Mizuho Markets Americas LLC Raises Stock Holdings in IMAX Corporation (NYSE:IMAX)

Key Points

• Mizuho Markets Americas LLC increased its stake in IMAX Corporation by 19.3% in Q1, now holding about 1.32% of the company with shares worth $18.7 million.
• IMAX reported earnings of $0.26 EPS for the last quarter, exceeding expectations and marking a 3.1% increase in revenue year-over-year.
• The Board of Directors approved a $100 million stock repurchase program, indicating confidence in the stock's value, allowing the company to buy back up to 6.5% of its shares.

Mizuho Markets Americas LLC boosted its position in IMAX Corporation (NYSE:IMAX - Free Report) by 19.3% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 710,489 shares of the company's stock after purchasing an additional 114,800 shares during the period. Mizuho Markets Americas LLC owned about 1.32% of IMAX worth $18,721,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of IMAX. Creative Financial Designs Inc. ADV bought a new stake in IMAX during the 1st quarter valued at approximately $59,000. Tower Research Capital LLC TRC raised its stake in IMAX by 415.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 7,236 shares of the company's stock valued at $185,000 after purchasing an additional 5,832 shares during the period. Y Intercept Hong Kong Ltd bought a new stake in IMAX during the 1st quarter valued at approximately $202,000. State of Tennessee Department of Treasury raised its stake in IMAX by 19.8% during the 4th quarter. State of Tennessee Department of Treasury now owns 9,827 shares of the company's stock valued at $252,000 after purchasing an additional 1,627 shares during the period. Finally, North Star Investment Management Corp. bought a new stake in IMAX during the 1st quarter valued at approximately $290,000. 93.51% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on IMAX shares. Wedbush lifted their target price on IMAX from $34.00 to $35.00 and gave the company an "outperform" rating in a research note on Friday, July 25th. Benchmark lifted their price objective on IMAX from $30.00 to $32.00 and gave the stock a "buy" rating in a research note on Friday, July 25th. Roth Capital reaffirmed a "buy" rating and issued a $36.00 price objective on shares of IMAX in a research note on Wednesday, July 9th. B. Riley reaffirmed a "buy" rating and issued a $36.00 price objective on shares of IMAX in a research note on Friday, May 16th. Finally, Macquarie lifted their price objective on IMAX from $30.00 to $32.00 and gave the stock an "outperform" rating in a research note on Friday, April 25th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $32.80.

IMAX Trading Up 0.9%

Shares of NYSE IMAX traded up $0.23 during trading hours on Tuesday, hitting $25.61. 1,172,162 shares of the company traded hands, compared to its average volume of 1,243,463. The stock has a market capitalization of $1.38 billion, a price-to-earnings ratio of 42.68, a price-to-earnings-growth ratio of 1.80 and a beta of 0.81. The company's 50 day moving average price is $27.24 and its 200 day moving average price is $25.92. IMAX Corporation has a 12 month low of $18.76 and a 12 month high of $29.66.

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

IMAX announced that its Board of Directors has authorized a stock buyback program on Thursday, June 12th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to purchase up to 6.5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's management believes its shares are undervalued.

IMAX Company 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.