Invesco Ltd. Reduces Stake in IMAX Corporation $IMAX

Key Points

• Invesco Ltd. reduced its holdings in IMAX Corporation by 19.7%, owning approximately 1.97% of the company, valued at $27.9 million after selling 259,720 shares in the first quarter.
• Analysts have mixed ratings for IMAX, with a consensus "Moderate Buy" and an average price target of $32.80, highlighting increased targets from multiple firms such as Wells Fargo and Benchmark.
• IMAX's Board of Directors has begun a $100 million share repurchase plan, indicating confidence in the stock's value, while the company reported strong earnings that exceeded analyst estimates.

Invesco Ltd. lowered its position in shares of IMAX Corporation (NYSE:IMAX - Free Report) by 19.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,058,863 shares of the company's stock after selling 259,720 shares during the period. Invesco Ltd. owned approximately 1.97% of IMAX worth $27,901,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Creative Financial Designs Inc. ADV purchased a new position in IMAX in the first quarter worth approximately $59,000. Tower Research Capital LLC TRC grew its holdings in shares of IMAX by 415.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 7,236 shares of the company's stock worth $185,000 after purchasing an additional 5,832 shares during the period. Y Intercept Hong Kong Ltd acquired a new stake in shares of IMAX during the 1st quarter worth about $202,000. State of Tennessee Department of Treasury increased its position in shares of IMAX by 19.8% during the 4th quarter. State of Tennessee Department of Treasury now owns 9,827 shares of the company's stock worth $252,000 after purchasing an additional 1,627 shares during the last quarter. Finally, North Star Investment Management Corp. purchased a new stake in IMAX in the 1st quarter valued at about $290,000. Hedge funds and other institutional investors own 93.51% of the company's stock.

Insider Buying and Selling at IMAX

In related news, insider Kenneth Ian Weissman sold 15,072 shares of the firm's stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $25.65, for a total value of $386,596.80. Following the sale, the insider owned 26,133 shares of the company's stock, valued at $670,311.45. This trade represents a 36.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 23.18% of the company's stock.

Wall Street Analyst Weigh In

IMAX has been the subject of several research analyst reports. B. Riley reaffirmed a "buy" rating and set a $36.00 target price on shares of IMAX in a research note on Friday, May 16th. Wedbush upped their price objective on shares of IMAX from $34.00 to $35.00 and gave the stock an "outperform" rating in a report on Friday, July 25th. Barrington Research reiterated an "outperform" rating and issued a $32.00 target price on shares of IMAX in a report on Thursday, July 24th. Benchmark boosted their target price on IMAX from $30.00 to $32.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Finally, Rosenblatt Securities raised their price target on IMAX from $35.00 to $37.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, IMAX currently has an average rating of "Moderate Buy" and an average price target of $32.80.

IMAX Price Performance

Shares of NYSE IMAX traded up $1.0250 during mid-day trading on Friday, hitting $26.9950. The company had a trading volume of 1,065,830 shares, compared to its average volume of 1,058,995. The company has a market capitalization of $1.45 billion, a PE ratio of 44.99, a price-to-earnings-growth ratio of 1.79 and a beta of 0.81. The business's 50-day simple moving average is $26.93 and its 200 day simple moving average is $26.03. IMAX Corporation has a 1-year low of $18.76 and a 1-year high of $29.66.

IMAX (NYSE:IMAX - Get Free Report) last released its earnings results on Thursday, July 24th. The company reported $0.26 EPS for the quarter, topping the consensus estimate 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 return on equity of 8.62% and a net margin of 9.04%.IMAX's revenue for the quarter was up 3.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.18 EPS. On average, analysts expect that IMAX Corporation will post 0.91 EPS for the current year.

IMAX announced that its Board of Directors has authorized a share buyback plan on Thursday, June 12th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 6.5% of its stock through open market purchases. Stock repurchase plans are often 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.