Jane Street Group LLC Acquires 551,819 Shares of IMAX Corporation $IMAX

Key Points

• Jane Street Group LLC has significantly increased its stake in IMAX Corporation by acquiring an additional 551,819 shares, raising its overall position by 2,496.9% to own about 1.07% of the company.
• Other institutional investors, including Orbis Allan Gray Ltd. and Ameriprise Financial Inc., have also increased their positions in IMAX, demonstrating strong institutional interest as 93.51% of the stock is held by institutional investors.
• IMAX announced a stock buyback plan allowing it to repurchase up to $100 million in shares, indicating the company's belief that its stock is undervalued.

Jane Street Group LLC raised its position in IMAX Corporation (NYSE:IMAX - Free Report) by 2,496.9% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 573,919 shares of the company's stock after acquiring an additional 551,819 shares during the period. Jane Street Group LLC owned about 1.07% of IMAX worth $15,123,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. Orbis Allan Gray Ltd raised its holdings in shares of IMAX by 12.3% in the 1st quarter. Orbis Allan Gray Ltd now owns 3,882,766 shares of the company's stock worth $102,311,000 after buying an additional 425,081 shares in the last quarter. Ameriprise Financial Inc. boosted its position in shares of IMAX by 8.3% in the 1st quarter. Ameriprise Financial Inc. now owns 1,974,068 shares of the company's stock worth $52,019,000 after purchasing an additional 150,552 shares during the last quarter. Mizuho Markets Americas LLC boosted its position in shares of IMAX by 19.3% in the 1st quarter. Mizuho Markets Americas LLC now owns 710,489 shares of the company's stock worth $18,721,000 after purchasing an additional 114,800 shares during the last quarter. Jupiter Asset Management Ltd. lifted its holdings in IMAX by 805.9% during the first quarter. Jupiter Asset Management Ltd. now owns 469,504 shares of the company's stock worth $12,371,000 after acquiring an additional 417,677 shares in the last quarter. Finally, Driehaus Capital Management LLC bought a new position in IMAX during the first quarter worth about $11,181,000. 93.51% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at IMAX

In other IMAX news, insider Kenneth Ian Weissman sold 15,072 shares of the business's stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $25.65, for a total value of $386,596.80. Following the transaction, the insider directly owned 26,133 shares of the company's stock, valued at approximately $670,311.45. The trade was a 36.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 24.08% of the company's stock.

IMAX Price Performance

IMAX stock opened at $32.34 on Monday. The stock's 50 day moving average is $27.43 and its 200 day moving average is $26.40. The firm has a market cap of $1.74 billion, a P/E ratio of 53.90, a P/E/G ratio of 2.20 and a beta of 0.68. IMAX Corporation has a one year low of $18.76 and a one year high of $32.36.

IMAX (NYSE:IMAX - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The company reported $0.26 EPS for the quarter, topping 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 company had revenue of $91.68 million for the quarter, compared to analyst estimates of $93.04 million. During the same period in the previous year, the firm earned $0.18 earnings per share. The firm's quarterly revenue was up 3.1% on a year-over-year basis. Equities analysts anticipate that IMAX Corporation will post 0.91 earnings per share for the current fiscal year.

IMAX declared that its Board of Directors has initiated a stock buyback plan on Thursday, June 12th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 6.5% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's board believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on IMAX shares. Barrington Research reaffirmed an "outperform" rating and set a $32.00 price target on shares of IMAX in a research report on Thursday, July 24th. Wells Fargo & Company increased 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. Benchmark raised their price target on IMAX from $30.00 to $32.00 and gave the company a "buy" rating in a report on Friday, July 25th. Wedbush increased their price objective on IMAX from $34.00 to $35.00 and gave the stock an "outperform" rating in a research report on Friday, July 25th. Finally, Wall Street Zen cut IMAX from a "strong-buy" rating to a "buy" rating in a research report on Friday, August 22nd. One 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 company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $32.80.

IMAX 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.

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