IMAX Corporation $IMAX Stock Holdings Lessened by Nishkama Capital LLC

Key Points

• Nishkama Capital LLC reduced its stake in IMAX Corporation by 39.1%, owning approximately 127,961 shares after selling 82,325 shares during the 1st quarter.
• IMAX announced a $100 million share buyback plan, which indicates the board believes the company's shares are undervalued.
• Wall Street analysts maintain a mostly positive outlook with a consensus rating of "Moderate Buy" and an average target price of $32.80.

Nishkama Capital LLC lowered its stake in IMAX Corporation (NYSE:IMAX - Free Report) by 39.1% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 127,961 shares of the company's stock after selling 82,325 shares during the period. IMAX makes up about 0.4% of Nishkama Capital LLC's investment portfolio, making the stock its 28th largest holding. Nishkama Capital LLC owned approximately 0.24% of IMAX worth $3,372,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of IMAX. Jane Street Group LLC increased its holdings in shares of IMAX by 2,496.9% in the first quarter. Jane Street Group LLC now owns 573,919 shares of the company's stock valued at $15,123,000 after buying an additional 551,819 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in shares of IMAX by 36.9% in the fourth quarter. Ameriprise Financial Inc. now owns 1,823,516 shares of the company's stock valued at $46,671,000 after buying an additional 491,172 shares in the last quarter. Jupiter Asset Management Ltd. increased its holdings in shares of IMAX by 805.9% in the first quarter. Jupiter Asset Management Ltd. now owns 469,504 shares of the company's stock valued at $12,371,000 after buying an additional 417,677 shares in the last quarter. Deutsche Bank AG increased its holdings in shares of IMAX by 765.1% in the fourth quarter. Deutsche Bank AG now owns 241,930 shares of the company's stock valued at $6,193,000 after buying an additional 213,965 shares in the last quarter. Finally, Nuveen LLC bought a new position in shares of IMAX in the first quarter valued at $4,438,000. Institutional investors own 93.51% of the company's stock.

IMAX Trading Up 3.9%

NYSE IMAX opened at $26.9950 on Monday. The company has a market capitalization of $1.45 billion, a PE ratio of 44.99, a price-to-earnings-growth ratio of 1.86 and a beta of 0.81. IMAX Corporation has a 1-year low of $18.76 and a 1-year high of $29.66. The firm's fifty day simple moving average is $26.93 and its 200-day simple moving average is $26.04.

IMAX (NYSE:IMAX - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The company reported $0.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.19 by $0.07. The firm had revenue of $91.68 million during the quarter, compared to analysts' expectations of $93.04 million. IMAX had a net margin of 9.04% and a return on equity of 8.62%. IMAX's revenue for the quarter was up 3.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.18 earnings per share. As a group, analysts predict that IMAX Corporation will post 0.91 EPS for the current year.

IMAX announced that its board has initiated a share buyback plan on Thursday, June 12th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to purchase up to 6.5% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's board of directors believes its shares are undervalued.

Insider Transactions at IMAX

In other IMAX news, insider Kenneth Ian Weissman sold 15,072 shares of the company's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $25.65, for a total transaction of $386,596.80. Following the completion of the sale, the insider directly owned 26,133 shares in the company, valued at $670,311.45. This represents a 36.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 24.08% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

IMAX has been the topic of several research reports. B. Riley reaffirmed a "buy" rating and issued a $36.00 price target on shares of IMAX in a report on Friday, May 16th. Roth Capital reissued a "buy" rating and set a $36.00 target price on shares of IMAX in a research note on Wednesday, July 9th. Wall Street Zen downgraded shares of IMAX from a "strong-buy" rating to a "buy" rating in a research note on Friday. Benchmark boosted their target price on shares of IMAX from $30.00 to $32.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Finally, Wells Fargo & Company boosted their target price on shares of IMAX from $30.00 to $34.00 and gave the company an "overweight" rating in a research note on Friday, July 25th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $32.80.

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.

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