IMAX Corporation $IMAX Shares Acquired by Citigroup Inc.

Key Points

• Citigroup boosted its stake in IMAX by 267.7%, buying 48,609 shares in Q3 to own 66,769 shares (about 0.12% of the company) valued at roughly $2.19 million.
• IMAX beat quarterly expectations, reporting $0.58 EPS versus a $0.43 consensus and revenue of $125.21 million, up 35.1% year-over-year.
• Institutional ownership is very high at 93.51%, with multiple funds (PNC, Principal, Thrivent) adding or initiating positions, and analysts skewing bullish (10 Buys, 1 Hold) with an average target of about $43.70.

Citigroup Inc. boosted its holdings in IMAX Corporation (NYSE:IMAX - Free Report) by 267.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 66,769 shares of the company's stock after purchasing an additional 48,609 shares during the quarter. Citigroup Inc. owned approximately 0.12% of IMAX worth $2,187,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in IMAX. PNC Financial Services Group Inc. boosted its stake in IMAX by 5,223.6% in the 3rd quarter. PNC Financial Services Group Inc. now owns 9,689 shares of the company's stock worth $317,000 after buying an additional 9,507 shares during the last quarter. Rhumbline Advisers grew its holdings in IMAX by 2.4% in the 3rd quarter. Rhumbline Advisers now owns 65,298 shares of the company's stock valued at $2,138,000 after buying an additional 1,550 shares during the period. Jones Financial Companies Lllp increased its stake in shares of IMAX by 43.8% during the 3rd quarter. Jones Financial Companies Lllp now owns 1,041 shares of the company's stock valued at $34,000 after acquiring an additional 317 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of IMAX by 67.8% during the 3rd quarter. Principal Financial Group Inc. now owns 70,927 shares of the company's stock valued at $2,323,000 after acquiring an additional 28,667 shares during the last quarter. Finally, Thrivent Financial for Lutherans purchased a new position in shares of IMAX during the 3rd quarter worth about $3,272,000. 93.51% of the stock is currently owned by hedge funds and other institutional investors.

IMAX Stock Performance

IMAX opened at $40.79 on Friday. IMAX Corporation has a 1 year low of $20.48 and a 1 year high of $43.16. The firm has a 50 day moving average price of $36.79 and a 200 day moving average price of $34.59. The company has a market cap of $2.20 billion, a PE ratio of 65.79, a price-to-earnings-growth ratio of 1.92 and a beta of 0.33.

IMAX (NYSE:IMAX - Get Free Report) last announced its quarterly earnings results on Wednesday, February 25th. The company reported $0.58 earnings per share for the quarter, beating analysts' consensus estimates of $0.43 by $0.15. IMAX had a net margin of 8.50% and a return on equity of 13.53%. The firm had revenue of $125.21 million for the quarter, compared to analysts' expectations of $120.30 million. During the same period in the previous year, the company posted $0.27 earnings per share. IMAX's revenue was up 35.1% compared to the same quarter last year. On average, sell-side analysts predict that IMAX Corporation will post 0.91 earnings per share for the current year.

Analyst Upgrades and Downgrades

IMAX has been the topic of several research analyst reports. Weiss Ratings reissued a "buy (b)" rating on shares of IMAX in a research report on Monday, December 29th. Barrington Research reaffirmed an "outperform" rating and set a $42.00 price target on shares of IMAX in a research report on Monday, January 26th. B. Riley Financial reaffirmed a "buy" rating on shares of IMAX in a research note on Monday, December 8th. Rosenblatt Securities reiterated a "buy" rating and issued a $47.00 price target on shares of IMAX in a report on Tuesday, February 24th. Finally, Macquarie Infrastructure boosted their price objective on shares of IMAX from $39.00 to $44.00 and gave the company an "outperform" rating in a research note on Thursday, January 15th. Ten equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $43.70.

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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