Ion Asset Management Ltd. Sells 40,000 Shares of IMAX Corporation $IMAX

Key Points

• Ion Asset Management Ltd. reduced its stake in IMAX Corporation by 4.2%, holding approximately $23.98 million after selling 40,000 shares, making IMAX the firm's 13th largest holding.
• IMAX has received mixed analyst ratings, with target prices varying between $30.00 and $36.00, reflecting differing views on the company's valuation and performance.
• The company recently approved a $100 million share buyback plan, indicating management's belief that the stock is currently undervalued.

Ion Asset Management Ltd. decreased its position in shares of IMAX Corporation (NYSE:IMAX - Free Report) by 4.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 910,000 shares of the company's stock after selling 40,000 shares during the quarter. IMAX makes up approximately 1.6% of Ion Asset Management Ltd.'s portfolio, making the stock its 13th biggest position. Ion Asset Management Ltd. owned 1.69% of IMAX worth $23,978,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of IMAX. Price T Rowe Associates Inc. MD boosted its holdings in shares of IMAX by 19.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 16,861 shares of the company's stock valued at $432,000 after acquiring an additional 2,776 shares in the last quarter. Ameriprise Financial Inc. boosted its holdings in shares of 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 acquiring an additional 491,172 shares in the last quarter. BNP Paribas Financial Markets boosted its holdings in shares of IMAX by 267.2% during the 4th quarter. BNP Paribas Financial Markets now owns 96,062 shares of the company's stock valued at $2,459,000 after acquiring an additional 69,901 shares in the last quarter. CoreCap Advisors LLC acquired a new stake in shares of IMAX during the 4th quarter valued at $773,000. Finally, Deutsche Bank AG boosted its holdings in shares of 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 acquiring an additional 213,965 shares in the last quarter. Institutional investors and hedge funds own 93.51% of the company's stock.

Insider Buying and Selling

In related 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 value of $386,596.80. Following the completion of the sale, the insider directly owned 26,133 shares of the company's stock, valued at $670,311.45. The trade was a 36.58% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 24.08% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

IMAX has been the topic of several recent research reports. Wells Fargo & Company raised their price objective on IMAX from $30.00 to $34.00 and gave the company an "overweight" rating in a report on Friday, July 25th. Roth Capital reaffirmed a "buy" rating and set a $36.00 target price on shares of IMAX in a report on Wednesday, July 9th. Wall Street Zen downgraded IMAX from a "strong-buy" rating to a "buy" rating in a report on Friday, August 22nd. The Goldman Sachs Group reaffirmed a "sell" rating on shares of IMAX in a report on Friday, July 25th. Finally, Benchmark lifted their target price on IMAX from $30.00 to $32.00 and gave the stock a "buy" rating in a report on Friday, July 25th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, IMAX currently has an average rating of "Moderate Buy" and an average target price of $32.80.

IMAX Stock Performance

Shares of IMAX stock traded up $1.23 during mid-day trading on Monday, hitting $31.01. The company's stock had a trading volume of 1,425,303 shares, compared to its average volume of 979,324. IMAX Corporation has a 52 week low of $18.76 and a 52 week high of $31.37. The company has a market cap of $1.67 billion, a PE ratio of 51.69, a P/E/G ratio of 2.02 and a beta of 0.68. The company's fifty day simple moving average is $27.10 and its 200-day simple moving average is $26.24.

IMAX (NYSE:IMAX - Get Free Report) last issued its earnings results on Thursday, July 24th. The company reported $0.26 EPS for the quarter, beating analysts' consensus estimates of $0.19 by $0.07. IMAX had a return on equity of 8.62% and a net margin of 9.04%.The business had revenue of $91.68 million during the quarter, compared to analyst estimates of $93.04 million. During the same period in the previous year, the company posted $0.18 EPS. The firm's revenue was up 3.1% compared to the same quarter last year. On average, equities analysts anticipate that IMAX Corporation will post 0.91 earnings per share for the current year.

IMAX announced that its Board of Directors has approved a share repurchase plan on Thursday, June 12th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to repurchase up to 6.5% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its stock is 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.