Northern Trust Corp Raises Holdings in IMAX Corporation $IMAX

Key Points

• Northern Trust Corp has increased its stake in IMAX Corporation by 3.4% in the first quarter, owning a total of 354,233 shares valued at approximately $9.3 million.
• Insider Kenneth Ian Weissman sold 15,072 shares of IMAX, decreasing his ownership by 36.58%, and now holds shares worth about $670,000.
• IMAX reported strong quarterly earnings with an EPS of $0.26, surpassing the consensus estimate, and declared a $100 million share repurchase program indicating that leadership believes the shares are undervalued.

Northern Trust Corp increased its holdings in shares of IMAX Corporation (NYSE:IMAX - Free Report) by 3.4% in the first quarter, according to its most recent filing with the SEC. The fund owned 354,233 shares of the company's stock after acquiring an additional 11,588 shares during the period. Northern Trust Corp owned about 0.66% of IMAX worth $9,334,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Ameriprise Financial Inc. raised its position in IMAX by 36.9% during the 4th quarter. Ameriprise Financial Inc. now owns 1,823,516 shares of the company's stock valued at $46,671,000 after purchasing an additional 491,172 shares in the last quarter. Mizuho Markets Americas LLC raised its position in IMAX by 19.3% during the 1st quarter. Mizuho Markets Americas LLC now owns 710,489 shares of the company's stock valued at $18,721,000 after purchasing an additional 114,800 shares in the last quarter. Jupiter Asset Management Ltd. raised its position in IMAX by 805.9% during 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 in the last quarter. Deutsche Bank AG raised its position in IMAX by 765.1% during the 4th quarter. Deutsche Bank AG now owns 241,930 shares of the company's stock valued at $6,193,000 after purchasing an additional 213,965 shares in the last quarter. Finally, Polar Asset Management Partners Inc. raised its position in shares of IMAX by 191.6% in 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 in the last quarter. 93.51% of the stock is owned by institutional investors.

IMAX Stock Performance

NYSE:IMAX traded up $1.23 during mid-day trading on Monday, hitting $31.01. 1,425,303 shares of the company's stock traded hands, compared to its average volume of 979,324. The company has a fifty day moving average of $27.10 and a 200 day moving average of $26.24. IMAX Corporation has a twelve month low of $18.76 and a twelve month high of $31.37. The company has a market capitalization of $1.67 billion, a P/E 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 announced its earnings results on Thursday, July 24th. The company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.07. IMAX had a return on equity of 8.62% and a net margin of 9.04%.The company had revenue of $91.68 million for the quarter, compared to analyst estimates of $93.04 million. During the same period in the prior year, the company posted $0.18 EPS. The firm's quarterly revenue was up 3.1% compared to the same quarter last year. On average, research analysts expect that IMAX Corporation will post 0.91 earnings per share for the current fiscal year.

IMAX announced that its board has authorized a stock buyback plan on Thursday, June 12th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 6.5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on IMAX shares. Wall Street Zen lowered IMAX from a "strong-buy" rating to a "buy" rating in a research report on Friday, August 22nd. Benchmark boosted their price target on IMAX from $30.00 to $32.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. Wells Fargo & Company boosted their price target on IMAX from $30.00 to $34.00 and gave the stock an "overweight" rating in a research report on Friday, July 25th. Roth Capital reiterated a "buy" rating and set a $36.00 price objective on shares of IMAX in a research note on Wednesday, July 9th. Finally, Wedbush boosted their price objective on shares of IMAX from $34.00 to $35.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $32.80.

Insider Transactions at IMAX

In other IMAX news, insider Kenneth Ian Weissman sold 15,072 shares of the business's stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $25.65, for a total transaction of $386,596.80. Following the sale, the insider owned 26,133 shares in the company, valued at approximately $670,311.45. The trade was a 36.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 24.08% of the stock is owned by corporate insiders.

About IMAX

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.