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

Several other institutional investors have also added to or reduced their stakes in IMAX. Creative Financial Designs Inc. ADV bought a new stake in IMAX during the 1st quarter worth about $59,000. Y Intercept Hong Kong Ltd acquired a new position in shares of IMAX during the 1st quarter worth approximately $202,000. Fox Run Management L.L.C. acquired a new stake in shares of IMAX during the 1st quarter worth approximately $289,000. North Star Investment Management Corp. acquired a new stake in shares of IMAX during the 1st quarter worth approximately $290,000. Finally, ProShare Advisors LLC bought a new position in IMAX in the 4th quarter valued at approximately $309,000. 93.51% of the stock is owned by institutional investors.

IMAX Trading Down 1.1%

NYSE IMAX traded down $0.35 during trading on Friday, hitting $31.96. The company had a trading volume of 1,075,616 shares, compared to its average volume of 1,096,045. IMAX Corporation has a one year low of $18.76 and a one year high of $32.96. The company has a market cap of $1.72 billion, a price-to-earnings ratio of 53.27, a price-to-earnings-growth ratio of 2.19 and a beta of 0.68. The company's fifty day moving average is $28.01 and its 200-day moving average is $26.63.

IMAX (NYSE:IMAX - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The company reported $0.26 EPS for the quarter, topping the consensus estimate of $0.19 by $0.07. IMAX had a net margin of 9.04% and a return on equity of 8.62%. 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 prior year, the business earned $0.18 EPS. The company's revenue for the quarter was up 3.1% on a year-over-year basis. As a group, equities analysts anticipate that IMAX Corporation will post 0.91 EPS for the current year.

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

Analyst Ratings Changes

A number of equities analysts recently weighed in on IMAX shares. Rosenblatt Securities lifted their target price on shares of IMAX from $35.00 to $37.00 and gave the stock a "buy" rating in a research note on Friday, July 25th. Wedbush lifted their price objective on shares of IMAX from $34.00 to $35.00 and gave the company an "outperform" rating in a report on Friday, July 25th. Roth Capital reiterated a "buy" rating and set a $36.00 price objective on shares of IMAX in a report on Wednesday, July 9th. The Goldman Sachs Group restated a "sell" rating on shares of IMAX in a report on Friday, July 25th. Finally, Benchmark boosted their price target on shares of IMAX from $30.00 to $32.00 and gave the stock a "buy" rating in a report 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 given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $33.30.

Insider Buying and Selling at IMAX

In other IMAX news, insider Kenneth Ian Weissman sold 15,072 shares of the company's stock in a transaction 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 completion of the transaction, the insider directly owned 26,133 shares in the company, valued at approximately $670,311.45. This represents a 36.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Robert D. Lister sold 20,000 shares of the company's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $32.80, for a total transaction of $656,000.00. Following the completion of the transaction, the vice president owned 161,421 shares of the company's stock, valued at $5,294,608.80. This trade represents a 11.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. 23.18% of the stock is currently owned by corporate insiders.

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.