25.65, for a total transaction of $386,596.80. Following the transaction, the insider owned 26,133 shares in the company, valued at $670,311.45. This represents a 36.58% decrease in their position. The disclosure for this sale can be found here. Company insiders own 23.18% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on IMAX shares. Wedbush raised their price objective on shares of IMAX from $34.00 to $35.00 and gave the stock an "outperform" rating in a report on Friday, July 25th. Roth Capital restated a "buy" rating and issued a $36.00 price objective on shares of IMAX in a report on Wednesday, July 9th. Wells Fargo & Company raised their price objective on shares of IMAX from $30.00 to $34.00 and gave the stock an "overweight" rating in a report on Friday, July 25th. Wall Street Zen lowered shares of IMAX from a "strong-buy" rating to a "buy" rating in a report on Friday, August 22nd. Finally, The Goldman Sachs Group restated a "sell" rating on shares of IMAX in a report on Friday, July 25th. One equities 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 given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $33.30.

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.