Hedges Asset Management LLC Takes Position in IMAX Corporation $IMAX

Key Points

• Hedges Asset Management opened a new position in IMAX, buying 56,500 shares worth about $2.09 million (its 19th largest holding), while institutional investors now own roughly 93.51% of the company.
• IMAX beat quarterly expectations with EPS of $0.58 versus $0.43 expected and revenue of $125.2M (up 35.1% year-over-year), and analysts carry an average "Moderate Buy" rating with a consensus target of $43.70.
• The stock fell 5.8% to $34.95 on heavy volume, and insiders sold nearly 969,422 shares (~$36.9M) in the last quarter, including sizable sales by CEO Richard Gelfond and Kevin Douglas.

Hedges Asset Management LLC purchased a new position in shares of IMAX Corporation (NYSE:IMAX - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 56,500 shares of the company's stock, valued at approximately $2,088,000. IMAX makes up about 1.5% of Hedges Asset Management LLC's holdings, making the stock its 19th largest holding. Hedges Asset Management LLC owned 0.11% of IMAX as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. AQR Capital Management LLC grew its position in shares of IMAX by 47.9% during the 1st quarter. AQR Capital Management LLC now owns 56,348 shares of the company's stock valued at $1,485,000 after acquiring an additional 18,238 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in IMAX by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,486 shares of the company's stock worth $672,000 after purchasing an additional 1,091 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in IMAX by 7.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 159,714 shares of the company's stock worth $4,208,000 after purchasing an additional 11,736 shares in the last quarter. Creative Planning grew its holdings in IMAX by 84.1% in the second quarter. Creative Planning now owns 16,081 shares of the company's stock valued at $450,000 after purchasing an additional 7,344 shares during the period. Finally, Norges Bank purchased a new stake in shares of IMAX in the second quarter valued at approximately $709,000. Institutional investors and hedge funds own 93.51% of the company's stock.

Analyst Upgrades and Downgrades

IMAX has been the subject of several research analyst reports. JPMorgan Chase & Co. upped their target price on IMAX from $47.00 to $48.00 and gave the stock an "overweight" rating in a research note on Thursday, February 26th. Barrington Research restated an "outperform" rating and set a $42.00 price objective on shares of IMAX in a research report on Monday, January 26th. Wall Street Zen downgraded shares of IMAX from a "strong-buy" rating to a "buy" rating in a report on Saturday, February 28th. Benchmark lifted their target price on shares of IMAX from $42.00 to $44.00 and gave the company a "buy" rating in a research report on Thursday, February 26th. Finally, Wedbush reissued an "outperform" rating and set a $46.00 target price on shares of IMAX in a research note on Monday, February 23rd. Ten research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $43.70.

IMAX Stock Down 5.8%

Shares of IMAX stock traded down $2.15 during trading hours on Friday, reaching $34.95. 2,820,395 shares of the company's stock were exchanged, compared to its average volume of 926,249. The business has a fifty day moving average of $38.21 and a two-hundred day moving average of $36.19. The company has a market capitalization of $1.89 billion, a P/E ratio of 56.37, a price-to-earnings-growth ratio of 1.69 and a beta of 0.41. IMAX Corporation has a 1 year low of $21.86 and a 1 year high of $43.16.

IMAX (NYSE:IMAX - Get Free Report) last announced its quarterly earnings data on Wednesday, February 25th. The company reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.15. IMAX had a net margin of 8.50% and a return on equity of 13.53%. The company had revenue of $125.21 million during the quarter, compared to analysts' expectations of $120.30 million. During the same quarter in the prior year, the company earned $0.27 EPS. IMAX's revenue was up 35.1% compared to the same quarter last year. As a group, research analysts predict that IMAX Corporation will post 0.91 EPS for the current year.

Insider Buying and Selling

In other IMAX news, insider Kevin Douglas sold 330,200 shares of the business's stock in a transaction on Monday, March 16th. The stock was sold at an average price of $37.82, for a total transaction of $12,488,164.00. Following the transaction, the insider owned 3,657,450 shares of the company's stock, valued at approximately $138,324,759. The trade was a 8.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Richard L. Gelfond sold 135,046 shares of the company's stock in a transaction on Friday, April 10th. The shares were sold at an average price of $37.82, for a total value of $5,107,439.72. Following the completion of the sale, the chief executive officer owned 765,002 shares of the company's stock, valued at approximately $28,932,375.64. The trade was a 15.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 969,422 shares of company stock worth $36,915,549. 23.18% of the stock is currently owned by company insiders.

IMAX Company Profile

IMAX Corporation is a global leader in immersive entertainment technologies, specializing in the design, manufacture and distribution of high-resolution cameras, projectors, and proprietary software solutions that enhance both film production and theatrical exhibition. The company licenses its premium large-format system to theatre owners and filmmakers around the world, enabling audiences to experience movies with greater clarity, scale and sound fidelity. IMAX also offers turnkey theatre development services, assisting cinema operators with auditorium design, installation and custom branding to optimize the customer experience.

Founded in 1967 and headquartered in Mississauga, Ontario, IMAX has built a reputation for pioneering film-format innovations, including its patented dual 15-perforation, 70-millimeter projection system.

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